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📜 Limited Liability Partnership (LLP) Incorporation in India

✏️ What is an LLP?

• LLP is a hybrid form of business structure combining:

  • Benefits of a partnership (flexibility)

  • Advantages of a company (limited liability).

• Regulated under the Limited Liability Partnership Act, 2008.

• LLP has a separate legal identity from its partners.

🏗 Steps for LLP Incorporation

Step 1: Obtain Digital Signature Certificates (DSC)

• For all designated partners.

• Documents needed:

  • Photo

  • PAN Card

  • Identity proof (Aadhaar, Passport, Driving License)

  • Address proof (Utility bill, bank statement)

Step 2: Apply for Director Identification Number (DIN) / DPIN

• DIN (Director Identification Number) or DPIN (Designated Partner Identification Number) can be applied through FiLLiP form (automatic now).

Step 3: Name Reservation

• File RUN-LLP (Reserve Unique Name–LLP) form on MCA portal.

• Guidelines:

  • Must end with “LLP”.

  • Should not be identical to existing entities or violate trademarks.

  • Suggest 2 names.

Step 4: File Incorporation Form (FiLLiP)

• FiLLiP = Form for Incorporation of LLP.

• Details required:

  • Proposed business activities

  • Registered office address

  • Partners' and Designated Partners' details

• Attachments:

  • Subscriber Sheet (Partners' consent)

  • Proof of registered office (utility bill, NOC from landlord)

  • Proof of identity and address of partners

PAN and TAN are now allotted automatically upon registration.

Step 5: Draft and File LLP Agreement

• An LLP Agreement defines rights and duties of partners.

• Must be filed in Form 3 within 30 days of incorporation.

Main points covered in the LLP Agreement:

• Business objectives

• Capital contributions

• Profit-sharing ratio

• Duties and powers of partners

• Dispute resolution methods

Step 6: Certificate of Incorporation

• Issued by RoC after verification.

• Includes LLP Identification Number (LLPIN).

📑 Post-Incorporation Compliance (Initial)

ActivityTimeline

File LLP Agreement (Form 3)Within 30 days of incorporation

PAN and TAN applicationAuto-generated

Open Bank AccountImmediately after incorporation

Apply for GST Registration (if applicable)If turnover > ₹40 lakh (₹20 lakh for services) or interstate supply

🛡 Annual and Event-Based Compliances for LLP

Compliance TypeDescriptionDue Date

Annual Return (Form 11)Details of partners and basic information about LLP.30th May every year

Statement of Account and Solvency (Form 8)Financials and solvency declaration.30th October every year

Income Tax Return (ITR-5)Income tax filing even if no income.31st July (if audit not applicable) or 31st October (if audit applicable)

Audit of AccountsMandatory if turnover > ₹40 lakh or contribution > ₹25 lakh.End of Financial Year

Maintenance of Books of AccountsOn cash or accrual basis.

Change in PartnersFile Form 4 within 30 days of change.

Change in LLP AgreementFile Form 3 within 30 days of modification.

Change in Registered OfficeFile Form 15.

🔥 Important Penalties for LLPs

Non-CompliancePenalty

Non-filing of Form 8 or 11₹100 per day until compliance (no upper limit!)

Non-maintenance of books₹25,000 to ₹5,00,000

False statementsCriminal prosecution possible

🛠 Benefits of LLP

• Limited Liability for partners.

• No minimum capital requirement.

• No limit on the number of partners.

• Lower compliance compared to Private Limited Companies.

• Easy to manage and flexible.

🚩 Drawbacks of LLP

• Cannot raise equity funding from venture capitalists.

• Less preferred for startups planning big funding rounds.

• Higher penalty costs for non-compliance.

📋 LLP Incorporation and Compliance Checklist (Quick Table)

TaskTimeline

DSCPre-Incorporation

Name Reservation (RUN-LLP)Pre-Incorporation

Filing FiLLiP FormIncorporation Stage

Filing LLP Agreement (Form 3)Within 30 days

Open Bank AccountImmediately after Incorporation

File Form 11 (Annual Return)30th May every year

File Form 8 (Financial Statement)30th October every year

ITR-5 Filing31st July or 31st October

✨ Bonus Tip

Even a dormant (non-operational) LLP must file Form 11 and Form 8 every year to avoid penalties!