Setting Up Limited Liability Partnership (LLP)

a) Minimum of 2 partners (No limit of maximum number of partners)
b) Appoint Compliance Officer
c) Propose a name of the LLP
d) Propose nature of business
e) Get ready address of registered office
f) Provide name and details of partners
g) Provide name and details of Compliance Officer
h) Provide approval letter (in cases of professional practice)

Note: A LLP is required to be registered by the Compliance Officer on behalf of the partners. The Compliance Officer may do so by subscribing to the MyLLP system as an user.

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ANNUAL OBLIGATIONS FOR LLP

1.    Annual Declaration
Every Limited Liability Partnership shall lodge Annual Declaration annually within 90 days from the end of the financial year. The first Annual Declaration shall be lodged not later than 18 months from the date of the registration. 

2.    Financial Statements

LLP is required to prepare complete accounting records containing the profit and loss account, balance sheet and explanatory notes to the accounts for income tax purpose even though it is not compulsory to complete the audited financial statements.