Background:

A Limited Liability, governed under the provisions of Limited Liability partnership Act 2008, is an improved version of partnership, wherein the shortcomings of unlimited liability of a regular partnership business are taken care of. It is akin to a Private Limited Company, but with a lesser number of compliances and non-mandatory audit up to a certain limit. Therefore, it encompasses the features of both the partnership and a private limited company. An LLP is managed by Designated Partners, who are responsible for the day to day activities of the business. Ministry of Corporate Affairs (MCA) is the Nodal Authority, responsible for the oversight the LLPs in India.

Procedure:

The procedure for incorporating an LLP involves the following:
1. Preparation of Digital Signatures (DSC) of all the partners
2. Filing for the Name Application of the LLP
3. Designated Partners Identification Numbers (DPIN) allotment
4. Preparation of the MOA and AOA of the LLP
5. Filing for the incorporation of the LLP
6. Apply for PAN & TAN of the LLP
7. Preparation of Partnership Deed and its filing with MCA

Information & Documents Required:

1. For Digital Signatures: Self Attested copies of the Aadhaar Card, PAN Card, a Passport Size Photo, Email ID and Phone Numbers of all the partners.
2. For DPIN allotment and LLP Incorporation:
– Name of the LLP: At least 3 names in order of preference, since the names are sometimes not available in the MCA database.
– Identity Proofs of the Partners: Either of Passport, Driving License or Voter ID
– Address Proofs of the Partners: Either of Telephone Bill, Mobile Bill or Bank Statement which should not be older than 2 months.
– Registered Office Address Proof of the LLP: Either of the utility bills among Electricity Bill, Gas Bill or Telephone Bill. A NOC is required additionally from the owner.
– A detailed description of the nature of the business.
– Total capital contribution of the LLP along with each partner’s share and their profit sharing ratio.
– Email ID and Contact Number of the Proposed LLP, if any.
3. Other Information Requirement:
– Occupation & Educational Qualification of the partners
– Place of Birth, Permanent Address and duration of stay at the current address of the partners.
– Details with respect to the existing interest of the partners in any company or a proprietorship or a partnership or any other body corporate.
– Details of any conviction of any partner of any offence in connection with the promotion, formation or management of any company or LLP and found guilty of any fraud or misfeasance or of any breach of duty to any company under the company act in the last five years?

Once the above is prepared, Brainebox Team would share certain documents for the signing of the partners.