Now, as part of MCA V3 initiative, LLP related compliances will have below major changes:
1. There can be 5 Desiganted partners (without having DIN) at the time of Incorporation. (Earlier 2 was allowed)
2. 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.
3. Directors Details can be fetched from Digi Locker Database.
4. PAN TAN of LLP will be available along with LLP Incorporation (Earlier same were to be applied saperately)
5. All Forms of LLP now became web based.
6. 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)
7. Form 8 (Statement of Solvency and Annual Return) to specifically include Contingent Liability reporting.
8. 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.
9. Form 11, Penalties and Compunding of offences to report now.
10. 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.
