Limited Liability Partnership Act, 2008
Table of Content:
A LLP is a new form of legal business entity with limited liability. It is an alternative corporate business vehicle that not only gives the benefits of limited liability at low compliance cost but allows its partners the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the partners will be limited.
LLP as a separate legal entity and business organisation is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership
Incorporation document (Section 11): The most important document needed for registration is the incorporation document.
(1) For a LLP to be incorporated:
(a) two or more persons associated for carrying on a lawful business with a view to profit shall subscribe their names to an incorporation document;
(b) the incorporation document shall be filed in such manner and with such fees, as may be prescribed with the Registrar of the State in which the registered office of the LLP is to be situated; and
(c) Statement to be filed:
there shall be filed along with the incorporation document, a statement in the prescribed form,
made by either an advocate, or a Company Secretary or a Chartered Accountant or a Cost Accountant, who is engaged in the formation of the LLP and
by any one who subscribed his name to the incorporation document,
that all the requirements of this Act and the rules made thereunder have been complied with
(2) The incorporation document shall—
(a) be in a form as may be prescribed;
(b) state the name of the LLP;
(c) state the proposed business of the LLP;
(d) state the address of the registered office of the LLP;
(e) state the name and address of each of the persons who are to be partners of the LLP on incorporation;
(f) state the name and address of the persons who are to be designated partners of the LLP on incorporation;
(g) contain such other information concerning the proposed LLP as may be prescribed.
(3) If a person makes a statement as discussed above which he—
(a) knows to be false; or
(b) does not believe to be true, shall be punishable
with imprisonment for a term which may extend to 2 years and
with fine which shall not be less than ` 10,000 but which may extend to` 5 Lakhs.
Registered office of LLP and change therein (Section 13):
(1) Every LLP shall have a registered office to which all communications and notices may be addressed and where they shall be received.
(2) A document may be served on a LLP or a partner or designated partner thereof by sending it by post under a certificate of posting or by registered post or by any other manner, as may be prescribed, at the registered office and any other address specifically declared by the LLP for the purpose in such form and manner as may be prescribed.
(3) A LLP may change the place of its registered office and file the notice of such change with the Registrar in such form and manner and subject to such conditions as may be prescribed and any such change shall take effect only upon such filing.
(4) If the LLP contravenes any provisions of this section, the LLP and its every partner shall be liable to a penalty of ` 500 for each day during which the default continues, subject to a maximum of ` 50,000 for the LLP and its every partner.
Ruchika Saboo
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