LLP Registration

Limited Liability Partnership (LLP) is a kind of partnership in which partners have limited liability. It is defined in LLP that every partner has their own responsibilities and liabilities and one partner is not responsible for the negligence or delinquency of another partner.

LLP is a corporate entity which gives opportunity and prospect to its members to work with all the flexibility in effective manner. It also makes them innovative and efficient. This gives flexibility in the interior structure of the organization also like partnership. People prefer LLP most suited in several countries where LLP and limited partnerships are different. As it may allow all LLP partners to have limited liabilities while on the other hand limited partnership could require at least one partner with unlimited liabilities.

LLP registration is easy only if-:

• Minimum 2 partners and 2 designated Partners are available.
• If body corporate is a partner then it has to nominate a nominee, should be natural person.
• Partner and designated partner can be same.
• There should be some capital involvement from all the partners.
• DPIN for all partners.
• DSC for 1 designated partner.

LLP Registration Procedure
A limited liability partnership is registered with Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Foreign individuals should appoint a professional services firm to handle the registration process. Even for locals, it is suggested to engage a professional services firm for LLP registration as well as drafting the partnership agreement which establishes the internal structure and profit sharing arrangement among the partners. The LLP registration procedure consists of two steps: a) name reservation; and b) registration of the entity. Under normal circumstances, an LLP registration can be completed in a single day.

Steps for LLP Registration in India:

1. DPIN and DSC:Apply DPIN for every proposed Designated Partners (Minimum -2). At least one Designated Partner should have a valid Digital Signature.
2. Apply for Name:Selection of business name is critical for the image of an organization. Select a name that reflects the planned business. Ensure selected name satisfy LLP Name Guidelines and file an online application.
3. Filing of LLP Registration Documents:After the consent of name LLP registration documents are filed. On study of documents filed, Registrar of LLP will register the LLP and certificate of Registration will be issued.
4. Documentation of and filing of LLP agreement and Consent of Designated Partners:With in 30 days from the date of Incorporation of LLP, partners of LLP have to execute the LLP agreement and same has to be filed with Registrar of LLP in Form 3 and the consent to act as Designated Partner/Partner has to be filed in Form 4.