Corporate Law Practice 1 - 19010126081
Corporate Law Practice 1 - 19010126081
Corporate Law Practice 1 - 19010126081
Internal Assessment- 1
ADITI KUMAR
19010126081
BBA LLB (Hons.)
Divison- A
Limited Liability Partnership (LLP)
AAK ASSOCIATES LTD.
INTRODUCTION
Limited liability partnerships (LLPs) are a type of partnership in which each partner's liability is
limited to the amount of money they invest in the company. Spreading risk, leveraging individual
abilities and knowledge, and establishing a division of labor are all advantages of having business
partners. Limited liability means that creditors cannot seize a partner's personal assets or income if
the partnership fails. In professional businesses such as legal companies, accounting firms, and
wealth managers, LLPs are common.
EXPERIENCE
The first step in the process of forming a Limited Liability Partnership was to complete the Form
for Incorporation of Limited Liability Partnership, which was required by Rules 8, 11 and 18 of the
Limited Liability Partnership Rules, 2009, among other rules (FiLLiP). An e-form is used to
facilitate services such as name reservation, the formation of a new limited liability partnership
(LLP), and the assignment of a DIN/DPIN number. This eForm is supplemented by the materials
listed in the following pdf document. As soon as you confirm the eForm, you will be able to form
an LLP and receive an LLPIN (Limited Liability Partnership Identification Number). Aside from
that, selected
partners and body corporate nominees who do not already have a valid DIN or DPIN are issued
DPINs or DINs. In order to allot DIN/DPIN during LLP registration, a maximum of two
prospective partners may use the Fillip form to do so. The mandatory information on the Fillip
form, as well as the form's enclosure, will be discussed in greater detail in the following sections of
this write-up.
Following the completion of the Fillip form, the next document to be completed was the Reserve
Unique Name- Limited Liability Partnership form (RUN-LLP). Using this web service, you can
reserve a name for a new company or change the name of an existing company in a straightforward
and simple manner.
This is because the authority for registration has been transferred to the Centralized Registration
Centre (CRC) established under sub-sections (1) and (2) of Section 396 of the Companies Act,
2013. The rationale for both of these forms is to make it easier and more effective to register limited
liability partnerships (LLPs) in India.
The next step in the process of forming the company was to complete LLP Form 9, which noted the
Consent by Designated Partners pursuant to Section 7(3) of the Limited Liability Partnership Act,
2008, and Rule 7 of the Limited Liability Partnership Rules, 2009. This was the final step in the
process of forming the company.
The Limited Liability Partnership Agreement is also included in the following pdf document.
(Limited Liability Partnership Agreement) In the case of a Limited Liability Partnership (LLP),
written agreements between the partners, or between the LLP and its partners, are used to establish
the partners' rights and responsibilities to one another, as well as their obligations to the LLP.
The AAK Associates Ltd. LLP agreement outlines the terms and conditions, as well as the rights
and responsibilities of the partners, Ms. Ananya Kumar and myself, Aditi Kumar, of the company.
In accordance with the LLP's incorporation document, an LLP agreement must be drafted and
signed within 30 days of the LLP's formation (Form 2). It specifies the roles, responsibilities, rights,
and powers of the partners in their relationships with the LLP and with one another. As a result, it
lays the groundwork for the smooth operation of the Limited Liability Partnership. Management,
operational, and administrative outlooks are explained in detail in the LLP agreement, which also
establishes clearly defined processes for decision-making, the addition of new partners, and the
disassociation of an existing partner. An appropriately structured and detailed limited liability
partnership (LLP) establishes the foundation and serves as a cement for the firm's reinforcement.
The
guide directs the LLP's activities. It takes years of experience and expertise in corporate and
contract law, as well as LLP, to put together such comprehensive all-inclusive legal documents.
Furthermore, strong drafting abilities are required in order to put together such a contract or
agreement.
I was able to comprehend the procedure for forming a corporation after going through all of the
steps involved. I would like to express my gratitude to my respective teachers for providing me with
the opportunity to broaden and improve my knowledge in this area. Finally, some information has
been left blank on the various forms because this was a class assignment for us students to gain
hands-on experience with the various steps involved in the formation of a limited liability
partnership (LLP).
