A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution
Cost of incorporation and complying with varied provisions are relatively less.
Step 1: Obtaining DSC of partners:
All filings done by the LLP(s) are required to be filed with the use of Digital Signatures by the person authorised to sign the documents.
Step 2: Obtaining Designated Partner’s Identification Number (DPIN)
All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)”. You need to file eForm DIN-1 in order to obtain DIN or DPIN. In case you already have a DIN (Director Identification Number), the same can be used as a DPIN.
Step 3: Name Approval
Apply for the name of the LLP to be registered by filing Form 1 ( Application for reservation or change of name) for the same.
Step 4: Incorporation of the Company
After that depending upon the proposed LLP, file required incorporation Form 2 (Incorporation document and Subscriber’s statement)
Once the form has been approved by the concerned official of the Ministry, you will receive an email regarding the same and the status of the form will get changed to Approved.
Step 5: File LLP Agreement
After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP. The user has to file the information in Form 3 (Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein).