The document discusses the Limited Liability Partnership Act of 2008 in India. It introduces LLP as a new type of business entity that has elements of both a partnership and a corporation. Key points include: - LLPs must register with the registrar of the state where their registered office is located. - Incorporation requires at least two people to subscribe their names to incorporation documents and pay registration fees. - An LLP is a separate legal entity from its partners and has limited liability for partners. However, partners are liable for their own actions. - The relationship between partners and the LLP is governed by an LLP agreement. Changes must be filed with the registrar.

1. LIMITED LIABILITY
PARTNERSHIP ACT,2008
PRESENTED BY:
KOMAL AGARWAL
MBA II

2. Incorporation
&
Registration of
LLP,2008

3. Introduction
Incorporation documents [Section 11]
Incorporation by registration [Section 12]
Registration office of LLP and change therein [Section 13]
Steps to incorporate LLP
Partners/ Relation
CONTENT

4. Limited Liability Partnership,2008 is a new form of business
legal entity with limited liability.
It contain elements of both ‘a corporate structure’ as well as
‘a partnership firm structure’.
Registration is compulsory.
Separate Legal Entity.
INTRODUCTION

5. 1. For a LLP to be incorporated
a) Two or more person associated for carrying on a
lawful business with a view to earn profit shall
subscribe their name to an incorporation
document.
b) Then you should go to Registrar of the state
(registered office) in the prescribed manner by
filing the prescribed form and by submitting
prescribed fees.
[SECTION 11] INCORPORATION DOCUMENT

6. 1. For a LLP to be incorporated
c) Statement of declaration should be submitted by
Chartered Accountant, Company Secretory or a Cost
Accountant who is engaged in formation of LLP.
[SECTION 11] INCORPORATION DOCUMENT

7. 2. Incorporation document shall-
a) Form as may be prescribed
b) Name of the LLP
c) Proposed Business
d) Address of registered office
e) Name and address of each person
f) Name and address of designated partners
g) Miscellaneous (prescribed under Act)
3. If False information given in statement:
a) 2 year imprisonment
b) Rs.10,000 fine can extend to Rs. 5,00,000.
[SECTION 11] INCORPORATION DOCUMENT

9.  After completion of all the provision of
[Section11(1)(a)(b)(c)] within 14 days
of incorporation, registrar issues a
Certificate Of Registration [COR] that
the LLP is incorporated by the name
specified.
[SECTION 12]INCORPORATION BY
REGISTRATION

10.  Every LLP should have their registered office situated in the
state to which all the communication and notices may be
addressed and where they shall be received.
File the notice to the Registrar as the manner prescribed and
fee.
If it contravene any of provision of this section, fine may be
imposed on LLP and its every partner not less than Rs.2,000
and can extend to Rs. 25,000.
[SECTION 13] REGISTERED OFFICE AND
CHANGE THEREIN

11. E-form 1 Availability & Reservation of LLP
1. Name Reservation
E-form 2 [Section 11]
2. Incorporate LLP
E-form 3 within 30 days of incorporation
3. LLP Agreement
STEPS TO INCORPORATE LLP-

13. Partners/Relation

14. 1. Person who had subscribed their name to the incorporation
document shall be it’s partner.
2. Any other person in accordance with LLP agreement.
[SECTION 22]ELIGIBILITY TO BE
PARTNER

15. 1. Relationship between partner to partner and partner to LLP
shall be governed by LLP agreement.
2. Any changes, if made in agreement shall filed with Registrar in
prescribed form with prescribed fee.
3. Agreement in writing made before incorporation of a LLP
between person who subscribe their name to the incorporation
document may impose obligation on the LLP, provided
consents by all the partners after the incorporation.
4. In absence of agreement, It should be governed by Schedule
1 of LLP Act.
[SECTION 23]RELATIONSHIP OF PARTNER

16. 1. Inform such change in the name of partner or address within
a PERIOD OF 15 DAYS to LLP.
2. LLP shall –
a) File the notice to the registrar within 30 days when person cease to be
partner.
b) File the notice to the registrar within 30 days for change in name of
partner or address.
3. A notice filed should be submitted with prescribed fee and
with the sign of designated partners of LLP.
[SECTION 25] REGISTRATION OF CHANGE
IN PARTNER

17. 4. If notice is not given by the partner within the time period,
fine of Rs.2000 to Rs.25,000 could be charged.
5. Outgoing partner can directly go to the registrar and give the
notice of his cessation and registrar will confirm it with LLP.
[SECTION 25] REGISTRATION OF CHANGE
IN PARTNER

18. 1. When power and authority given by LLP to the partner then it
is liable for the act of the partner.
2. LLP is not bound when power and authority is not given to the
person.
3. Obligation of LLP is solely its obligation.
4. Liabilities of LLP is met by its own assets.
[SECTION 27] EXTENT OF LIABILITY OF
LLP

19. 1. Personally partner is not liable for an obligation of the other
partner or LLP.
2. But is liable for his own wrongful act or omission.
[SECTION 28] EXTENT OF LIABILITY OF
PARTNER