An LLP is a separate legal person. Partners are not personally liable for business debts beyond their agreed contribution, except in cases of fraud. It is a common vehicle for professional practices and small joint ventures that do not want share capital or a board.
Who this is for
- Two or more designated partners, at least one resident in India
- Consultancies, agencies and family ventures
Documents usually needed
- PAN, Aadhaar, photo and contact of each designated partner
- DSC of designated partners
- Registered office proof and NOC
- Contribution amounts and profit share
How Digital Filings handles it
- Reserve the name.
- File incorporation.
- Stamp and file the LLP agreement within the allowed window after incorporation.
- Apply GST or other licences if the activity needs them.
Timeline
Incorporation is commonly 10 to 20 working days. The agreement filing follows incorporation and depends on state stamp duty.
Questions people ask
How many partners do we need?
At least two designated partners. There is no maximum of practical concern for a small firm.
Official reference: MCA. Always confirm the live rule on that portal.