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LLP or the Limited Liability Partnership is a form of partnership which the name suggests that has limited liability. The limited liability is the only difference between normal partnership and the LLP (Limited Liability Partnership). It was launched a few years back in the month of March 2009. Since, then the popularity has been on the rise and is increasing by leaps and bounds.
This has been made popular because of the fact that the personal assets of partners cannot be attached in order to pay the firm’s liability. In the categories of small business enterprises, the LLP still lags behind the sole proprietorship, general partnership, one-person company and private limited company.
It is not that LLP has major drawbacks or will not be successful in the coming years. The LLP is just a new form of enterprise and hence it is just being explored by the entrepreneurs in the market. It is gaining popularity slowly but steadily. If we consider by the cities the most popular cities are the Delhi, Kolkata, Mumbai and Chennai. In a nutshell, we can say that all the entrepreneurs in the metro cities are establishing LLP (Limited Liability Partnership) to develop their business. Thus, we see that it is gaining immense popularity among the marketers and developing an interest in the business personnel.
We also note that, LLP has also major disadvantages. Although, it is readily gaining popularity it has many disadvantages such as, the decision taken by any of the partner binds the other partners. They have one major disadvantage that they cannot raise the money from the public by issue of shares and also there is no democratic decision making because as we mentioned that the decision taken by on partner binds all the other partners.
Thus, we see that LLP (Limited Liability Partnership) has its own advantages and disadvantages. But still it is must that just like every other enterprises one must first check the objective of the business and then only proceed to get their entity registered. One must not get the entity without being clear about the objectives.
Limited Liability Partnership is a type of Company registration in which some or all partners (depending on the jurisdiction) have limited liabilities.The central legislature approved LLP Act 2008 on 9 January 2009 which came into effect from 31 March 2009. LLP Registration offers features of both a partnership firm and a private limited company into a single entity that is LLP with less compliance. Limited Liablity Partnership can be registered with minimum two Partners. Every partner is not responsible for another partner’s misconduct. Each partner has its own liability towards the business. LLP is most preferred by small business owners and for those who are not willing to do huge funding in a business.The LLP Company registration has more trust than a General Partnership. The Annual maintenance of LLP firm is much cost effective as compare to Private limited Company registration or others.
LLP has a separate legal entity because of which the partners and the Limited Liability Partnership firm are distinct from each other. LLP is a jurisdiction person, which is created by law. This is like a company where partners are different from the company.
Low capital is required in LLP registration in India. As compared to companies, there should be a minimum amount of capital that should be brought by the members or owners who want to form it. In order to start a Limited liability partnership (LLP) firm, there is no requirement of minimum capital.
All the companies, whether private or public, irrespective of their share capital are required to get their accounts audited. There is no mandatory annual compliance in LLP. A limited liability partnership is required to get the audit done only if the contributions of the LLP Company exceeds ₹ 25 Lakhs or if the annual turnover of the LLP Company exceeds ₹ 40 Lakhs.
For LLP Registration in MCA, at least two members are required initially. However, there is no limit on the maximum number of partners in the partnership.
Obtain digital signature for the partners and apply for the DPIN (Designated Partner Identification Number). Designated Partner Identification Number (DPIN) is obtained for the proposed partners of the LLP firm. DPIN and DSC can be obtained for the proposed Partners within 1 to 3 days.
A minimum of one and a maximum of six name choices must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, name approval can be obtained within 5 to 7 working days.
Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation of LLP within 10 to 12 days, subject to their processing time.
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Q1. What is an LLP (Limited Liability Partnership)?
Ans. An LLP (Limited Liability Partnership) is the one where the liability of the partners is limited i.e. the partners’ personal assets cannot be attached to pay off the firm’s liabilities.
Q2. What are the steps to incorporate an LLP (Limited Liability Partnership)?
Ans. Following are the steps to incorporate an LLP (Limited Liability Partnership): 1. Name reservation 2. Incorporate the LLP by duly filing the E-form 2, it contains the details of LLP proposed to be incorporated. 3. LLP agreement is required to be filed in E-form 3 within 30 days of incorporation of LLP.
Q3. Can an existing partnership be converted into an LLP (Limited Liability Partnership)?
Ans. Yes! An existing partnership can be converted into an LLP by complying with the provisions of clause 58 and Schedule 2 of the LLP Act. Form 17 needs to be filed along with form 2 for such conversion and incorporation of LLP.
Q4. Can a listed company be converted into an LLP ((Limited Liability Partnership)?
Ans. Yes! Any existing private company or existing unlisted public company can be converted into an LLP by complying with the provisions of clause 58 and schedule 3 and 4 of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Q5. How to reserve the name for the LLP (Limited Liability Partnership)?
Ans. In order to reserve the name for your LLP. The LLP Form No. 1 needs to be filed on to the LLP portal along with the fee prescribed and attaching the DSC (Digital signature Certificate) of the designated partners proposing to incorporate an LLP.
Q6. Is it mandatory to file and get registered the partnership agreement under LLP?
Ans. Yes, it is mandatory to execute and file LLP agreement in view of Section 2(0), 22 and 23 of the Act.
Q7. Can a foreigner become a member of the LLP (Limited Liability Partnership)?
Ans. Yes, a foreign resident can become a member of the LLP on the condition that out of two designated partners, one must be Indian National.
Q8. Can a foreigner incorporate an LLP (Limited Liability Partnership) in India?
Ans. Yes, the foreigner can incorporate an LLP (Limited Liability Partnership) in India by filing the Form 27 giving the particulars.
Q9. What is ‘Statement of Accounts and Solvency’ and whether it has a prescribed format?
Ans. Every LLP (Limited Liability Partnership) in prescribed LLP Form 8 which contains a declaration on the of solvency of the LLP by the designated partners.
Q10. What are the documents required to be filed by an LLP annually?
Ans. The LLP is required to form the following: 1. Form 8 2. Form 11 3. Annual return
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