This document provides an introduction and overview of Limited Liability Partnerships (LLPs) in India. Key points include: LLPs are a new type of business entity established by the LLP Act of 2008, combining limited liability for partners like a company with tax treatment like a partnership; LLPs must have at least 2 partners and no maximum, and can have both individual and corporate partners; LLPs are required to have one or more designated partners who are responsible for compliance; and the document outlines the incorporation process for LLPs and requirements for LLP agreements between partners.

2. INTRODUCTION
 Limited Liability Partnership (LLP) is an incorporated
partnership formed and registered under the Limited Liability
PartneshipAct,2008 With Limited Liability and perpetual
succession.
 The Limited Liability Partnership Act came in to force , for
most part , on 31st March 2009 followed by the Rules on 1st
April 2009 and the registration of the first LLP was on 2nd
April 2009.

3.  Limited Liability Partnership (LLP) would fill the gap
between business firms such as sole proprietorship and
partnership and limited liability company . It will provide
Small and Medium size business to grow and it can turn the
global competitiveness.
 Every Limited Liability Partnership (LLP) , so registered ,
must have LLP as its acronym. It can sue and be sued.It has
a separate existence and a common seal.

4.  LLP shall be a body corporate and a legal entity separate
from its partners. It will have perpetual succession; like a
corporation;
 The LLP shall be required to have
Minimum- at least two partners
Maximum- no limit
 Any individual or body corporate may be a partner in an
LLP.
 The provisions of the Indian Partnership Act, 1932 shall not
be applicable to an LLP.

5.  Any person can be a partner in the LLP in accordance with the
agreement.
 As per Section -5 of this Act any individual or body corporate may be a
partner in
 LLP but individual will not be capable of becoming a partner of LLP
under following conditions:
1. He is declared of unsound mind by the court.
2. He is undercharged insolvent.
3. He has applied to be declared as an insolvent and his application is
pending.

6.  Every designated partner has to obtain DPIN( Designated
Partner Identification Number ) from Central Govt. as
per the provisions of Companies Act 2013.
Disqualifications of a Designated Partner :
 A person is disqualified to be a designated partner if
1. Has been declared insolvent anytime within five (5)
preceding years .
2. Has suspended payment to his creditors within the
preceding 5 years.
3. Have been convicted by the court for any offence and
sentenced to imprisonment for not less than 6 months.

7. Responsibilities of a Designated Partner :
1. As per the LLP Act, the designated partners will be liable to
all the penalties imposed on LLP for contravention .
2. Monetary penalties can be imposed on the Designated
partners for acts such as non maintenance of books of
accounts, non filings of accounts , non – filings of annual
returns etc.
3. All partners are agents of LLP but not of each other.

8.  As per the LLP Act , 2008 section 11/1 LLP can be
registered if :
 1. Two or more persons associated for carrying on a lawful
business with a view to earning profit shall subscribe their
names in the incorporation document.
 2. The incorporation document shall be filed with registrar of
the state in which Registered Office of LLP is situated.
 3. A statement made by either a lawyer or a CS or a CA or a
CMA who is engaged in the formation of LLP shall be filed
with the incorporation document.

9. INCORPORATION DOCUMENT OF LLP AND
ITS CONTENT :
1. The incorporation document shall be as per rule 11 of the
LLP act in form -2
2. Name of LLP.
3. Proposed business of LLP.
4. Address of registered office of LLP.
5. Name and address of each of the person who is the partner
of LLP.
6. Name and address of the persons who are to be the
designated partners of LLP.
7. Contain such information related to LLP as prescribed.

10. CERTIFICATE OF INCORPORATION:
The Registrar will register the incorporation document and
within 14 days will issue a Certificate of Incorporation. The
certificate shall be the conclusive evidence that LLP is
incorporates by the name specified in the document.
NAME OF LLP :
According to section 15 0f the LLP Act every LLP will have a
prefix of Limited Liability Partnership or LLP as last words
of its name . In the opinion of central Govt. if the name is
either undesirable or identical to already existing partnership
firm or LLP or a body corporate , it can prohibit to keep such
a name. LLP can change its name or the place of registered
office from one place to another.

11. LLP AGREEMENT:
1. LLP agreements determines the mutual rights and duties of
the partners.
2. LLP agreement is required to be filed within 30 days of
incorporation to the registrar.
3. A person becomes partner by a virtue of LLP agreement. It is
like a MOA and AOA of a company to a LLP.
4. It is a public document of a LLP and is open to public for
inspection.
5. In absence of Agreement the last schedule will work like an
agreement.
6. Mutual rights and duties of the partners of LLP will be
governed by LLP agreement.

12. MADE BY :
Abhijeet Chhugani : 18114