Overview
A Limited Liability Partnership combines the flexibility of a partnership with limited liability for its partners. It suits professional firms and businesses that do not plan to raise equity from venture investors.
Key points
- Minimum two partners and two designated partners (one resident in India)
- Limited liability of partners
- LLP Agreement must be filed within 30 days of incorporation
- Annual filings: Form 11 and Form 8
- Fewer compliance requirements than a company
Typical documents required
- PAN, Aadhaar and address proof of partners
- Photographs and DSCs of designated partners
- Registered office proof with NOC
- Draft LLP Agreement details such as capital contribution and profit share
How we work
Name reservation
DSC and DPIN for designated partners
LLP incorporation filing (FiLLiP)
LLP Agreement drafting and filing
Frequently asked questions
Can an LLP get VC funding?
It is possible, but most venture investors prefer a private limited company because of equity and ESOP structures.
Is an audit mandatory?
Only when turnover or contribution crosses the prescribed thresholds. We check applicability each year.
This page gives general information and is not legal or tax advice. Requirements change, so confirm current rules for your situation with us before acting.