What is the new process of incorporation of LLP (E-forms RUN-LLP and FiLLiP)

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By Sakshi Shah on February 18, 2019

It has now become easy to start a business by incorporating a company or an LLP. MCA (Ministry of Corporate Affairs) has introduced simplified rules through which the incorporation process can be completed easily and quickly.

Incorporation of an LLP i.e. Limited Liability Partnership comprises of two major steps:

1. RUN-LLP Service: Reserve Unique Name – Limited Liability Partnership

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 Rs.200 online without the paylater option. Then, MCA shall process the request and send an email with acknowledgement letter for approval or rejection of the proposed name.

Following are not required for name reservation through the RUN-LLP service of MCA:

  1. DPIN i.e. Designated Partner Identification Number
  2. DIN i.e. Director Identification Number
  3. DSC i.e. Digital Signature
How can I apply for reservation of LLP name through RUN-LLP service of MCA?

2. Form FiLLiP: Form for Incorporation of Limited Liability Partnership

Once the name is approved by MCA, you can apply for incorporation of LLP on filing Form FiLLiP. Under this form, the following services are included:

  • 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 any one 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.

What is Form FiLLiP under the new process of LLP Incorporation?

3. 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 notarised. Important information such as profit sharing ratio, amount of contribution, nature of business activity, rights and duties of partners etc are defined in the LLP Agreement.

E-Forms for LLP Services

ServiceOptions
Change in name of an existing LLPRUN Service LLP – Reservation of name
Form 5 – Notice for change of name
Incorporation of a new LLPOption 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