India's preferred business structure combining partnership benefits with limited liability
Partners' personal assets protected from business liabilities
Partners are only liable to the extent of their contribution to the LLP
Operational flexibility similar to partnership firms
Partners can directly manage the business without complex governance structures
Lower tax rates compared to companies and no dividend distribution tax
Taxed at 30% flat rate without surcharge for turnover below ₹1 crore
Easier to raise funds and add partners as business grows
Can admit new partners or transfer ownership without disrupting operations
An individual can set up as a sole trader/proprietor, as a Partnership firm, or Limited Liability Partnership etc.
A Limited Liability Partnership (LLP) is a hybrid business structure that combines the flexibility of a partnership with the limited liability benefits of a company. Introduced in India in 2008, an LLP allows partners to be shielded from personal liability for the actions of other partners while maintaining operational flexibility.
No partner liable for another's misconduct or negligence
Separate legal entity that can own property and sue/be sued
Taxed as partnership firm (no dividend distribution tax)
Fewer compliance requirements than private limited companies
Get DSC (Digital Signature Certificate) for all designated partners
Get Designated Partner Identification Number for all partners
File RUN-LLP form to get LLP name approved by MCA
File FiLLiP form with incorporation documents and LLP agreement
Receive Certificate of Incorporation and begin business activities
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