To register a Limited Liability Partnership (LLP) in India, begin by acquiring a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for all designated partners. Next, apply for name approval through the RUN-LLP (Reserve Unique Name) portal. Once approved, submit the LLP Incorporation Form (FiLLiP) with the Ministry of Corporate Affairs, including required details and documents, such as the partners’ identification and address proof. Prepare and file the LLP Agreement within 30 days of incorporation, detailing operational and ownership terms. Upon approval, the Registrar issues the Certificate of Incorporation, completing the LLP registration process.

To change the name of a Limited Liability Partnership (LLP) in India, partners must first agree on the new name through a resolution. Then, apply for name approval via the RUN-LLP portal on the Ministry of Corporate Affairs website. Once approved, file Form LLP-5 within 30 days, including the necessary documents and fees. After the Registrar processes and approves the request, a Certificate of Incorporation with the new name will be issued, completing the name change procedure. Ensure that all legal documents and branding reflect the updated name.

Form-11 is the Annual Return form that all Limited Liability Partnerships (LLPs) in India must file with the Ministry of Corporate Affairs (MCA) to report their annual summary of partners and financial activities. Filed within 60 days from the end of the financial year (typically by May 30), Form-11 includes details like the LLP’s partners, contributions, and any changes in the partnership structure over the year. Filing Form-11 on time is mandatory, even if the LLP has no business activities, to avoid late fees and penalties. This filing helps maintain compliance with LLP regulations and keeps the partnership legally active.

A Limited Liability Partnership (LLP) combines aspects of partnerships and corporations, allowing partners to limit their liability while enjoying flexibility in management.

Advantages:

• Limited Liability: Partners are only liable to the extent of their contributions, protecting personal assets.
• Flexible Structure: Management and profit-sharing terms are customizable through the LLP agreement.
• Tax Benefits: LLPs often avoid double taxation as profits are passed directly to partners.
• Separate Legal Entity: LLPs can own assets and enter contracts in their name.

Disadvantages:

• Limited Funding Options: LLPs cannot raise funds through equity.
• Compliance Requirements: Annual filings and audits may be mandatory.
• Restrictions on Operations: Not suitable for all business types, such as certain professional firms.

In India, any two or more individuals or entities (such as companies) can form a Limited Liability Partnership (LLP), provided at least one partner is a resident of India. Eligible individuals must be over 18 and can be Indian or foreign nationals, though a minimum of two designated partners is required to manage the LLP. Each designated partner must obtain a Director Identification Number (DIN). LLPs are suitable for most businesses except for those involved in banking, finance, or insurance, which are restricted from forming an LLP under Indian law.

In a Limited Liability Partnership (LLP), the debts and obligations of the LLP are primarily the responsibility of the LLP itself, as it is a separate legal entity. This structure protects individual partners from personal liability beyond their agreed capital contributions to the LLP. Partners are generally not responsible for debts incurred by the LLP, provided they have not committed any fraud or misconduct. However, if the LLP cannot pay its debts, creditors may only claim the assets of the LLP and cannot typically pursue the personal assets of the partners. This limited liability is one of the main benefits of an LLP structure.