CHECKLIST FOR INCORPORATION LLP
1. Apply for Obtaining DIN of Proposed Designated Partners Time frame-Generated online on submission of relevant documents Time frame: 3days.
2. Application shall be made in LLP E Form 1 for the Availability of the proposed name of LLP Time frame: 4 to 5 working days.
3. After approval of LLP Name Filling of Incorporation Documents & Subscription Statement in LLP E Form-2.(Within 2 months from the date of issue Name Approval letter)
- Address Proof of Registered Office of LLP
- Incorporation Documents & Subscription Statement(Signed by each Designated Partner & Witnessed by Professional) Time frame- 4 to 10 working days.
4. After Approval of Form 2 Filling of LLP Agreement in LLP E-Form 3
Need to fill Form 3 with ROC within 30 Days from date of receipt of certificate of incorporation.
Need to Draft LLP agreement duly printed on Stamp Paper and signed by each Designated Partner with the Signatures of Two witnesses. The Stamp Duty applicable for agreement will vary from state to state depending upon the total contribution of LLP.
Time frame-Just to be filed. No need for any approval
5. After Approval of Form 3 LLP can start its business onward.
1. Separate entity from partners
2. Lesser compliance than Limited companies
3. More freedom/flexibility for financial transaction
4. Even Professionals can form LLP-there is no restriction on max. no.
5. Less expensive than Limited companies-in registration and regular maintenance.