Company LLP Master Data
Do you know what is master data?
Ministry of Corporate Affairs (MCA) maintains a comprehensive database containing information on registered companies and Limited Liability Partnerships (LLPs) in India.
The database contains information such as company name, registered office address, directors, authorized capital and other facts. This information is essential for many stakeholders such as investors, creditors, regulators and other interested parties to assess the performance and compliance of Indian companies and LLPs.
In this blog post, we will examine company LLP master data and discuss how to check LLP data.
Let’s get started.
How Do I Check My LLP Master Data?
Accessing a company’s master data is an easy task. Anyone can view the company’s master data at any time through the MCA website.
- Go to MCA Services on the MCA website.
- Click View Company/LLP Master Data under the Master Data heading to retrieve the information.
- If you have already opened the View Master Data page, enter your company’s CIN/FCRN/LLPIN/FLLPIN. Then enter your Captcha code and click the Submit button.
- Alternatively, you can use the search icon next to the Company/LLP Name search field.
- A dialogue window opens.
- Enter the name of the company you are looking for in the dialogue box and click Search.
- In the search results, click the applicable company name.
- This will return you to the page titled ‘View Company/LLP Master Data’.
- Company name and CIN/FCRN/LLPIN/FLLPIN are already entered there. Just enter your Captcha and click the Submit button.
- This will display the company’s master data.
- From this page, all relevant company documents can be exported to Excel, downloaded or printed.
How Many Partners Does an LLP MCA Have?
Under the LLP Act 2008, a registered Limited Liability Partnership (LLP) can have a minimum of two partners and a maximum of unlimited partners. LLP partners are individuals or legal entities that share the direction of the company and its activities.
An LLP provides limited liability protection to its partners. This means that partners are not personally liable for the company’s debts and liabilities beyond your investment in the LLP. This is different from a normal partnership. This makes it a desirable business structure for professionals and small businesses looking for a flexible and secure way of operating.
How Do I Track My LLP Status?
You can check the registration status of your company by following the steps below.
- Visit the Ministry of Corporate Affairs website.
- Click ‘View Company or LLP Master Data’ in the Master Data section of the MCA service.
- Selecting this option displays the Company/LLP Master Data portion.
- You will be prompted to enter information such as ‘Company/LLP Name’, ‘Company CIN/FCRN/LLPIN/FLLPIN’ and a captcha.
- If you do not know your company’s Corporate Identification Number (CIN), you can find it by clicking the ‘Search’ button next to the Company/LLP Name column.
- After filling in all the fields, click the submit button.
Here you can access all information about the company posted on the portal.
How Can I Check if a Name is Available on an LLP?
Follow these steps to check the availability of your LLP name online:
Enter your LLP name and click the ‘Search’ button. Information on the screen is displayed in three ways:
- If there are less than 3 choices, you will see the message ‘High Probability’ indicating that the business name is likely to be approved by the government.
- If you see ‘Moderate Probability’ when searching for a company name, it means that there is a 50% chance that the company name will be approved.
- If more than 8 results are displayed, a low probability message is displayed. It is highly unlikely that your organization will be recognized here. In this case, you should use a different name.
How Do I Change My LLP Activity Code?
Follow this step-by-step guide to change the LLP activity code.
- Conduct a board meeting
All partner board meetings must be convened in a specific manner, on a specific day and place. Consent of all partners is required unless a specific mechanism is specified in the LLP agreement. Therefore, a resolution of the board of directors is required to change the business of an LLP.
- Draft supplementary agreement
To change the contractual objective clause, you must enter into a supplemental agreement. All partners must sign the Supplemental Agreement in the presence of a witness. The Supplemental Agreement must be stamped and notarized.
Only the purpose clauses are changed in the Supplemental Agreement. All other terms remain in full force and effect. As a result, the LLP must have both the original agreement and the additional agreement in place.
- File the contract to MCA
Additional agreements must be filed with the MCA upon signature. Consent must be submitted on Form-3 within 30 days of signature. Forms must be certified by a practicing professional such as a chartered accountant, company secretary, or attorney.
