Important Steps to Include a Limited Liability Partnership

Limited Liabilities are rising in the popularity charts in India especially among aspiring entrepreneurs. The Limited Liability Partnership Act was introduced in the year 2008. Merging the benefits of both partnership firm and a company, it provides business owners the benefits of the partnership business, which has limited liabilities, this is mainly because business is regarded as an individualized entity.

  

So, if you are on board and want to know more about LLP(Limited Liability Partnership) Registration in India, take a look at the following steps of business registration in India.

1. User registration – Today, most formalities are digitized and user-friendly, so how can you get yourself registered? The process is simple, register yourself in the user registration portal of the Ministry of Corporate Affairs (MCA) website. Fill up the form and click on the register button. You will be notified of your registration with a relevant message.

2. Get (DPIN) – The next step is to get the Designated Partners Identification Number (DPIN) after you have got yourself registered. Not one, but you are required to obtain the DPINs for each of the numbers of partners that you are partnering with. Apply the same on the DPIN portal of the MCA website.

3. Digital Signature Certificates (DSC) – Step 3 involves obtaining the Digital Signature Certificates for all the partners who are required to sign on the dotted lines on the e-forms for incorporation. You need to get Class 2 or Class 3 of DSC from any Government certified agency. You will get all the information of the certifying agencies from the MCA website.

4. Reserve the Business Name – The next step involves reserving your business name on the Form-1. You can apply for as many as 6 name suggestions. But you have also got to mention the relevance of each of your suggestions, complying with your business and some specified norms. And yes, each of your partners must give their nod of approval to the suggestions, along with each of their DSCs.

After you have completed submitting the suggestions and rounded off the payment process, the Registrar of companies will select the one after having gone through the list of names.

 5. Incorporation – Once you are done with the process of reserving your company’s name, you can submit Form 2 (Find it in the Incorporation Document and Statement - in the MCA portal) next.  Submit the form with the digital signature of one of the designated partners, named in the incorporation document, along with a valid DPIN. You also need to seek a Chartered Accountant’s signature or someone with equivalent capacity, who is part and parcel of your company. 

Next, the registrar will review your LLP registration within a spate of two weeks and will issue the requisite Certificate of Incorporation through Form -16.

Once the incorporation process is completed you would be required to file Form 3 for Limited Liability Partnership agreement changes and Form 4 if you are including a new partner in your company, within 30 days after the incorporation process goes underway. A tax consultant in Hyderabad or any part of India will provide the right guidance in this entire LLP registration process.