About This Service
- Limited liability protection for partners
- Separate legal identity for the business
- Lower compliance burden compared to companies
- No mandatory audit under prescribed limits
- Easy management and operational flexibility
- Cost-effective incorporation and maintenance
- Improved business credibility
- Perpetual succession and continuity
Eligibility & Criteria
- Minimum 2 designated partners required
- At least one designated partner must be an Indian resident
- Registered office address is mandatory
- Suitable for professionals, consultants, agencies, startups, and service firms
- Governed by the Limited Liability Partnership Act, 2008
- Audit not mandatory if turnover is below ₹40 Lakhs and capital contribution is below ₹25 Lakhs
Penalties & Due Dates
| Non-Compliance Area | Penalty / Consequence |
|---|---|
| Delay in Annual Return Filing | Additional fees per day of delay |
| Delay in Statement of Accounts Filing | Penalty and compliance defaults |
| Non-Maintenance of Records | Regulatory scrutiny |
| Failure to File Income Tax Return | Interest and penalties under Income Tax Act |
| Incorrect LLP Agreement Filing | Legal and compliance complications |
| Continuous Non-Compliance | Heavy penalties and legal consequences |
