LLP registration
A Limited Liability Partnership (LLP) combines the flexibility of a partnership with limited liability for its partners. It suits professional practices, consultancies and family businesses that do not plan to raise equity investment. Compliance is lighter than for a company, with no mandatory audit below the prescribed turnover and contribution limits.
What this covers
- Name reservation through RUN-LLP
- Incorporation filing in Form FiLLiP
- Designated Partner Identification Numbers
- Drafting and filing of the LLP agreement in Form 3
- PAN, TAN and GST registration
- Conversion of a partnership firm or private company into an LLP
How the work is done
- Decide partners, contribution and profit-sharing ratio
- Reserve the name and obtain digital signatures
- File FiLLiP and receive the certificate of incorporation
- File the LLP agreement within 30 days of incorporation
Documents usually needed
- PAN and Aadhaar of partners
- Address proof and photographs of partners
- Registered office proof and owner's NOC
- Agreed contribution and profit-sharing ratio
Frequently asked questions
How many partners does an LLP need?
At least two designated partners, one of whom must be resident in India. There is no maximum.
Does an LLP need an audit?
Only if its turnover or partners' contribution exceeds the limits set under the LLP Act. Income tax audit rules apply separately.
What annual filings does an LLP have?
Form 11 (annual return) and Form 8 (statement of accounts and solvency) with the MCA, along with the income tax return.