Limited Liability Partnerships have gained its existence with the time due to its benefits of status as corporate and benefits same as that of partnership firm. LLP incorporated are governed by Limited Liability Partnership Act (LLP Act), 2008.

Essential Elements Required to Incorporate an LLP

The essential elements which are required for the incorporation of an LLP in India:

• Filing Forms with ROC: Complete and submit the Incorporation document in the prescribed form, with the Registrar electronically.
• Designated Partners: LLPs must have minimum 2 designated partners. The Designated partner must be resident in India.
• Place of Registered Office: LLP must have a registered office in India for sending and receiving communication from people and Authorities.
• Share Holders: LLPS must have 2 members either Individuals or Body corporate.
• LLP Agreement: LLP and its partners must execute the agreement between themselves. Further, if an agreement is not present, the provisions in the First Schedule of the LLP Act, 2008 are applied.
• Name of the LLP: It is important to note that the name should be distinct. The LLP cannot have a name which another LLP or Partnership firm or Company is currently using.

Steps for the Incorporation of an LLP

Step 1: Apply for DIN/DPIN: Before making any Application for incorporating an LLP, the applicant must have DPIN/DIN hence the applicant can do so by filing eForm for acquiring the DIN or DPIN. The Applicant will then need to acquire your Digital Signature Certificate and register the same on the portal.

Step 2: Reserve Name: Once the applicant has DPIN/DIN he will need to file RUN LLP after logging into MCA website for reserving the name of the LLP. Once the Ministry approves the name, it reserves it for the applicant for a period of 90 days and if the process is not completed within the time period it shall be available for public at large. Also, if the LLP is not incorporated within that time frame, the reservation is removed and the name is made available to other applicants.

Step 3: Incorporation of a new LLP: Applicant files e-Form 2 which contains the details of the proposed LLP along with details of the Partners and designated partners, hence the consent of the partners and designated partners needs to be attached.

Step 4: File LLP Agreement in Form 3: File the LLP Agreement with the Registrar within 30 days of incorporation of the LLP in e-Form 3. Execution of LLP Agreement is mandatory. On obtaining approval of the LLP Agreement, the process of Incorporation of LLP is complete.

Documents Required for Limited Liablity Partnership registration / incorporation are as follows:

Document No. 1: Documents Required For Designated Partners

1. Digital Signature of the person who will become director of the company.
2. Self attested copies of PAN Card.
3. ID Proof of all the Designated Partners which must be Self Attested (Any one of the following- Aadhaar Card, Passport, Election Card or Driving License)
4. Self Attested Address Proof of all the Designated Partners (Any one of the following- Aadhaar Card , Bank Statement, Electricity Bill, Telephone Bill or Mobile Bill ) (Should not be older than 2 months)

Document No. 2: For Registering Office Address (PS: You can start LLP from a Residential Address as well)

1.  Registered office is taken on Lease/ Rent.

• Copy of Lease Deed/Rent Agreement.
• Copy of any one of the Latest Electricity Bill/Telephone Bill/Gas Bill.
• Self attested Signature Proof of the Owner. (Any one of Passport, PAN, Driving License, Voter ID Card)

1. Registered offices is owned.

• No objection Letter from the person who is owner of the Premises
• Any one of the Latest Electricity Bill/Telephone Bill/Gas Bill.(Not older than 2 months)
• Self attested Signature Proof of the Owner giving the Consent (Passport, PAN, Driving License, Voter ID Card)

Document No 3: For Incorporation

1. E-forms
2. LLP Agreement

Every LLP agreement must have these contents mentioned in the LLP Agreement

1. Name of the LLP
2. Names and addresses of the partners and designated partners
3. The form of contribution and interest on contribution
4. Profit sharing ratio
5. Remuneration of partners
6. Rights and duties of partners
7. The proposed business
8. Rules for governing the LLP