In October an amendment came into force which introduced new registration process of Limited Liability partnership (LLP) firm. Previously there were 2-3 form required during filing of incorporation form but now it is more faster process and there is no need to file 2-3 form for incorporation as new FiLLiP form is launched which makes process of incorporation more fast and easy. This article talks about the new registration process so you will get an idea about the LLP registration process.
LLP new registration process
• The first step of new registration process of LLP is to obtain Digital signature certificate (DSC) for proposed director without obtaining this you cannot proceed further so you have to obtain first Digital signature certificate for your proposed director. Digital signature certificate of director is must require because it is very important as during e filing of form you need to fill your digital signature certificate so this is very important.
• Then you have to reserve your firm name under LLP-Run services, after amendment you are not required to fill form 1 for reservation of name as according to new amendment now you have to reserve name under LLP-RUN services. For using services of LLP-RUN you have to create an account on the website then you have to click on the LLP-RUN web service then you can request for reservation of name. You can request 2 names for your LLP so registration on one name will be done if it is available. During requesting on LLP-RUN service you need to pay required fee for reservation of name.
• If you don’t want to reserve your firm name through LLP-RUN web service then you can skip it by filing of FiLLiP form. New registration process introduced FiLLiP form which makes registration process easier. You are not required to fill different form for Director Identification number you can now apply for director identification number through FiLLiP form. This form also reserve your firm name. In case if firm’s designated partner have their director identification number then you can choose the pre fill option or if they don’t have director identification number then you have to fill the required details like personal and professional details. If everything is fine with your form then authority will accept your form and issue a certificate of incorporation to you.
• After incorporation of your Limited liability partnership firm you have to file your LLP agreement within 30 days of incorporation of firm and you need to file form 3 for filing of LLP agreement and this form is mandatory for an LLP within 30 days of its incorporation. After incorporation of your LLP firm you have to comply with the rules and regulation of Ministry of corporate affairs and you have to file your annual statement and financial statement to the authority. If you want to convert your partnership firm into an LLP then you have to file form 17 online or if you want to convert your company into an LLP then you have to file form 18 online on the website of ministry of corporate affairs.
• After incorporation of your LLP firm you need to comply with rules and regulation of income tax department of India and you need to file your LLP’s income tax in every prescribed period. You also need to register your PAN and TAN number so you can comply with the rules and regulation of income tax department of India. PAN and TAN registration can be done online. PAN is required for filing of income tax return and TAN is required for deducting or collecting tax.
As you can see in above article that in October 2018 new registration process of LLP is launched and it is now easier to register your LLP under Ministry of corporate affairs. As you can see that new form like FiLLiP was introduced which makes process easy and faster. Now you have two option for reservation of name you can choose one from Fillip or LLP-RUN services. So if you are thinking of starting a new LLP firm then you should consider these above given points so you don’t get confused with the process of LLP registration and you should also register your PAN and TAN so there will be no problem arises for you during filing of taxation.