LLP AGREEMENT
(As per Section 23(4) of LLP Act, 2008)
BETWEEN
1. Ms. Aditi Kumar D/O Mr. Arun Kumar, aged about 21 Years,
residing at 503, Clarinet, Nyati Wind Chimes, Undri,
which expression shall, unless it be repugnant to the subject or context
thereof, include their legal heirs, successors, nominees and permitted
assignees and hereinafter called the FIRST PARTY, and
2. Ms. Ananya Kumar D/O Mr. Arun Kumar, aged about 19 Years,
residing at 503, Clarinet, Nyati Wind Chimes, Undri,
which expression shall, unless it be repugnant to the subject or context
thereof, include their legal heirs, successors, nominees and permitted
assignees and hereinafter called the SECOND PARTY,
NOW The First & Second Party are interested in forming a Limited Liability
Partnership under the Limited Liability Partnership Act 2008 and that they
intends to write down the terms and conditions of the said formation and
First Party 50% i.e. Rs. 50,000/- (Rupees Fifty Thousand only)
6. The business of the AAK ASSOCIATES LLP shall be of legal activities and
other ancillary business more particularly described in the Schedule 1
annexed herewith or any other business in any other manner as may be
decided by the majority of Partners.
7. No Person may be introduced as a new partner without the consent of all the
existing partners. Such incoming partner shall give his prior consent to act
as Partner of the AAK Associates LLP
9. The Profit sharing ratio of the incoming partner will be in proportion to his
contribution towards AAK ASSOCIATES LLP.
Rights of Partner
10. All the partners hereto shall have the rights, title and interest in all the
assets and properties in the said AAK ASSOCIATES LLP in the proportion
of their Contribution.
11. Every partner has a right to have access to and to inspect and copy any
books of the AAK Associates LLP
12. Each of the parties hereto shall be entitled to carry on their own, separate
and independent business as hitherto they might be doing or they may
hereafter do as they deem fit and proper and other partners and the AAK
ASSOCIATES LLP AAK ASSOCIATES LLP shall have no objection thereto
provided that the said partner has intimated the said fact to the AAK
ASSOCIATES LLP before the start of the independent business and
moreover he shall not uses the name of the AAK ASSOCIATES LLP to carry
on the said business.
13. AAK ASSOCIATES LLP shall have perpetual succession, death, retirement
or insolvency of any partner shall not dissolve the AAK Associates LLP
15. On the death of any partner, if his or her heir opts not to become the
partner, the surviving partners shall have the option to purchase the
contribution of the deceased partner in the AAK Associates LLP
Duties of Partners
16. Every partner shall account to the limited liability partnership for any
benefit derived by him without the consent of the limited liability
partnership from any transaction concerning the limited liability
partnership, or from any use by him of the property, name or any business
connection of the limited liability partnership.
17. Every partner shall indemnify the limited liability partnership and the other
existing partner for any loss caused to it by his fraud in the conduct of the
business of the limited liability partnership.
18. Each partner shall render true accounts and full information of all things
affecting the limited liability partnership to any partner or his legal
representatives.
19. In case any of the Partners of the AAK ASSOCIATES LLP desires to transfer
or assign his interest or shares in the AAK ASSOCIATES LLP he has to offer
the same to the remaining partners by giving 15 days notice. In the absence
of any communication by the remaining partners the concerned partner can
transfer or assign his share in the market.
20. No partner shall without the written consent of the AAK Associates LLP
21. Employ any money, goods or effects of the AAK ASSOCIATES LLP or pledge
the credit thereof except in the ordinary course of business and upon the
account or for the benefit of the AAK Associates LLP
II. Enter into any bond or becomes surety or security with or for any
person or do knowingly cause or suffer to be done anything whereby
the AAK ASSOCIATES LLP AAK ASSOCIATES LLP property or any
part thereof may be seized.
Meeting
22. All the matters related to the AAK ASSOCIATES LLP as mentioned in
schedule II to this agreement shall be decided by a resolution passed by a
majority in number of the partners, and for this purpose, each partner shall
have one vote.
23. The meeting of the Partners may be called by sending 15 days prior notice to
all the partners at their residential address or by mail at the Email ids
provided by the individual Partners in written to the AAK Associates LLP.
In case any partner is a foreign resident the meeting may be conducted by
serving 15 days prior notice through email. Provided the meeting be called at
shorter notice, if majority of the partners agrees in writing to the same either
before or after the meeting.
