The whole idea of Limited Liability Partnership (LLP) is very common in India. This specific partnership pinpoints the fact that some partners in a partnership may have limited liabilities. Importantly, under LLP one partner is not responsible or liable for another partner's misconduct or in any negligence. One can definitely say, the idea of LLP is similar to that of stakeholders in a corporation. Interestingly, LLP is different from the idea of limited partnership. No doubt, LLP is a much advanced concept in the domain of business and considered to be a far better aspect that limited partnership.
The whole procedure of registering for LLP in Delhi is simple. Let's not forget that registered office is mandatory along with two partners. As per the existing clause, both partners need to be residents of India. The advantage in this case is, one can use residential address as registered office address. The whole process of LLP registration can be categorized into 6 simple steps as follows.
Applying for Digital signature form (DSC): In this digitized era, signing the digital signature form is a must and all the partners have to sign it.
Applying for Director Identification Number (DIN): This is the next after signing the digital signature form. The state ministry of corporate affairs is the competent authority to deliver it timely. In other words, partners can apply it via ROC Delhi or MCA portal.
Applying for name approval: This is a small yet a significant step in the whole process of registering for LLP. Once the name in approved, the partners have truly proceeded and remaining formality has to be completed in quick time. There is no denying the fact that ROC Delhi will only approve the name if there is no other company with the same name or trademark.
Applying for Registration: This is virtually the most significant step. Getting the registration is actually having LLP registration done altogether. No doubt, partners will have huge sigh of relief once this stage is covered.
Getting registration certificate from Registrar of Companies (ROC): For Delhi, no doubt, this implies the state's ROC where the partners need to obtain the registration certificate. Immediately, the partners need to open a current bank account with approved name by Delhi ROC.
Drafting the LLP Agreement between the partners: In this step, the partners need to fill LLP Agreement to the Delhi ROC Office and they can do it via MCA Portal. This LLP Agreement contains all the necessary details and terms and agreement regarding the partnership matters.
In this whole process of LLP registration in Delhi, partners need to have the following documents and essentials along with them.
- 2 copies of PAN card of the partners
- For address of the partners they can furnish voter card or passport or AADHAR card or driving license.
- 3 coloured passport size photographers are mandatory
- As far address proof of the registered office is considered, the partners can opt to furnish mobile or telephone bill or cooking gas bill or water or Municipal Tax bill or House Tax bill. In all the cases, the bills shouldn't be preferably too old. The partners should submit bills served within two months from the date of issuing. No Objection Certificate (NOC) has to be furnished alongside without any delay.
Normally it takes 15-20 working days to complete the whole process of LLP registration. Often due to official delay related to ROC, it takes bit longer. Interestingly, a salaried person can also become a partner in LLP unless otherwise the person is obligated for not doing such. If the partners want to change the notified address given in LLP registration, they can only do after following formal procedure. In any case, the partners have to relocate within jurisdiction of Delhi only. Nowadays the Ministry of Corporate Affairs allocate Designated Partner Identification Number (DPIN) too which can be obtained within 304 days and is valid for life. Nevertheless, have LLP is much advantageous than traditional business partnership.
Tags Corporate Law