Now, as part of MCA V3 initiative, LLP related compliances will have below major changes:
- There can be 5 Designated partners (without having DIN) at the time of Incorporation. (Earlier 2 was allowed)
- LLP Formation Process became web based Just like the SPICE Forms for Company formation. Further, now Latitude and longitude is compulsory to mention in Address block.
- Directors Details can be fetched from Digi Locker Database.
- PAN TAN of LLP will be available along with LLP Incorporation (Earlier same were to be applied separately)
- All Forms of LLP now became web based.
- Each and every change in LLP Deed will have to be marked in Form 3 with precise information. (Earlier just deed was to be attached)
- Form 8 (Statement of Solvency and Annual Return) to specifically include Contingent Liability reporting.
- Web Based Form 9 Consent of Partners is available (earlier offline format was to be signed). Resultantly, all Designated Partners Digital Signatures will be required at the time of Incorporation of LLP, earlier only 1 DSC of any one DP was required.
- Form 11, Penalties and Compounding of offences to report now.
- Just like AOC-5 (In case of Companies), place of maintenance of Accounts, Form 12 in case of LLP, Place other than Registered office of LLP where service of notice can be made is notified.
