Formation of LLP

I want to form a LLP. What are the prerequisites to form a LLP?

Expert Advice

There are several steps which need to be taken care of at the time of forming a LLP. Some of them are as follows: (a) identifying Partners for the LLP- minimum 2 partners- they will be considered as Designated Partners (DPs). (b) The DPs need to obtain their Designated Partner Identification Number (DPIN) / Director Identification Number (DIN). Without this, an individual cannot be appointed as a DP in the LLP. (b) the Designated Partners will need to obtain digital signatures for themselves. (c) There requires to be a LLP Agreement, setting out the terms and conditions under which the LLP is being formed, to be operated, and the rights, duties and obligations of the DPs. (d) The LLP needs a place of business, and documentation evidencing the same. (e) The incorporation process itself has various steps, such as name reservations, filing of the incorporation form, supporting documents etc. The aforesaid is just an executive list of actions to be taken for forming a LLP, and the detailed procedure for forming the LLP can be provided separately.

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