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Limited Liability Partnership
Company Formation in India
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Limited Liability partnership
With the growth of Indian economy, the role played by its entrepreneurs as well as its technical and professional manpower has been acknowledged internationally. In this background, a need was felt for a new corporate form that would provide an alternative to the traditional partnership which exposes its partners to unlimited personal liability and a statute based governance structure of limited liability companies.
Limited Liability Partnership [LLP] is viewed as an alternative corporate business vehicle that provides the benefits of the limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. LLP form is expected to enable entrepreneurs, professionals and enterprises providing services of any kind or engaged in scientific and technical disciplines, to form commercially efficient vehicles suited to their requirements.
With this background, Limited Liability Partnership Act, 2008 [LLP Act] was enacted on January 7, 2009.
Subsequently, Government of India [GOI] notified various provisions of LLP Act on 31st March 2009. GOI has, on April 1, 2009, also notified the Limited Liability Partnership Rules, 2009 [LLP Rules] in respect of registration and operational aspects under the LLP Act.
Procedure for incorporation of LLP is similar to the procedure for incorporation of a company under the Companies Act, 1956. Applicants are first required to file the application for reservation of name with the Registrar of Companies [ROC]. Once the name applied is approved by the ROC, the documents for incorporation of LLP need to be filed.
• Name of every LLP shall end with the words "Limited Liability Partnership" or "LLP".
• Name which is undesirable or nearly resembles to that of any other partnership firm or LLP or any body corporate or trade mark, is not
• Any entity (body corporate/registered partnership firm) which has a name similar to the name of LLP which has been incorporated
subsequently may seek change of name of such LLP through ROC within 24 months from date of registration of such LLP.
• No person shall carry on business under any name/title which contains the words "Limited Liability Partnership" or "LLP" without duly
incorporating it as LLP under the LLP Act.
• LLP is required to file with the ROC, the LLP agreement ratified by all the partners within 30 days of incorporation of LLP.
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