LLP Formation Procedure in India: Step-by-Step Process

LLP Formation Procedure in India- Complete Process

Updated on January 30, 2024 11:38:42 AM

LLP has become a preferred choice among Indian entrepreneurs and business owners. LLP company combines the benefits of a Partnership firm as well as a limited liability company. LLP is a type of company incorporation in which at least two partners enter into a partnership contract and have shared responsibilities of managing the company.

The Process of LLP Formation has 5 steps which are - Application for DSC, Application for DIN, Take Name Approval, File LLP Incorporation Form, File LLP Agreement and then filing annual compliances.

Complete Process of LLP Formation

Step 1: Apply for DSC

The first step in LLP formation is to obtain DSC for all the designated partners as the registration process of LLP is completely online. A DSC or Digital Signature certificate is required to sign the documents electronically for the registration of LLP in Delhi.

Application process of DSC is completely online and it can be availed from the concerned authorities as soon as within 24 hours of application.

Step 2: Apply for DPIN

The next step is to apply for DPIN(Designated Partner Identification Number) for all the designated partners of the proposed LLP. The application of DPIN is made through filing Form DIR-3.

Step 3: Reserve Unique Name for LLP

To register an LLP, a unique name has to be approved through the RUN(Reserve Unique Name) facility provided by MCA. The proposed name for the LLP can be entered in the Name Search tool to check if there is any already registered LLP with the same or identical name.

You can also use our LLP Name Search tool to check for the name availability of the proposed LLP.

Step 4: File LLP Incorporation Form

In this step, the application form for LLP which is called FiLLiP(Form for Incorporation of Limited Liability Partnership) is filled with the Registrar of Companies who has jurisdiction in the state where the LLP is registered.

This form also provides for the application of DPIN for all the designated partners. If the name is approved, then the same name can be used to apply for the application of LLP.

Step 5: Filing of LLP Agreement

An LLP agreement is an important document as it governs the rights and duties of all the designated partners in the LLP. The LLP agreement must be filed within 60 days of the LLP incorporation with the MCA.

The LLP agreement must be duly signed on a Stamp paper, and the value of the stamp paper will vary from state to state.

After verification of all the submitted documents by the MCA, the Incorporation Certificate will be issued within 7-10 working days. By following the above-mentioned steps, you can easily form your LLP company in India.

Conclusion

The formation of an LLP company in India requires submission of various forms and applications on the MCA portal. This application needs the help of a professional such as CA, CS or Advocate to file different forms along with their signature.

The process of LLP incorporation has various steps and in each step there is a need of professionals to attach their DSC.

To get Professional Advice or assistance in LLP Incorporation Contact Professional Utilities and Get your LLP incorporated in 7-15 days.

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FAQs on LLP Formation Process

What is the process of formation of LLP?

The process of LLP Formation includes 5 steps - Submission of Documents and application for DSC, DIN, Name Approval, LLP Incorporation Certificate, LLP Incorporation Agreement.

What is the minimum amount to start LLP?

As per the Companies Act, 2013 there is no requirement of capital for the formation of LLP in India.

How much does it cost to register a LLP in India?

The Formation cost of LLP in India is ₹4,999 in majority of the states in India. The fees may vary as per the Authorised capital, number of directors and state of Incorporation.

Who is eligible for LLP?

An LLP Company must have a minimum of two Designated Partners and at least one of them should be the resident of India.

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