Pre-requisites for registering a LLP
- Minimum 2 Partners (Individual or body corporate)
- Minimum 2 Designated Partners who are individuals and at least one of them should be resident in India.
- Digital Signature Certificate
- LLP Name
- LLP Agreement
- Registered Office
Partners of LLP
- An LLP should have minimum 2 partners. In case any Body Corporate is a partner, then it will be required to nominate any person (natural) as its nominee for the purpose of the LLP.
- Partner of LLP can be consisted of
- Companies incorporated in and outside India
- LLP incorporated in and outside India
- Individuals Resident in and outside India
Every LLP should have minimum 2 designated partners who are individuals and at least one of them should be resident in India.A person or nominee of a body corporate, intending to be appointed as who is appointed as designated partner of LLP should hold a Designated Partner Identification Number (DPIN) allotted by the Ministry of Corporate Affairs. DPIN can be obtained by submitting application along with address proof and identity proof of the individuals.
Selection of business name is crucial for the image of your venture. You select a name which reflects the business you plan. Ensure selected name satisfy LLP Name Guidelines of Ministry of Corporate Affairs.
LLP Agreement Like partnership, partners of LLP can frame agreement for defining their terms, profit sharing ratio etc. The basic contents of Agreement are, Name of LLP, Name of Partners and Designated Partners, and Form of contribution, Profit Sharing ratio and Rights and Duties of Partners.In case no agreement is entered into, the rights & duties as prescribed under Schedule I to the LLP Act shall be applicable. It is possible to amend the LLP Agreement but every change made in the said agreement must be intimated to the Registrar of Companies.
The Registered office of the LLP is the place where all correspondence related with the LLP would take place, though the LLP can also prescribe any other for the same. A registered office is required for following purposes. At the time of incorporation, it is necessary to submit proof of ownership or right to use the office as its registered office with the Registrar of Companies.