It is a type of partnership in which all the partners of the business organization have limited liabilities. No other partner will be responsible for the negligence of another partner or misconduct. Personal assets of the partners are not used to pay the debt of their business organization. If you are willing to know more insight details about Limited Liability Partnership then contact us anytime. Read More - https://swaritadvisors.com/limited-liability-partnership

1. Limited Liability Partnership (LLP) is a body corporate
formed and incorporated under the LLP Act, 2008. LLP is a
legal entity which has a separate identity from its partner.
LLP is a newly introduced corporate entity which aimed at
small and medium-sized business.

2. Why should you go for LLP?
LLP is a partnership where one get the benefits of some
features of partnership and companies together. Recently,
small and medium entrepreneurs have started opting for
Limited Liability Partnership considering the following
advantage:
Benefits of both partnership and companies;
 No minimum capital requirement;
 Advantage of Tax Benefits;
 Lower compliance requirement;
 Perpetual Succession;
 Low cost of incorporation;
 Liability of partners is limited to the contribution
mentioned in the agreement.

3. What is the procedure of LLP incorporation?
 Step 1:
All the Designated Partners of proposed Limited Liability
Partnership has to apply for Designated Partners Identification
Number (DPIN). DPIN application shall make in e-form DIR 3.
Step 2:
The Designated Partner whose signatures are to be affixed in e-
form shall register their DSC on MCA portal.
Step 3:
File the Form 1 for reservation of name of proposed Limited
Liability Partnership. You can select up to 6 proposed name of
LLP in form 1. Also, need to provide the details of minimum 2
designated partners of proposed Limited Liability Partnership.
One partner shall be a resident of India. Any individual or Body
corporate can be Partner of Limited Liability Partnership.

4.  Step 4:
After the reservation of name, the applicant shall file the ‘Form 2’
for incorporation and subscription. Inform 2, the details of
partners, the amount of proposed monetary value of partners
contribution, Subscriber sheet, proof of registered of add, consent
form from partners need to be given and if proposed name
include any banking, venture, CA, CS, Trademark etc, then in
principle approval of the regulatory authority need to attach in
form 2.
Step 5:
On receipt of complete application, Registrar will issue a
certificate of incorporation after satisfying of LLP Act.
Step 6:
After the successful registration, the draft of LLP agreement needs
to be incorporated in line with LLP Act. The agreement is not
mandatory at the time of registration can be filed within 30 days
of incorporation. All the partners are liable to comply with the
provisions of Agreement at all time.

5. Followings are the some imported clause need to be
incorporate in Limited Liability Partnership agreement:
 Name, Object and Register Office of Limited Liability Partnership;
 The initial Contribution of the LLP by Partners;
 Valuation of Non-Monetary contribution;
 The net profits or losses sharing ratios;
 Detail of Designated Partners;
 Interest payable on Capital Loan;
 Remuneration payable to the working partners;
 Mode of operation of Bank Accounts;
 Appointment of arbitrator;
 Rights and Duties of Designated Partners;
 Indemnity clause;
 Goodwill clause;
 Procedure to appoint Auditor;
 Admission of New Partner;
 Cessation of Existing Partners;
 Winding up of Limited Liability Partnership;
 Amendments of Limited Liability Partnership;
 Extent of Liability of Limited Liability Partnership;
 Liability of Partners in Limited Liability Partnership;

6.  Step 7:
The LLP agreement once finalized need to be filed in
Form:3 (Information with regard to Limited Liability
Partnership agreement) and Form 4 (Notice of
appointment of partner and his consent). The agreement
may be filed along with Form 2 or within 30 days of the
incorporation.
 Original Source - http://swarit-
advisors.blogspot.in/2018/05/llp-registration-
procedure.html

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