LLP

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2010 CAn any 1 please tell me in detail the procedure to be followed for formation of an LLP?

Is any sought of a deed required like partnership of MOA & AOA?

Can u give me a format of it?
Its urgent pls help

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

10 June 2010 For detail information please visit following sites:

1) www.llp.gov.in

2) www.llponline.in

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2010 An LLP agreement cab formed between 2 individuals?

What is the amount of stamp paper if the LLP is to be formed in KErala?

Upgrade to CAclubindia Pro. Subscribe Now!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

10 June 2010
1. Details of minimum two designated partners of the proposed LLP to be filled in.

2. Atleast one of them must be a resident of India, is required to be filled in the application for reservation of name.

3. Only individuals or nominees on behalf of the bodies corporate as partners can act as designated partners.

4. Designated Partners Identification Number (DPIN) is mandatory for all the designated partners.

5. Digital Signature Certificate (DSC) is mandatory for all the Designated Partners for filing e-Forms online with Office of Registrar, Ministry of Corporate Affairs.

6. Proof of Address of Registered Office of LLP to be provided to Regulatory Authority

7. Partners: “Partner”, in relation to a Limited Liability Partnership (LLP), means any person who has been admitted as a partner in the limited liability partnership in accordance with the LLP Agreement.

An individual or a body corporate may become a Partner in a limited liability partnership. An individual shall not be capable of becoming a partner of a LLP, if —
(a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;
(b) he is an undischarged insolvent; or
(c) he has applied to be adjudicated as an insolvent and his application is pending.

8. Designated Partners: “Designated partner” means any partner designated as such pursuant to section 7 of the said Act [Section 2(1)(j) of the LLP Act 2008].

9. Every LLP should have at least 2 designated partners and at least 1 should be resident in India. The term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one year.

10. The designated partner shall be answerable for doing of all acts, matters and things as are required to be done by LLP and will be responsible for filing of documents, returns, statements and the like as may be specified in the LLP agreement. The designated partners are liable to all penalties imposed on the LLP for any contravention of the provisions.

11. Minimum number of partners in the LLP is stipulated as two by the LLP Act 2008. In case the minimum number of partners is reduced below two and the LLP carries on Business for more than 6 months, then such sole partner with whom business is carried on, if he has knowledge of such fact, shall be personally liable for obligations of LLP during that period.

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2010 Is the stamp duty to be paid online?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

10 June 2010 no it is to be paid on the agreement i. e. either franked or the agreement must be made on the stamp paper only.

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2010 But now, e-stamp has been made mandatory right?

And payment of stamp duty has also been made online & through offline

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

10 June 2010 e stamp mandatory for mca i. e. for companies not llp