Salient features of LLP Bill 2008

Salient features of LLP Bill 2008

• Body corporate & Legal entity separate from its partners. Has perpetual succession
• Mutual rights & duties of partners & LLP inter se & of LLP & partners shall be governed by agreement between partners or between LLP & partners, in absence of agreement they are governed by provisions of proposed legislation.
• Being a separate legal entity LLP is liable to full extent of its assets. Partners are liable to their agreed contribution
• At least two partners & two individuals as designated partner, of which one should be resident in India
• It should maintain annual accounts. Statement of accounts & solvency shall be filed with registrar every year
• Central Govt. have powers to investigate the affairs of LLP By appointing competent inspector.
• Arrangements like merger, amalgamation of LLPs shall be in accordance with provisions of proposed legislation
• Firm PVt. Ltd. Or unlisted Public Co. can convert in to LLP in accordance with provisions of proposed bill. From the date of registration a assets & liab. Of firms etc. are transferred to LLP
• Winding up of LLP may be voluntary or by tribunal formed under  Companies Act, 1956.
• The proposed legislation would confer power on the Central Govt. to apply provisions of companies Act,1956
• Indian Partnership Act, 1932 shall not be applicable to LLPs

FORMS REQUIRED FOR LLP

• FORM 1: Form for application for reservation or  change of name
• FORM 2: Form of Incorporation Document
• FORM 3: Form of Application & Declaration for Incorporation of a LLP
• FORM 4: Form for Filing Limited Liability Partnership Agreement & Changes, if any, made there in.
• FORM 5: Notice of Appointment of Partners & changes among them or consent of incoming partner to become a partner / Designated Partner
• FORM 6: Intimation of particulars / change in particulars to the Limited Liability Partnership by the Partner
• FORM 7: Application for allotment of Designated Partner Identification Number
• FORM 8: Form for filing Statement of Account & Solvency
• FORM 9: Consent to Act as Designated Partner
• FORM 10: Intimation of changes in particulars of Designated Partners’ to be given to the Central Govt.
• FORM 11: Annual Return of a Limited Liability Partnership
• FORM 12: Form for intimating other address for service of Documents
• FORM 13: Notice by Partner to resign as a Partner to the other Partners
• FORM 14: Form for intimating the Registrar of Firms/Registrar of Companies for conversion of Firm/Company into Limited Liability Partnership
• FORM 15: Notice of change of place of registered office
• FORM 16: Certificate of Incorporation
• FORM 17: Application by a Firm for its conversion into Limited Liability Partnership
• FORM 18: Application by a Private Company/Unlisted Public Company for its conversion into LLP
• FORM 19: Certificate of Registration on conversion of Firm/Company to Limited Liability Partnership
• FORM 20: Summons for directions to convene a meeting under section 60 (1)
• FORM 21: Affidavit in support of Summons
• FORM 22: Notice of Intimation of Order of Court/Tribunal to the Registrar
• FORM 23: Application For direction to change the name
• FORM 24: Application to the Registrar or Central Govt.
• FORM 25: Notice of intimation of DIN for the purpose of DPIN
• FORM 26: Intimation of Allotment of Designated Partner Identification No. (DPIN) to the Limited Liability Partnership by the Designated Partner
• FORM 27: Application for reservation / renewal of reservation of name
• FORM 28: Notice of Change of name
• FORM 29: Form of Proxy