MCA FAQs: Revised steps of filing Form 3 LLP

The Ministry of Corporate Affairs(MCA) has issued Frequently Asked Questions(FAQs) on Revised steps of filing Form 3 LLP.

The objective of providing the LLP Form No.3 is to provide data for the Limited Liability Partnership Agreement in the event of a newly formed LLP and to provide details for LLP agreement revisions in the case of an existing LLP.

The same form must be submitted within 30 days of the establishment of the Limited Liability Partnership or within 30 days after issuing the decision for the LLP agreement revision. An LLP agreement must be signed before submitting Form 3. The LLP Agreement would be notarized and printed on stamp paper of the specified value.

The FAQS are as follows:

Filing of the form for Purpose 1 – Filing information with regard to initial LLP Agreement

Question: Which LLP should file Form 3 under Purpose 1?

The Limited Liability Partnerships (LLPs) are required to file Form 3 LLP under Purpose 1 with the Registrar within thirty days of the date of incorporation. Thus, the LLPs are required to file Form 3 LLP under Purpose 1 for one time post incorporation.

Question: Can the downloaded data of Partners and Designated Partners (DP) be edited in this purpose?

No, the details of Partners/ Designated Partners cannot be edited for this purpose. Only the percentage of profit-sharing values are required to be added in the table against each Partner & Designated Partner.

Question: Is there any option to upload the excel file in Purpose 1?

Yes, there is an option to upload the excel file under Purpose 1 with the updated percentage of profit sharing values of the Partners and Designated Partners

Question: What details will get updated in the LLP master data with MCA after filing the form for Purpose 1?

The percentage of profit-sharing values of each Partner and Designated Partner will get updated along with other details of the agreement that the user is filing through this form under Purpose 1.

Question: What things shall be taken care of while uploading the excel file?

i) No other details are allowed to be edited except Percentage of Profit Sharing;

ii) The sum of this percentage shall be equal to 100 in total.

Filing of the form for Purpose 2 – For information with regard to changes in LLP Agreement

Question: Which LLP should file Form 3 under Purpose 1?

The Limited Liability Partnerships (LLPs) are required to file Form 3 LLP under Purpose 2 with the Registrar within thirty days of any changes that are made in the LLP Agreement.

Question: What are the different purposes for which LLP Form 3 can be filed under Purpose 2?

Below are the purposes for which LLP Form 3 can be filed under Purpose 2:

A) Change in business activities

B) Change in partner(s)

C) Change in partner’s contribution and % of profit sharing

D) Change due to other reasons

Question: For which purpose linked filing is required?

A) Change in business activities – In case change in business activities require change in name [If yes is entered in Field 18(d) of the form], linked filing to Form 5 will be required.

B) Change in partner(s) – If this change is selected, the change shall be related to Addition/ Deletion of any Partner/ Designated Partner. For Addition/ Deletion of Partner/ DP, linkage to Form 4 is required.

C) Change in partner’s contribution and % of profit sharing – If the change is only related to Change in Form of Contribution or Monetary Value of Contribution or Percentage of Profit Sharing, then only this field is required to be selected. No linkage to Form 4 is required in case change is related to only contribution related fields. However, if ‘Change in Partner’ has been selected, this field will also be auto selected.

D) Change due to other reasons – No linkage required.

Question: What all details are captured in Table 19(a) of Form 3 in new version?

Below are the details that are captured in Table 19(a) of Form 3 in the new version:

1) Whether Body Corporate Partner (Yes/No)

2) DPIN/Income Tax PAN/Passport number of the partner/nominee

3) Details of DIN/Income Tax PAN/Passport number

4) Name of Individual Partner / Nominee of Body Corporate

5) Type of Body Corporate

6) LLPIN/CIN/FCRN/FLLPIN/Other Identification Number

7) Details of LLPIN/CIN/FCRN/FLLPIN/Other Identification Number

8) Name of Body Corporate

9) Designation (Partner/Designated Partner)

10) Form of contribution (Conversion/Cash/ Other than cash)

11) Monetary value of contribution

12) % of Profit sharing

13) Type of change (Addition/Deletion/Change/No Change)

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