Registration of LLP is Granted By
The registration of a Limited Liability Partnership (LLP) is granted by the Ministry of Corporate Affairs (MCA) in India. An LLP is a unique form of legal business entity that combines the advantages of both a partnership and a company, offering limited liability to its partners.
Process of LLP Registration
The process of obtaining registration for an LLP involves the following steps:
- Obtaining Digital Signature Certificates (DSCs): Partners of the LLP need to obtain individual DSCs, as they are required for digitally signing the documents during the registration process.
- Applying for Director Identification Number (DIN): Partners who do not have a DIN need to apply for one. DIN is a unique identification number required for a person to be a director of a company or LLP.
- Name Reservation: A suitable name for the LLP needs to be selected and reserved through the MCA's name reservation process.
- Filing Incorporation Documents: Partners must file the required incorporation documents, including the LLP Agreement, with the Registrar of Companies (RoC) through Form FiLLiP (Form for incorporation of LLP).
- LLP Agreement: A properly executed LLP Agreement is mandatory, outlining the mutual rights and duties of the partners and the LLP's operational details.
- Approval and Certificate of Incorporation: Upon review of the documents, if the RoC is satisfied, a Certificate of Incorporation is issued, officially granting registration to the LLP.
Key Points to Note
When registering an LLP, partners should keep the following points in mind:
- The LLP Agreement should be carefully drafted and executed by all partners.
- The name of the LLP should adhere to MCA guidelines and should not infringe on existing trademarks or be offensive.
- The application should include accurate information and necessary supporting documents.
- Obtaining a PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) are essential for tax compliance.
The registration of an LLP is a formal process overseen by the Ministry of Corporate Affairs. By adhering to the required steps and submitting accurate documentation, partners can successfully obtain registration for their LLP and begin conducting business with the benefits of limited liability and legal recognition.