Limited Liability Partnership

A Limited Liability Partnership (LLP) is a type of business structure that blends features of a corporation and a partnership. It's a cost-effective option that offers limited liability benefits.


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Limited Liability Protection

An LLP offers limited liability protection to partners, protecting their personal assets from business.

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Flexibility and Operational Autonomy

LLPs provide partners with greater flexibility and operational autonomy, allowing them to manage. 

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Tax Benefits and Profit Distribution

Their members allow profits and losses to be directly reflected in their individual tax returns.

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Professional Credibility and Recognition

Since (LLPs) are often seen as more formal and respectable than sole proprietorships.

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APPLICATION PROCESS

Application Process for a Limited Liability Partnership
Obtain DSC for partners
Reservation of Name Certificate
Incorporation of LLP
Filing of LLP Agreement
Applying for PAN & TAN

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Obtain Digital Signature Certificates for partners

Digital signature certificates from certifying agencies are required for LLP documents, which are filed online and require digital signatures for Income Tax and MCA documents.

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Reservation of Name Certificate

To reserve a name for a Limited Liability Partnership (LLP), apply to the MCA using Form LLP-RUN, which allows two proposed names and 3 month validity.

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Incorporation of LLP

After receiving the LLP Name Approval Letter, partners have three months to file incorporation documents and register the LLP online using the FiLLiP (Form for Incorporation of Limited Liability Partnership).

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Filing of LLP Agreement

The LLP Agreement outlines mutual rights and duties among partners, must be filed online within 30 days of incorporation, and printed on separate stamp paper for each state.

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Applying for PAN & TAN

The final step involves applying for the PAN & TAN of LLP, which will then allow for the opening of a bank account for the LLP.

Frequently Asked Questions
Some of the Commonly Asked Questions for You

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