For establishment of LLP in India, approval of Registrar of Companies is required.
Limited Liability Partnership Act, 2008 and the rules and regulations made there under.
Foreign Direct Investment in LLP is governed by the provisions of Press Note 1 of 2011 issued by Department of Industrial Policy and Promotion.The summary provisions of Press Note 1 of 2011 are as follows:
There is no particular time limit as to the duration of an LLP. An LLP shall carry on its business in India till the time it is wound under the provisions of Limited Liability Partnership Act, 2008.
LLP can carry on the business activities as permitted by Foreign Direct Investment policy of India.
The Following issues are to be decided upfront:
• Deciding Partners and Designated Partners of LLP.
• Contribution to be done by the Partners.
• Deciding the name of the LLP.
Obtaining approval of Foreign Investment Promotion Board: If the FDI is involved in LLP.
Deciding the Designated Partners and partners for formation of LLP.
Obtaining Director Identification Number and Digital Signature Certificate of the Designated Partner.
Filing application to the Registrar of LLP for approval of the proposed name of the LLP.
Drafting of LLP agreement and Filing of Incorporation Documents with Registrar.
Follow up with and obtaining the Certificate of incorporation of LLP.