If the form is not submitted within 30 days, MCA will charge a late submission fee depending upon the period of delay. The following annexures must be attached.
- Certified copy of Board Resolution
- Original LLP contract
- Supplementary Agreement
- Other required documents
MCA approval is required. If the revised object clause is legal and all documents are in order, the MCA will approve the form. LLPs can start new business activities after receiving approval.
The MCA has the option of rejecting the form if the business activity is not lawful. Therefore, all contractual clauses must be professionally prepared.
How Can I Increase My Total Contribution in LLP?
Steps involved for an increase of total contribution:
- Get partner’s approval to increase total contribution-
Make decisions on new capital contributions proposed by the LLP. Under the LLP agreement, partners must make decisions at a duly convened meeting. After the decision is made, the shareholders must write it down and sign it.
- Amendment LLP Agreement Drafting –
After obtaining the written consent of the partners for an increase in the total contribution of the LLP’s shareholders’ equity, the next step is to prepare and execute an LLP Amendment Agreement relating to the increase in the total contribution of the and its distribution among the partners.
- Form submission with ROC –
LLP Agreement, as amended, and the member’s written consent to an increase in the total capital contribution of the LLP member must be reported in LLP Form No. 3.
How Much Does it Cost to Run LLP in India?
The cost of maintaining an LLP (Limited Liability Partnership) in India depends on various criteria such as company size, industry, location and compliance requirements. Nevertheless, below are some of the most common fees associated with maintaining an LLP in India.
Registration fee: In India, it costs INR 5,000 to INR 6,000 to register an LLP with the Ministry of Corporate Affairs (MCA).
Compliance fee: In India, LLPs are required to file several forms and returns with the MCA, including annual returns, financial statements and other compliance-related documents. Compliance with these standards will cost between INR 5,000 and INR 10,000 annually depending on the size of the organization.
Professional fee: LLPs may need to hire professionals such as lawyers, accountants, and company secretaries to perform tasks such as drafting legal documents, complying with tax regulations, and filing government filings. Prices for these services vary depending on the nature and scope of the task.
Office rent and utilities fee: Utilities such as rental office space, electricity, water, internet, and other overhead costs may vary depending on the location and size of your business. The annual cost of operating an LLP in India ranges from INR 20,000 to INR 50,000.
It is important to remember that these prices are approximate and subject to change depending on the company’s individual needs and conditions.
How Much Capital is Required to Start an LLP?
There are no minimum capital requirements for LLPs. An LLP can be formed with as little capital as possible.
How Can I Open an LLP in India?
Here is the step-by-step guide for registering an LLP:
- Application for DSC (Digital Signature)-
DSC is required to sign and submit forms online. It is also used to sign and upload the LLP’s income tax returns and annual reports. Digital signatures are stored on a USB stick and are available from providers such as E Mudhra and Sify. Digital signatures must be used for all designated partners. Regular partners are not obliged to do this.
- Name Approval
Apply for two names through the RUN-LLP (Reserve Unique Name-Limited Liability Partnership) application. The name must be unique and contain the activity word. The name must be unique and not identical to any existing LLP, company, or brand.
- Fill out the form to submit
Submit KYC documents for the partner, proof of office address (such as a utility bill from the intended registered address), and NOC for the owner of the registered office address. The most important phase here is contract preparation. LLP registration is a fully online process and can be completed in 10 business days.
Company LLP Master Data is an important database containing useful information about registered companies and LLPs in India. This database comprehensively covers many characteristics of a company or LLP, such as name, address, directors, authorized capital, paid up capital etc., thus providing stakeholders with important insight into the performance and compliance of the company and LLP.
The Company LLP Master Data aims to provide a level playing field to all stakeholders in the Indian economy by promoting transparency and accountability in the corporate sector, increasing investor confidence and promoting sustainable growth. Whether you are an investor, creditor, regulator, or other stakeholder, LLP Company Master Data helps you make informed business decisions and achieve your goals.
Our experts at Instafiling will guide you throughout the entire process and clarify any doubts you may have.
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