It has now become easy to start a business by incorporating a company or an LLP. MCA has introduced simplified rules for process of LLP Registration by introducing e-forms RUN-LLP and FiLLiP.
RUN-LLP Service: Reserve Unique Name – LLP Registration Process
This is a service through which the applicant can reserve a name for its new LLP or for changing the name of an existing LLP. Under this service, you can apply for two proposed names only. The applicant must pay a fee of INR 200 online without the pay later option. Then, MCA shall process the request and send an email with an acknowledgement letter for approval or rejection of the proposed name.
Following are not required for name reservation through the RUN-LLP service of MCA:
- DPIN i.e. Designated Partner Identification Number
- DIN i.e. Director Identification Number
- DSC i.e. Digital Signature
Form FiLLiP: Form for LLP Registration Process
Post the approval of the name by the MCA, you can apply for the LLP Registration process on filing Form FiLLiP. The following services are inclusive under this form:
- Reservation of name for the proposed LLP
- Application for allotment of DPIN for the designated partners
- Incorporation of the proposed LLP
DSC i.e. Digital Signature of anyone designated partner is mandatory for filing Form FiLLiP. Form FiLLiP should be filed electronically on the MCA Portal on payment of prescribed fee based on the amount of contribution.
Form 3 – Register LLP Agreement
Once the process of incorporation is complete by filing Form FiLLiP, the next step is to register the LLP Agreement with MCA. LLP Agreement is a legal document in the form of a contract between the partners. It should be signed by all the partners and duly notarized. Important information such as profit sharing ratio, amount of contribution, nature of the business activity, rights and duties of partners, etc are defined in the LLP Agreement.
E-Forms for LLP Services
| Service | Options |
| Change in name of an existing LLP | RUN Service LLP – Reservation of name Form 5 – Notice for change of name |
| Incorporation of a new LLP | Option 1 RUN Service LLP – Reservation of name Form FiLLiP – DPIN allotment and Incorporation Form 3 – Registration of LLP Agreement Option 2 Form FiLLiP – Reservation of name, DPIN allotment and Incorporation Form 3 – Registration of LLP Agreement |
FAQs
Generally LLP registration process starting from obtaining DSC to Filing Form 3 takes approximately 15 days subject to availability of all the documents.
Yes it is mandatory as per Section 23 of the Act. . The LLP Agreement is required to be filed with the registrar in eForm – 3 within 30 days of incorporation of LLP.
Yes. Just like a company, LLP is a Body Corporate having a separate legal entity and hence LLP can have its own internal management structure.
Hello @Shelly_Trivedi
In order to register an LLP on Ministry of Corporate Affairs, the first step is to reserve a name for the proposed LLP. In order to reserve name, RUN-LLP needs to be filled out on MCA along with 2 proposed names of the LLP and NoC, if any required by paying a fee of Rs. 200/-
Once the name has been approved by MCA, the name is valid for a period of 3 months within which e-Form FiLLiP needs to be filed along with documents as may be required, for incorporating the LLP. The fees of filing e-Form FiLLiP depends on the contribution of the LLP.
Hope this helps!
Hey @AM_POWER
As per the Limited Liability Partnership Act, 2008, Financial Year is defined as under:
" financial year, in relation to a limited liability partnerships, means the period from the 1st day of April of a year to the 31st day of March of the following year:
Provided that in the case of a limited liability partnership incorporated after the 30th day of September of a year, the financial year may end on the 31st day of March of the year next following that year;"
Hence, an LLP incorporated in February, 2019 can opt for closing its books of accounts in March, 2021. Thus you don’t need to make the compliances for FY 2019-20, as the first financial year will be from February 2019, to March, 2021.
Hope this helps!
Hey @AM_POWER
There was a typo in the previous post regarding the financial year.
However, you wont be able to take the benefit of Financial Year in your case so what you can do is raise a complaint on MCA and explain that Form-3 wasnt approved. Or you can contact your local ROC for this.
Hope this helps!
Hey @AM_POWER
For Form-8 (Section 34) and Form-11 (Section 35) of the LLP Act, 2008, specifies that if any LLP fails to file its annual return before the expiry of the periods specified, such LLP and the Designated Partners shall be liable to pay a penalty of Rs. 100/- per day, subject to maximum Rs. 100,000/-
The above provisions are subject to any extensions that may have been provided by MCA for that financial year.
You can check out the LLP Act, 2008 here.
Hope this helps!
Hi @Mohit_More
In order to add or remove Designated Partner of an LLP, e-Form - 4 needs to be filed within 30 days of such addition/ removal.
You can learn more about making changes in Designated Partners of LLP here
Hope this helps!
Hello @Rachit_Awasthi1
LLP Agreement shall be filed in e-Form-3 within 30 days of incorporation.
Here’s an article that explains LLP Agreement in details
Hey @Vicky_Singh
The major advantages of an LLP over a partnership firm is that an LLP has a separate legal existence than its owners and the liability of the partners of an LLP is limited which is not the case in a partnership firm.
You can read more about the process of converting an a partnership into an LLP here:
Hope this helps!
I had a query, how can I file Annual Return for LLP?
Hey @Nandana
Annual return of LLP is to be filed in e-Form 11. Fill in the details regarding LLP and Designated Partners like their contribution, etc. Details of LLP and or company in which Partner/Designated Partner are a Director/Partner is mandatory to attach with the form.
Hope this helps!
Hey @Ujvin_Nevatia
As per LLP Act, Financial Year means the period starting 1st of April and ending 31st March of the following year. However, since your LLP has been incorporated after 1st April, your financial year will start from the date of incorporation, i.e., 07/11/2020.
Details of Designated Partners is a mandatory attachment for Form-11 even if the Designated Partners are not Directors/ Designated Partners in any other entity. You can mention “NIL” in the field where you are supposed to mention the name of LLP/Company against the DPIN or each Designated Partner.
You can download the format of details of designated partners here
Hope this helps!