24. The meeting of Partners shall ordinarily be held at the registered office of the
AAK ASSOCIATES LLP or at any other place as per the convenience of
partners.
25. With the written Consent of all the partners, a meeting of the Partners may
be conducted through Teleconferencing.
26. Every limited liability partnership shall ensure that decisions taken by it are
recorded in the minutes within thirty days of taking such decisions and are
kept and maintained at the registered office of the AAK Associates LLP
28. Each of the partners shall give time and attention as may be required for the
fulfillment of the objectives of the AAK Associates LLP business and they
all shall be the working partners.
33. The AAK ASSOCIATES LLP shall indemnify and defend its partners and
other officers from and against any and all liability in connection with
claims, actions and proceedings (regardless of the outcome), judgment, loss
or settlement thereof, whether civil or criminal, arising out of or resulting
from their respective performances as partners and officers of AAK
Associates LLP except for the gross negligence or willful misconduct of the
partner or officer seeking indemnification.
34. Partner may cease to be partner of the AAK ASSOCIATES LLP by giving a
notice in writing of not less than thirty days to the other partners of his
intention to resign as partner.
35. No majority of Partners can expel any partner except in the situation where
any partner has been found guilty of carrying of activity/business of AAK
ASSOCIATES LLP with fraudulent purpose.
36. The AAK ASSOCIATES LLP can be wounded up with the consent of all the
partners subject to the provisions of Limited Liability Partnership Act 2008.
I. the partner in fact has no authority to act for the AAK ASSOCIATES
LLP in doing a particular act; and
38. the person knows that he has no authority or does not know or believe him
to be a partner of the AAK Associates LLP
Miscellaneous Provisions
39. The limited liability partnership shall indemnify each partner in respect of
payments made and personal liabilities incurred by him—
40. The books of accounts of the firm shall be kept at the registered office of the
AAK ASSOCIATES LLP for the reference of all the partners.
41. The accounting year of the AAK ASSOCIATES LLP shall be from 1st April
of the year to 31st March of subsequent year. The first accounting year shall
be from the date of commencement of this AAK ASSOCIATES LLP till 31st
March of the subsequent year.
42. It is expressly agreed that the bank account of the AAK ASSOCIATES LLP
shall be operated by both the Partners individually (Singly).
43. All disputes between the partners or between the Partner and the AAK
ASSOCIATES LLP arising out of the limited liability partnership agreement
which cannot be resolved in terms of this agreement shall be referred for
arbitration as per the provisions of the Arbitration and Conciliation Act,
1996 (26 of 1996).
IN WITNESS WHEREOF the parties have put their respective hands the day
and year first hereinabove written
( ) ( )
(Partner) (Partner)
Witness:
a) Name :
Address :
Signature :
b) Name :
Address :
Signature :
SCHEDULE 1
SCHEDULE 2
.
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Home > MCA Services > LLP e-Filing > Fillip Incorporation of LLP
FiLLiP
Form language
Form for Incorporation of Limited Liability Partnership
English Hindi
[Pursuant to Rule 8, Rule 11 and Rule 18 of Limited Liability Partnership Rules,
2009] Refer instruction kit for filing the for
*Address Line I
Address Line II *Country
503, CLARINET
NYATI WIND CHIMES, UNDRI India
District
*State / UT *Longitude
Pune
Maharashtra 18.4571
*Latitude
*Jurisdiction of Police Station
73.9242
Undri
*Email ID
(c) Attachments
*Proof of Office address along with NOC, if applicable (Conveyance / Lease deed/Rent Agreement along with rent receipts)
Choose file
WhatsApp Image
bills2022-03-30 at 10.32.05 PM.jpeg
*Copy of the utility (not older than two months)
Choose file
Codes)
Search here The tag marked ‘Check’ is considered as the primary NIC code.
