Legal Eligibility • LLP Act 2008 permits any lawful business by two or more persons • Family members can legally form an LLP as partners • There is no restriction on relationship between partners • Names and roles must be mentioned in the LLP agreement • Must comply...

Promotes Entrepreneurship • LLP structure encourages startups and small businesses • Easy formation attracts first-time entrepreneurs and professionals • Reduces entry barriers with limited compliance burden • Allows flexible internal management through agreements •...

Obtain PAN and TAN • Apply for Permanent Account Number (PAN) from Income Tax Department • Apply for Tax Deduction and Collection Account Number (TAN) • PAN is essential for all financial and tax-related activities • TAN is required if the LLP deducts TDS on payments...

Popular Indian Platforms • MCA V3 portal offers core statutory LLP filing features • ClearTax provides annual compliance and document automation • Vakilsearch handles LLP filings and compliance tracking • IndiaFilings supports e-forms and digital signature tools •...

Personal Liability of the Fraudulent Partner • The partner who commits fraud is personally liable for losses • Liability extends beyond their capital contribution in LLP • Fraudulent acts remove protection of limited liability • Partner may face civil and criminal...

Dispute Resolution through LLP Agreement • LLP agreement must include dispute resolution clauses • Terms may specify mediation arbitration or internal resolution • Most disputes are first resolved as per agreement procedures • Agreement can prevent escalation through...

Identify the Type of Error • Check if the error is clerical or factual in nature • Determine if the mistake affects legal or financial details • Classify whether it occurred in Form 3, 4, 8, or 11 • Understand whether it requires correction or full resubmission • Some...

No Formal Renewal Required • LLPs do not require renewal like licenses or registrations • Once incorporated an LLP exists until it is wound up • There is no expiry period for LLP registration • Continuity depends on compliance with filing norms • Active status is...

Legal Provision • LLP Act does not use the term "managing partner" officially • Law mandates appointment of minimum two designated partners • Designated partners handle all compliance and legal duties • LLP agreement can define internal roles including management •...

Legal Framework • LLP is formed under the Limited Liability Partnership Act, 2008 • NGOs are typically registered under Trust Act, Society Act or Section 8 • LLP law does not recognize “non-profit” or “charitable” objectives • Main objective of LLP must be lawful...