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LLP
Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs in India. An LLP incorporates the benefits of a partnership firm and a company. As the name suggests, an LLP is a partnership firm established by a minimum of two partners who enter into an LLP agreement. However, the partners of an LLP have limited liability and the LLP has perpetual succession just like a company.
The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.
Compliances by LLP
Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually.
Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year.
Documents Required for LLP Registration
1. Documents of Partners
2. Documents of LLP
Benefits of LLP
- It has a separate legal entity just like companies.
- Minimum two persons should come together as partners to establish LLP.
- There is no upper limit on the maximum number of partners.
- There must be a minimum of two designated partners.
- At least one designated partner must be a resident of India.
- The liability of each partner is limited to the contribution made by the partner.
- The cost of forming an LLP is low.
- Less compliance and regulations.
- No requirement of minimum capital contribution.
FAQs
A proposed name can be reserved for the purpose of incorporation of a company or change of name of an existing company through the RUN service by logging into the MCA portal
Yes, you can avail the RUN service at MCA portal for reserving a name online
An approved name is valid for a period of
(i) 20 days from the date of approval (in case name is being reserved for a new company) or
(ii) 60 days from the date of approval (in case of change of name of an existing company)
Minimum no. of directors for One Person Company: One, Private Limited Company: Two, for Public Limited Company: Three and, for producer company: Five.
Minimum no. of subscribers for One Person Company: One, Private Limited Company: Two, for Public Limited Company: Seven and for Producer company: Ten.
In such a case, you need to file Form SPICe (INC-32) again but same can be filed only after 15 days from the Challan Date. On attempting to file Form SPICe (INC-32) before the expiry of above said period, the system will give an error message "Form SPICe (INC-32) has already been filed ".
In such a case, you need to file Form SH-7 again but same can be filed only after 15 days from the Challan Date. On attempting to file Form SH-7 before the expiry of above said period, the system will give an error message "There is/ are pending Form(s) SH-7 in respect of the company. Please file this form SH-7 after approval of the pending Form(s) SH-7."
Invariably, the Balance Sheet and Annual Return have to be filed every year. Other documents such as, Return of Allotment (Form No. Pas-3), Change of Registered office (Form No. INC-22), Change among the Directors (Form No. DIR-12), Charges (Form No. CHG- 1, 9, 4) etc., have to be filed within the due date from the events taking place in the company as per the Companies Act, 2013.
You may find Charge ID by entering the CIN or foreign company registration number of the company in the “View Index of Charges” service available after logging in MCA portal. System displays all active charges with date of charge creation and amount secured.
The application uses ISO Country codes and these are available under the instruction kit of the respective e-forms.
In case of STP forms, for example annual forms MGT-7 & AOC-4, AOC-4 XBRL etc, if there is any defect or incompleteness, same is marked by the RoC as ‘Defective’. You are required to file such form afresh after rectifying the defects/ incompleteness with payment of fee and additional fee, as applicable.
The company will have to file all the due annual returns and balance sheets for the financial years for which it has been marked as defaulting. Once the same are filed, the defaulting status of the company will be removed and the company will be able to file normally.
