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Saturday, July 3, 2010

LLP Company

Limited Liability Partnerships

A Limited Liability Partnership (LLP) shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts.

Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.

The guides below will give you a brief overview of how to register as a Limited Liability Partnership.

For accounting periods starting on or after 06 April 2008 the time allowed for filing accounts at Companies House has been reduced from 10 months to 9. For further information please seeCompanies Act 2006 FAQ.

Limited Liability Partnership Guidance



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LLP: A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
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Registrar’s Notice Board


Process to Start LLP
Ministry of Corporate Affairs

1) Every LLP shall mandatorily file Form 3 and Form 4 within 30 days of incorporation failing which Rs.100/- per day will be charged as additional fees on each Form.

2) Form 7 shall be digitally signed by applicant's own DSC. The DSC of other partners and professionals should not be used while applying Form 7.

Ministry of Corporate Affairs

Form 11 is made available at http://llp.gov.in. All LLPs whose financial year closes on 31st March of every year has to file Form 11 within 60 days from the date of financial year closure without any late fee and later it attracts additional fees @ of Rs. 100/- per day of delay. This financial year (closed on 31/03/2010), the due date falls on 30/05/2010.

This year Filing of Form 11 before 30/05/2010 is mandatory for all the LLPs incorporated before 01/10/2009 i.e. upto LLP No. AAA-0244 and optional for other LLPs if they are opting closure of Books of Accounts on 31/03/2011 (as 1st Financial Year) instead of on 31/03/2010.




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