LIMITED LIABILITY PARTNERSHIP ACT 2008

  1. However, provisions of Indian Partnership Act will not apply to LLP [Section 4 of LLP Act, 2008].
  2. Any individual (who is of sound mind and is solvent) and anybody corporate can be partner of LLP.
  3. There should be minimum two partners.
  4. Personal liability if number falls below two for more then 6 months. No upper limit on number of partners [Sectio5&6]
  5. LLP must have two 'designated partners' who must be individuals. If a body corporate is partner of LLP, it can nominate a person as 'designated partner'. He has to give consent to act as designated partner. One resident partner atleast- i.e.182 days resident in India in preceding year [section7(1)]
  6. He has to obtain DPIN [Designated Partner Identification Number] from Central Government [Section 7 of LLP Act, 2008] + Digital Signature certificate. [FORM7]+Rs100(CREDIT CARD ONLINE)
  7. The designated partner is liable for all compliances as required under the Act and is liable to penalty for contravention of those provisions [Section 8 of LLP Act, 2008].
  8. Address- (1) individual-residence

(2) corporate- regd office [section 2]

  1. Agreement- LLP agreement written between the partners of LLP (Rights and duties)[FORM3]
  2. Partners consent to be filed with ROC within 30days of appointment in [FORM9]prescribed.[section7(4) & 7(5)]
  3. Vacancy to be filled within 30days [section9]
  4. Penalty:

For section 7(1) default- Rs10000 to Rs5lacs

For section7 (4), 7(5) and 8 default- Rs10000 to Rs1lac

  1. Compliance certificate of incorporation- from PCS/PCA/PcA
  2. Incorporation documents-
  3. Prescribed [FORM2]
  4. Name of the LLP
  5. Proposed business to be stated
  6. Address of the regd office of LLP
  7. Name and address of partners and designated partners
  8. Penalty for false information- 2years imprisonment and fine (Rs10000 to Rs5lacs)
  9. Within 14days incorporate certificate by registrar.[FORM16]
  10. Change of place-[FORM15] notice [section13]
  11. “LLP” acronym in the name to be used [section15(1)]
  12. Application for name-[FORM1] and fees Rs200 (6names reserved for 3months)
  13. Change by CG within 3 months of directions by CG and can be by direction[FORM23] +feesRs10000.
  14. Change of name=[FORM5]notice to ROC [section19]
  15. Change in name and address of partner-[FORM6],[FORM10] within 15days to LLP
  16. LLP to inform ROC-within 30days in [FORM4] and fees
  17. Contribution by partners-as per agreement
  18. Tangible, movable or immovable property
  19. Money, promissory notes
  20. Contracts for services
  21. Disclose monetary value
  22. Statement of Account and Solvency to be prepared within 6 months from the end of F.Y. signed by DESIGNATED PARTNERS.
  23. File the statement with ROC every year in [FORM8] and fees.
  24. File annual return in [FORM11] within 60days of closure of F.Y. in form and fees.
  25. For registration

Fees Rs500 contribution <=Rs1 lac

Rs2000>Rs1 lac but <=Rs5lacs

Rs4000 >Rs5 lac but <=Rs10lacs

Rs5000 >Rs10lacs

  1. For filing of documents/statements

Fees Rs50 contribution <=Rs1 lac

Rs100>Rs1 lac but <=Rs5lacs

Rs150 >Rs5 lacs but <=Rs10lacs

Rs200 >Rs10 lacs