(a) NIC Code of industrial activity of the company (b) Description of the class
(e)
*Body corporates and their nominees Having valid DIN/DPIN
2
(f)
*Body corporates and their nominee not having valid DIN/DPIN
2
(g)
*Number of Partners other than designated partners not having Valid DIN/DPIN
(h) 4
*Total number of Partners and Designated Partners not having valid DIN/DPIN
(n) 8
6 Particulars of individual designated partners /designated partners who are nominee of body corporate
Form of contribution If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
figures)
Cash Enter here
100000
Monetary value of contribution (in words) Number of LLP(s) in which he/ she is a partner Number of company(s) in which he/ she is a
director
One Lakh 0 0
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
Cash figures)
Enter here
100000
0 0
(i)
Basic details of Designated partner Fetch from
digilocker
First Name Middle Name Surname
ADITI ARUN KUMAR
Gender
Date of Birth Nationality
Female
14/10/2000 India
Verify
PAN
Place of Birth (State) Place of Birth (District) Whether citizen of India
Yes No
Bihar Enter here
Occupation type
Description of others Educational qualification
Student
Enter here Bachelor's degree
(ii)
Permanent address
Address Line I
Address Line II Country
503, CLARINET
NYATI WIND CHIMES, UNDRI India
District
State / UT Jurisdiction of Police Station
Pune
Maharashtra UNDRI
Phone (with STD/ISD code)
Enter here
(iii)
Whether present residential address same as permanent residential address
Yes No
Present address
Address Line I
Address Line II Country
503, CLARINET
NYATI WIND CHIMES, UNDRI India
District
State / UT Jurisdiction of Police Station
Pune
Maharashtra Enter here
Enter here
Years Months
Select Select
(iv)
Identity Proof
Residential Proof Identity Proof No.
Aadhaar
Electricity Bill 490015532104
170000029222
Aadhar.pdf
(v)
In case of company seeking conversion
(vi)
Description of contribution
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR.)
Cash (in figures)
Enter here
100000
0
(B) Particulars of individual designated partners not having DIN/DPIN
(i)
Basic details of Designated partner Fetch from
digilocker
First Name Middle Name Surname
ANANYA Enter here KUMAR
Gender
Date of Birth Nationality
Female
17/08/2002 India
Occupation type
Description of others Educational qualification
Student
Enter here Bachelor's degree
(ii)
Permanent address
Address Line I
Address Line II Country
503, CLARINET
NYATI WIND CHIMES, UNDRI India
District
State / UT Jurisdiction of Police Station
Pune
Maharashtra UNDRI
Enter here
(iii)
Whether present residential address same as permanent residential address
Yes No
Present address
Address Line I
Address Line II Country
503, CLARINET
NYATI WIND CHIMES, UNDRI India
Pin code / Zip Code Area/ Locality City
411060 Mohamadwadi Pune City
District
State / UT Jurisdiction of Police Station
Pune
Maharashtra Enter here
Enter here
Years Months
Select Select
(iv)
Identity Proof
Residential Proof Identity Proof No.
Aadhaar
Electricity Bill 486742576543
170000029222
4257 6543.pdf
(v)
In case of company seeking conversion
(vi)
Description of contribution
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR.)
Cash (in figures)
Enter here
100000
0 0
(C) Particulars of bodies corporate and their nominees as designated partners having DIN/DPIN
Enter here
Registered office address or Principal place of business in India or Principal place of business outside India
Address Line I
Address Line II Country
Enter Here
Enter Here Select Here
Do not enter special characters (~,^ and
Non ASCII values)
District
State / UT Jurisdiction of Police Station
Enter Here
Enter Here Enter Here
Contact details
Email ID
aditi.kumar@live.com
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
Cash figures)
Enter here
100000
0 0
(iii) Particulars of the person /designated partner signing on behalf of the body corporate as nominee
Enter here
Copy of resolution on the letterhead of resolution/ authorization of such body corporate also on a letterhead mentioning the name and
such body corporate to become a partner address of an individual nominated to act as nominee/designated partner on its behalf
in the proposed LLP and a copy of
Choose file
This Field is a required field.
(C) Particulars of bodies corporate and their nominees as designated partners having DIN/DPIN
PAN
Name of body corporate
ISSPK7130P
AAK ASSOCIATES LLP
Registered office address or Principal place of business in India or Principal place of business outside India
Address Line I
Address Line II Country
Enter Here
Enter Here Select Here
Do not enter special characters (~,^ and
Non ASCII values)
District
State / UT Jurisdiction of Police Station
Enter Here
Enter Here Enter Here
Contact details
Email ID
Enter Here
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
Select here figures)
Enter here
(iii) Particulars of the person /designated partner signing on behalf of the body corporate as nominee
(D) Particulars of bodies corporate and their nominees as designated partners having not DIN/DPIN
PAN
Name of body corporate
Enter here
Enter here
Registered office address or Principal place of business in India or Principal place of business outside India
Address Line I
Address Line II Country
Enter Here
Enter Here India
This Field is a required field.
