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A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.


In some countries, an LLP must have at least one person known as a "general partner", who has unlimited liability for the company.

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Benefit of Limited Liability Partnership

The procedure to form an LLP is very simple and does not involve much formality. At the same time, it is cost-effective with a minimum incorporation fee.
An LLP is considered as an artificial judicial person. This protects it from any effect due to the retirement, any departure, or even death of any of its partners. The Limited Liability Partnership (LLP) shall continue to exist until it’s dissolved in accordance with the provisions of the relevant law. Partners may come and go but LLP can be easily transferred to another person.
In an LLP, your liability is limited to the extent of your agreed contribution. It also protects your personal assets from the liabilities of the business. An LLP functions based on a clearly defined agreement, which specifies your mutual rights and duties with your partners. The agreement protects you from being affected in case of any of your partner’s wrong decisions.
There is very less compliance that the Limited Liability Partnership (LLP) needs to comply with, as there is no requirement of board meetings and general meetings as compared to the company. If you are a startup or an SME, an LLP is ideal for you as it can save your cost and efforts.”
LLP Act, 2008 gives Limited Liability Partnership (LLP) the utmost freedom to manage its own affairs. Partners can have an LLP agreement and decide the way they wish to manage their LLP.
LLPs whose turnover does not exceed, in any financial year, 40 lakhs or whose contribution does not exceed 25 lakhs are not required to get their accounts audited. Hence, it is beneficial for small businesses and startups to register as a Limited Liability Partnership (LLP).
Partners are the ones who own and manage the business of the LLP. This is the difference with a private limited company where directors may be different from shareholders.
As a legal entity, a Limited Liability Partnership (LLP) is competent in owning its funds along with other properties. The LLP is considered as an actual person in which all the properties are vested and by which it is managed, controlled, and finally, disposed off. However, the property of the LLP is not the property of the partners of the LLP.

FAQ of Limited Liability of Partnership

Yes. One can register their LLP at one’s home address/residential address. You only need a few legal proofs from the owner of the house.
Minimum of two designated partners are required to register a Limited Liability Partnership. But there is no maximum limit to the number of partners. However, one partner of the LLP must at least be a resident of India.
No minimum capital is required when a Limited Liability Partnership is registered. Partners have a choice to contribute through their tangible or intangible assets too. Partners can register their LLP with any amount and ratio.
No, it is not mandatory to have DPIN for incorporating LLP. DPIN is allotted in the Incorporation Form and there is no need to apply separately for DPIN.
Yes, subject to Foreign Direct Investment (FDI) guidelines, a non-resident Indian or a foreign national can become a Designated Partner of a Limited Liability Partnership.
Yes, stamp duty is required to be paid on the LLP agreement depending on the amount of capital and the regulations of the state Stamp Act of the respective state.
Any organization or any individual above 18 years of age with a valid PAN card, including foreigners/NRIs, can become a partner in an LLP.
A partner is responsible only for the rules and regulations given in the agreement and their independent act. A designated partner is liable for filing all the compliances of the LLP, failing which they are liable for a penalty. To become a designated partner DIN is compulsory unlike that in the case of a partner.
An LLP can be converted into a Private Limited Company as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorized to Register) Rules, 2014.
Typically, only start-ups that do not want venture capital funding register for LLPs. Venture capitalists merely invest in public and private limited companies.
Yes, you can. It is not necessary for the property to be registered in the name of the partners.
Yes, an existing private company/partnership firm/ unlisted company can be transformed into an LLP.
a) Income-tax: An LLP is required to pay a tax at the rate of 30% on its entire income. b)Surcharge: The amount of income-tax (as computed above) shall be further increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. The amount of income tax and the applicable surcharge shall be further increased by education cess and secondary.
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