Partnership flexibility with limited-liability protection.
A Limited Liability Partnership (LLP) combines the operational flexibility of a partnership with the limited-liability protection of a company. Introduced under the LLP Act, 2008, it is a separate legal entity where partners are not personally liable for the debts of the business or the misconduct of other partners. LLPs are ideal for professional services firms, consultancies and small businesses that do not intend to raise equity capital but want a credible, compliant structure with lower maintenance costs than a private limited company. An LLP needs a minimum of two partners, at least two of whom must be designated partners responsible for statutory compliance.
Professional firms, consultants, family businesses and service providers wanting low-cost, low-compliance protection.
Timelines and government fees are indicative and subject to processing by the relevant authority. Approval and its timing are decided by the authority and cannot be guaranteed.
Audit is required only if turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh.
Yes, conversion is possible under the Companies Act if you later need equity funding.
Form 8 (Statement of Accounts) and Form 11 (Annual Return) must be filed every year.
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