LLP Fillip Form
FiLLiP (Form for Incorporation of Limited Liability Partnership) is an online application form that simplifies the incorporation process for LLPs under the LLP Act 2008. It combines name reservation and incorporation into a single form, enabling electronic document submission. FiLLiP also streamlines obtaining the Designated Partner Identification Number (DPIN) and Digital Signature Certificate (DSC) for the proposed LLP partners. Limited Liability Partnership (LLP) Limited Liability Partnership (LLP) 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. Low registration fees and easy maintenance make LLP a first choice for many of the small businesses in India. Limited Liability Partnership (Second Amendment) Rules, 2022 Limited Liability Partnership (Second Amendment) Rules, 2022 was declared on the 04th March 2022 and came into effect from the 1st April 2022. There are a few more important changes that have been made through LLP (Second Amendment) Rule, 2022, which are as follows: There can be 5 designated partners (without having DIN) at the time of Incorporation. (Earlier 2 was allowed) PAN & TAN will be allotted along with Certificate of Incorporation or Registration LLP incorporation has become web-based like the SPICE+. Form 8 (Statement of Solvency and Annual Return) will also include disclosures concerning Contingent Liability All LLP forms will be web-based including LLP Form -9 – Consent of Partners. Resultantly, all Designated Partners Digital Signatures will be required. Why Register LLP Under MCA? LLP is a separate legal entity from the partners. Every partner would sue the other for the condition which evolves. It has an uninterrupted existence that follows perpetual succession that is the partners may leave, however, the business stays. The term of the dissolution needs to be mutually agreed towards the company to dissolve Transferring the ownership of LLP is indeed easier. An individual would quickly be shown in as a designated partner and the ownership transferred to them LLPs that pose a capital amount of lower than 25 lakhs along with a turnover of less than 40 lakhs per year would not need any formal audits. The same build the registering as LLP advantageous towards the small businesses and startups An LLP has partners, who own and handle the business. The same varies from a private limited company whose directors might be different from shareholders. For this cause, VCs would not invest in the LLP framework LLP would own or take upon the property this is because it is considered as a juristic individual. The partners of LLP would not avail the property as theirs Steps to Incorporate LLP Name reservation: The first step to incorporate a Limited liability partnership (LLP) is a reservation of the name of LLP. The applicant has to file eForm 1, for ascertaining availability and reservation of the name of an LLP business. Incorporate LLP: After reserving a name, the user has to file FiLLiP for incorporating a new Limited Liability Partnership (LLP). FiLLiP contains the details of LLP proposed to be incorporated, partners’/ designated partners’ details, and consent of the partners/ designated partners to act as partners/ designated partners. LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to be filed with the registrar in eForm 3 within 30 days of incorporation of LLP. Format of a FiLLiP Name Reservation Section: In case LLP name is already approved through RUN-LLP webform, the user is required to mention the SRN of such approved form and validate the same with required details. Alternatively, you can also mention the proposed name in this section. Incorporation Details: This section is mandatory in case the LLP is already registered and the form is for conversion of LLP into another business entity. Details of business activity carried out by LLP on incorporation: It is especially required if the name reservation is also carried out through the FiLLiP. You need to provide details like the main industry or sector in which an LLP operates classified by a 5-digit NIC Code, a detailed description of the main division of industrial activity selected, etc. Particulars of Proposed Partners: The total no. of designated Partners (DPs) and Partners with or without DIN and their particulars like identity and address proofs. Total monetary value of contribution by partners in the LLP: Information regarding total contribution by all Partners/DPs i.e., the sum of contributions by all designated partners/partners. Attachments: This is where you provide relevant attachments like copy of regulatory approvals, Consent of the Partners (Form 9) and identity and address proofs. Filling FiLLip Form Under MCA for Online Registering an LLP Step 1: Login at MCA V3 portal with user name and password using this link Step 2: Select form “FiLLip Incorporation of LLP” from the list as shown below: Step 3: Fill the form and proceed to Form 9 (Consent to Act as Designated Partner) Step 4: Proceed to Form 17 (optional); Proceed to Form 18 (optional) Step 5: SRN will be generated on successful submission of the form. Step 6: Download the form and affix DSC. Easy Uploading the MCA Form on Govt Portal The last process is to upload the FiLLIp on the MCA portal. After successful generation of SRN on submission of form, an option to upload such form should be reflected on My Application in “Pending for Action” Tab. Users can click on the upload form and upload the DSC affixed PDF and proceed for payment. Please ensure that the form post affixing all the Digital Signatures is less than 6 MB.After successful generation of SRN on submission of form, an option to upload such form should be reflected on My Application in “Pending for Action” Tab. Users can click on the upload form and upload the DSC affixed PDF and proceed for payment. Save SRN Number & Execute Payment Once the form needs to submit, you would be automatically redirected to make the payment. Once