District
State / UT Jurisdiction of Police Station
Enter Here
Enter here Enter Here
Contact details
Enter Here
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
Select here figures)
Enter here
(iii) Particulars of the person signing on behalf of the body corporate as nominee Fetch from
digilocker
First Name Middle Name Surname
Enter here Enter here Enter here
Gender
Date of Birth Nationality
Select here
DD/MM/YYYY Select here
Occupation type
Description of others Educational qualification
Select here
Enter here Select here
Enter here
District
State / UT Jurisdiction of Police Station
Enter here
Enter here Enter here
Enter here
Present address
Address Line I
Address Line II Country
Enter here
Enter here India
District
State / UT Jurisdiction of Police Station
Enter here
Enter here Enter here
Enter here
Years Months
Select Select
Enter here
Copy of resolution on the letterhead of such body corporate to become a partner in the proposed
LLP and a copy of resolution/ authorization of such body corporate also on a letterhead mentioning
the name and address of an individual nominated to act as nominee/designated partner on its
behalf
Choose file
(D) Particulars of bodies corporate and their nominees as designated partners having not DIN/DPIN
PAN
Name of body corporate
Enter here
Enter here
Registered office address or Principal place of business in India or Principal place of business outside India
Address Line I
Address Line II Country
Enter Here
Enter Here India
This Field is a required field.
District
State / UT Jurisdiction of Police Station
Enter Here
Enter here Enter Here
Contact details
*Email ID
Enter Here
Form of contribution
If 'Other than cash' selected, please specify Monetary value of contribution (in INR) (in
figures)
Select here Enter here
Enter here
This Field is a required field.
This Field is a required field.
(iii) Particulars of the person signing on behalf of the body corporate as nominee Fetch from
digilocker
First Name Middle Name Surname
Enter here Enter here Enter here
Gender
Date of Birth Nationality
Select here
DD/MM/YYYY Select here
Occupation type
Description of others Educational qualification
Select here
Enter here Select here
Permanent address
Address Line I
Address Line II Country
Enter here
Enter here Select here
District
State / UT Jurisdiction of Police Station
Enter here
Enter here Enter here
Enter here
Present address
Address Line I
Address Line II Country
Enter here
Enter here India
District
State / UT Jurisdiction of Police Station
Enter here
Enter here Enter here
Enter here
Years Months
Select Select
Enter here
Copy of resolution on the letterhead of such body corporate to become a partner in the proposed
LLP and a copy of resolution/ authorization of such body corporate also on a letterhead mentioning
the name and address of an individual nominated to act as nominee/designated partner on its
behalf
Choose file
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Home > MCA Services > LLP e-Filing > Fillip Incorporation of LLP
FiLLiP Form language
Form for Incorporation of Limited Liability Partnership English Hindi
[Pursuant to Rule 8, Rule 11 and Rule 18 of Limited Liability Partnership Rules, 2009]
Refer instruction kit for filing the for
LLP Information
Edit
(d) Whether the proposed name is based on a trademark registered or is subject matter of
an application pending for registration under the Trademarks Act
Yes No
Attachments
Nex
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LLP Form 9
Consent by Designated Partners Form language
English Hindi
[Pursuant to Section 7(3) to the Limited Liability Partnership Act, 2008 and Rule 7 of
Refer instruction kit for filing the for
the Limited Liability Partnership Rules, 2009]
Edit
1(a) *Name of LLP (b) *Address of the registered office of LLP
3 I hereby give my consent to act as designated partner of the aforementioned LLP pursuant to section 7(3) of the Act
Particulars
as a nominee of
Enter here
I hereby state that I satisfy the conditions and requirements for being eligible to be a designated partner and I have not been disqualified to act as a
designated partner.
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Home > MCA Services > LLP e-Filing > RUN-LLP (Reserve Unique Name)
Form language
Form RUN LLP English Hindi
New Request
Reserve Unique Name-LLP
Refer instruction kit for filing the for
LLP Details
1. * Purpose of filing
New incorporation Conversion of firm into LLP Conversion of private company/unlisted public company into LLP
Change of name of existing LLP
2.
2.(a) CIN
2.(b) LLPIN
Enter here
Enter here
Codes)
Search here
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