What is LLP Form 3? And Information requires to fill in LLP Form 3

Introduction

The LLP Agreement contains the most important information about the LLP (Limited Liability Partnership). capital contributions, partner roles, Profit sharing ratios,  and responsibilities, and so on. To register an LLP Agreement with MCA, you must file LLP Form 3. Within 30 days of filing the LLP Registration Form, the LLP Form 3 must be filed. In the article “What is Form 3 LLP?”, the Penalty for Late filing of LLP Form 3 and documents required for LLP Form 3 is mentioned. Before understanding the purpose for LLP Form 3, let’s have a quick look at “What is Limited Liability Partnership?”

What is a Limited Liability Partnership (LLP)?

A Limited Liability Partnership (LLP) is one in which some or all of the partners are limited in their liability. As a result, it can display aspects of partnerships and businesses. Each partner in an LLP is not responsible or liable for the misbehavior or carelessness of another partner.

What is LLP Agreement Form 3?

The goal of completing the LLP Form 3 is to provide information for the Limited Liability Partnership Agreement in the event of a newly formed LLP and to provide information for LLP changes in the case of an existing LLP. Within 30 days of the establishment of the Limited Liability Partnership or within 30 days of issuing the decision for the change of the LLP agreement, the same form must be submitted. An LLP agreement must be signed before Form 3 may be submitted. The LLP Agreement would be printed and notarized on stamp paper of the specified value.

Documents required for LLP Form 3

The LLP Form 3 must be accompanied by the list of documents listed below.

• LLP Contract ( PDF Format )
• LLP supplement/additional amendments document ( PDF Format )
• Other optional documents (If needed)
• The Designated Partner’s Digital Signature is required to complete Form 3.
• Mention the DPIN (Designated Partner Identification Number) and the partner’s DSC (Digital Signature Certificate).

When LLP Agreement Form 3 is filed by a Partners?

Below is the information on when LLP Agreement Form 3 must be filed by partners in an LLP.

• At the time of changing LLP Name

• Amendments in the Partner’s rights and responsibilities

• Admission or retirement of any Partner in an LLP

• Change in the LLP Address

Information requires to fill in LLP Form 3

The LLP Form 3 is available on the MCA website. It must include the following information.

• Capital Contribution and Obligation to Contribute

• Mutual Rights and Duties of Partners

• Date of LLP Agreement

• Any limitations on the partner’s authority (if any exist)

• Calling, holding, and conducting meetings are all procedures that must be followed

• If there is an indemnity clause, it should be specified.

• Clauses for partner admission or cessation or retirement or expulsion or resignation

• LLP Number of registration

• DPIN of Signing Partner

• Contribution Method

Penalty for Late filing of LLP Form 3

Within 30 days after the LLP’s incorporation or at the time of any changes in an LLP, a copy of the signed agreement must be filed with the Registrar of Companies using Form 3. If you are unable to file the document within the specified time, you will be charged a penalty of INR 100 per day, with no upper limit.

FAQs on LLP Form 3

1. What is LLP Form 3 and LLP Form 4?

Information with reference to the Limited Liability Partnership agreement and amendments, if any, is required to be provided on Form 3. Every appointment, cessation, and change in name/address/designation of a designated partner or partner must be documented on Form 4.

2. What is the Purpose of Filling LLP Form 3?

The goal of filing the LLP Form 3 is to provide information about the Limited Liability Partnership Agreement in the case of a newly constituted LLP (Limited Liability Partnership) and to provide information about changes to an existing LLP’s LLP Agreement.

3. Is it mandatory to file Form 3 for Limited Liability Partnership?

The mutual rights and obligations of the partners, as well as the LLP and its partners, are governed by the LLP agreement. Form 3 of the LLP agreement must be submitted online through the MCA Portal. Within 30 days of the date of incorporation, Form 3 for the LLP agreement must be filed. Stamp Paper must be used to print the LLP Agreement.

4. What are the fees for not filing LLP Form 3?

If you are unable to file Form 3 LLP within the specified time, you will be imposed by a penalty of INR 100 per day, with no upper limit.