The Limited Liability Partnership (Amendment) Act, 2021 recently got the assent of the Hon’ble President of India. This Act seeks to amend the Limited Liability Partnership Act, 2008. The Act has been brought to ease the regulations in the case of Online Limited Liability Partnerships (LLP) by the decriminalization of certain offenses and introducing some new concepts & provisions in LLPs. In this article, we are discussing salient features of the Limited Liability Partnership (Amendment) Act, 2021.
Two or more persons can associate for carrying out any lawful business with a view to profit.
They have to file incorporation document, containing prescribed details like name, proposed business, address of registered office, name and address of partners, name and address of designated partners and other information as may be prescribed by rulesIncorporation documentFor a limited liability partnership to be incorporated –(a) two or more persons associated for carrying on a lawful business with a view to profit shall subscribe their names to an incorporation document(b) the incorporation document shall be filed in such manner and with such fees, as may be prescribed with the Registrar of the State in which the registered office of the limited liability partnership in India is to be situated; and(c) there shall be filed along with the incorporation document, a statement in the prescribed form, made by either an advocate, or a Company Secretary or a Chartered Accountant or a Cost Accountant, who is engaged in the formation of the limited liability partnership and by any one who subscribed his name to the incorporation document, that all the requirements of the LLP Act and the rules made thereunder have been complied with, in respect of incorporation and matters precedent and incidental thereto – section 11(1) of LLP Act.Procedure for Incorporation of LLPTwo partners to be designated as ‘designated partners’ should apply and get DIN (Director Identification Number) from Central Government by applying electronically in form No.
7 and subsequently sending physical forms.The designated partners should obtain Digital Signature Certificate (DSC) Class II or above from a Certification Agency (CA).User registration – Register DIN and DSC with LLP by visiting www.llp.gov.in.Check name availability which is available on the aforesaid websiteApply for reservation of name in form RUN-LLP.
Alternatively, application for reservation of name can be made along with incorporation document in form FiLLiP [Form for incorporation of LLP registration online]After obtaining reservation of name, fill up form FiLLiP [Form for incorporation of Limited Liability Partnership] It has to be digitally signed by designated partner and a professional (advocate/practising CA/CS/ICWA).
Upload the form and pay fees electronically.LLP will be incorporated by ROC and registration certificate will be granted by Registrar of Companies (ROC) in form No.
16File form 3 (Information with regard to LLP Agreement) and form 4 (Notice of appointment of partner/designated partner) electronically with fees.
Limited Liability Partnership is a mixture of partnership firm and a company.
It has the features of both company and firm.
In LLP the liabilities of the partners are limited but in partnership the liabilities of partners are unlimited.
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