In 2008, Limited Liability Partnership Act came into existence. The prime elements of Limited Liability Partnership (LLP) are providing a form of business organization which is easy to manageand provides limited liability to the owners. It can thus be called a hybrid of Company and Partnership where each partner is safe from the responsibility of another partnerâ€™s misconducts and enjoy limited liability respectively while still being able to manage such a business directly. For these reasons and more LLP is known to be termed as one of the easiest forms of business to incorporate and handle.
LLP Incorporation –WeÂ incorporate a Limited Liability Partnership in 7 to 10 days, subject to ROC processing time after obtaining the necessary documents from the Clients.
Step 1-Obtaining DSC & DPIN Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) is required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Partners within 2 to 4 days.
Step 2-Name Approval A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2 to 3 working days.
Step 3-LLP Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 2 to 3 days, subject to their processing time. ROC then issued the Certificate if satisfied with the documents submitted.
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