Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) is a simple business structure where two or more partners run a business with limited liability. This means each partner’s personal assets are protected, and their liability is limited to the amount they invest in the business. It is governed by the Limited Liability Partnership Act, 2008 and registered with the Ministry of Corporate Affairs.

designated partner you are responsible for: filing the Annual Return (Form 11) with the MCA every year, filing the Statement of Accounts & Solvency (Form 8), ensuring the LLP Agreement is executed and filed, intimating any change in partners or registered office to the Registrar, complying with Income Tax return filing, and if applicable, getting accounts audited (turnover above ?40 lakhs or contribution above ?25 lakhs). Non-compliance attracts penalties, so these timelines must be tracked diligently. — and yes, all partners share these duties equally unless your LLP Agreement says otherwise. it gives you the flexibility of a partnership with the protection of a company, the registration costs are low, there's no minimum capital requirement, and audit is only mandatory if turnover exceeds ?40 lakhs. It's genuinely one of the smartest structures for professionals and small businesses in India today!