LLP Formation

With its unique features and key attributes; LLP i.e Limited Liability Partnership has turned as one of the highly reputed and universal accepted form of corporate. Every country has its own distinct rules and regulation while controlling and managing the LLP transactions. Here, in India all the LLP applications are maintained and processed under the LLP act 2008. With its unique characteristics of limited liability has made this form of corporate as one of the famous one. Whether it is individual, big entrepreneur, industrialists or any of the professional all prefers to have LLP while proving their business skills and talent.

1. Can reap the benefits of limited liability.
2. Can enjoy low tax liabilities as compare to other form of corporate.
3. Easy to get registration as compare to private or public company.
4. No restrictions over the maximum numbers of partners.
5. No limitations over the minimum capital for start up of business under LLP.

LLP Incorporation / Formation Steps or Procedure in India

• Firstly, fill eForm DIN - 1 form in order to apply for DIN. It is mandatory for every partner in LLP to have Designated Partner Identification Number.
• Secondly; file an application to Registrar a DSC. It is an application with digital signatures by the signatory partner of the LLP who have a license to sign the digital signature in order to form LLP.
• Then, file an application for the approval of LLP name that can be done by filling Form 1. In this form one need to define all the require information and need to fill all the require fields.
• After approval of name file an application under Form 2 in order to incorporate the proposed LLP.
• Then, within the 30 days of incorporation of LLP, one need to file an LLP agreement under the Form 3