What are the Procedures for Formation of LLP in India
LLP is one of the most efficient and cheapest modes of carrying business in India. However, it comes with certain statutory compliances that need to be followed. It's crucial for any business aspirant to understand the whole procedure of LLP formation so that they can avoid any mistakes at the time of incorporation.
The first step is to get a DSC for all the proposed Designated Partners of the Limited Liability Partnership. This is mandatory to digitally sign all forms filed electronically on the MCA portal. A DSC is also necessary to file LLPIN (Limited Liability Partnership Identification Number) with the Registrar of Companies.
After getting a DSC, the next step is to file for name approval through RUN-LLP on MCA's website. The process of reserving a name can take up to 20 days. A maximum of 2 names can be reserved through this form.
All the proposed names should be unique to avoid rejection of your application. It is advisable to run a free name availability check on the MCA portal before selecting the name. It is mandatory to follow certain guidelines while reserving the name, like no prohibited words and avoiding names of any Government agency, Prime Minister, Ashoka Chakra or an Indian State.
Once the name gets approved, the next step is to file for LLPIN and a 7-digit LLPIN will be allotted by the Registrar of Companies on the MCA portal. The Registrar of Companies will verify all the documents submitted in respect of the LLP and then approve the LLP for registration and issue a certificate of incorporation. Once the LLP gets registered, an LLP Agreement should be entered into by all the Designated Partners.
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