What's included
- FiLLiP filing
- LLP agreement
- Forms 3 and 4
Who needs it
- Professionals and consultancy firms
- Family businesses and small partnerships wanting limited liability
- Businesses that don't plan to raise equity soon
- Partnership firms converting to an LLP
Documents required
- PAN and Aadhaar of partners
- Address proof and photographs
- Registered office proof with the owner's NOC
- Capital contribution and profit-sharing ratio
How it works
- StructureDesignated partners, contribution and profit sharing.
- Signatures and FiLLiPDigital signatures and the incorporation form.
- LLP agreementDrafted, stamped and filed in Form 3 within 30 days of incorporation.
- Get goingPAN, TAN, bank account and GST if needed.
Timeline: Usually 10–15 working days.
Frequently asked questions
How many partners does an LLP need?
At least two designated partners, at least one of whom must be resident in India.
What annual filings does an LLP have?
Form 11 (annual return) by 30 May and Form 8 (statement of accounts and solvency) by 30 October, plus the income tax return. An audit is needed only above certain turnover or contribution limits.
Can an LLP raise funding?
An LLP can admit new partners, but it can't issue shares, so most venture investors prefer a private limited company.