The concept of LLP was first introduced in India with the LLP Act 2008, and it has since then consistently grown in popularity. An LLP combines the best features of a limited company and a partnership firm. One of these features is the creation of a distinct legal identity of the LLP as a result of its mandatory incorporation. In this blog, we will be discussing the manner of applying for LLP incorporation through the form called FiLLiP
Table of Content
According to the LLP Act, forming an LLP in India requires at least two partners. However, the Act currently imposes no maximum limit on the number of partners who can be a part of such a LLP. The LLP must also have at least two designated partners chosen from among the partners, one of whom must be an Indian resident. The rights and obligations of partners are governed by the terms of the LLP agreement.
What is Form FiLLiP?
A Limited Liability Partnership is an incorporated form of partnership business established under the LLP Act of 2008. Since incorporation is legally mandatory for the LLP, an application needs to be filed for the same to the concerned authority with all the relevant details and documents.
Form 2, popularly known as FiLLiP is the “Form for Incorporation of Limited Liability Partnership”. It is an online form that can be accessed on the official website of the Ministry of Corporate Affairs. All the details and documents required for LLP registration / incorporation can be filled out and uploaded in this form electronically.
Besides incorporation, the form also facilitates application for other related services like reserving the name of the LLP, applying for DPIN of at least 5 designated partners, and allotment of the TAN and PAN in the name of the LLP.
What is the purpose of filing Form FiLLiP ?
As mentioned above, FiLLiP is the form required to be submitted to incorporate or register an LLP. The main purpose of registering an LLP through form FiLLiP is to gain a distinct legal identity for it, and separate it from the identity of its partners. Compare this with unincorporated or unregistered entities like Sole Proprietorships, where these businesses do not have a legal identity of their own, and conduct all their operations in the name of their owners or proprietors.
A business that has a distinct legal identity is deemed to be more credible and reliable, as all its details and relevant documents are recorded with the government and are publicly available to be viewed. This absolutely eliminates the chances of forgery or fraudulence on the part of the business and secures the interests of all the stakeholders.
What are the details to file Form FiLLiP?
To incorporate an LLP, the FiLLiP form seeks a number of details of the LLP, its partners, its designated partners, and its registered office premises. Refer to the table below to know all the details that need to be entered or filled out in the FiLLiP form.
| S.No. | Details to be filled in the FiLLiP form |
|---|---|
|
1
|
If the name of the LLP is reserved already, enter the SRN number of the form filed for such reservation. If the name has not been reserved yet, you can propose new names for reservation through FiLLiP
|
|
2 |
Select whether the LLP to be incorporated is new, or an existing entity is being converted. If an existing entity is being converted, enter its identification number
|
|
3 |
Registered business address and e-mail ID
|
|
4 |
Jurisdictional Registrar to register the LLP
|
|
5 |
Number of Designated Partners, their details, and respective DPIN
|
|
6 |
Number of partners, and their details
|
|
7 |
Amount contributed by the each partner as capital |
What are the attachments made to Form FiLLiP?
No LLP can be incorporated without the submission of the prescribed supporting documents. These include the documents of the partners, designated partners, and the registered office premises. A complete list of all such documents has been mentioned in the table below.
| S.No. | Attachments made to FiLLiP |
|---|---|
|
1
|
If the partner admitted is a body corporate, or a designated partner appointed is the nominee of a body corporate, a resolution approving such appointment and admission is required from the concerned body corporate
|
|
2 |
Proof of Registered Office Address
|
|
3 |
Subscriber’s Sheet
|
|
4 |
Consent of partners to act as partners / designated partners in form 9
|
|
5 |
If any approval is required from specific regulatory authorities or the Government, a copy of such approval in the prescribed format
|
|
6 |
If the name of the LLP is a registered trademark or is identical to the name of an existing company or LLP, a No Objection Certificate from the owner of the trademark and the existing company or LLP in the prescribed format.
|
|
7 |
Proof of Identity, DPIN, and DSC of the two authorized designated partners who will sign the application
|
Conclusion
The introduction of the Fillip form has greatly simplified the intricate legalities of incorporating an LLP. Applicants no longer have to deal with exhaustive paperwork and other formalities in order to ensure a smooth and transparent incorporation process, with drastically reduced cost and time duration.
