LLP Agreement drafted - not templated

Defines profit-sharing, decision-making, capital contribution, and partner exit terms. Drafted based on your actual arrangement.

Without Ollvy: Generic 50-50 template - partner disputes arise later

With Ollvy: Custom agreement reflecting your exact split, roles, and exit terms

Partner IDs and digital signatures arranged

Every partner needs a government ID number (DPIN) and digital signature (DSC). Ollvy arranges everything and guides video verification in the app. 15 minutes per partner.

Compliance calendar auto-populated

Annual return (due May 30) and accounts filing (due Oct 30) added to your calendar from day one.

Name similarity rejection

• LLP names must be distinct from all existing LLPs and companies on the MCA registry.
• Rejection adds 3-5 working days.
• Ollvy searches both the LLP and company registries before filing.

Capital contribution not defined clearly

• The LLP Agreement must specify each partner's capital contribution, profit share, and exit terms.
• Vague agreements cause expensive disputes when a partner wants out.
• Ollvy drafts explicit percentages and exit clauses.

Partner slow on DSC verification

• FiLLiP cannot be filed until every partner completes DSC video verification - one slow partner delays the entire filing.
• Ollvy sends daily reminders. Takes 15 minutes per partner.

LLP agreement not filed within 30 days

• LLP agreement must be filed via Form 3 within 30 days of incorporation.
• Miss this and Rs 100/day penalty accrues with no maximum cap - a six-month delay can reach Rs 18,000.
• Ollvy files Form 3 within 7 days of COI issuance as part of the incorporation scope.

Designated Partner DIN not active

• Both designated partners need active DIN at FiLLiP filing.
• An existing DIN deactivated for missed DIR-3 KYC blocks the incorporation until KYC is filed and approved.
• Ollvy checks DIN status for every designated partner before submission.

Digital signature expired on any partner

• Every designated partner and contributing partner needs a valid DSC (Class 3) to sign FiLLiP and the LLP agreement.
• An expired DSC causes MCA rejection with no error until the form is digitally signed.
• Ollvy verifies DSC validity on all partners during document intake.

What is an LLP?

Limited Liability Partnership - combines partnership flexibility with liability protection. Partners are not personally liable beyond their agreed contribution.

LLP vs Pvt Ltd?

LLP for services businesses with 2-5 partners, no equity investment plans. Pvt Ltd for raising funding - investors need shares. LLP has 2 annual filings vs 8+ for Pvt Ltd.

Minimum partners?

Minimum 2 designated partners. No maximum. At least one must be a resident Indian.

What documents do partners need?

PAN, Aadhaar (active mobile for OTP), passport photo, address proof. Each partner completes 15-minute DSC video verification.

Annual filing deadlines?

Form 11 (annual return) by May 30. Form 8 (accounts) by Oct 30. ITR by July 31 (or Oct 31 if audit required). All mandatory even with zero activity. Late: Rs. 100/day per form, no ceiling.

Can an LLP raise funding from VCs or angels?

No, not directly. LLPs cannot issue equity shares or ESOPs. VCs and angels invest for equity stakes, so they do not fund LLPs. If you plan to raise external capital ever, choose Pvt Ltd. You can convert LLP to Pvt Ltd later (Section 56 of LLP Act) but it is a 3-6 month process with capital gains implications.

Can a Pvt Ltd later convert to an LLP?

Yes, but rarely beneficial. Pvt Ltd to LLP conversion needs every shareholder to become a partner, NOC from creditors, and capital gains tax on the transfer may apply. Most founders do this to escape annual compliance burden of Pvt Ltd. Ollvy handles conversions separately, not as part of LLP incorporation scope.

What happens if LLP partners change?

Form 4 filed with MCA within 30 days of any partner addition, removal, or change in contribution. Late filing is Rs 100/day with no cap. The LLP agreement also needs updating and re-filing via Form 3. Ollvy does partner change filings as a separate Rs 1,999 service.

Does an LLP need to audit accounts every year?

Only if turnover exceeds Rs 40 lakh OR contribution exceeds Rs 25 lakh. Below both thresholds, audit is optional. Even without audit, annual filings (Form 11 by May 30 and Form 8 by October 30) are mandatory. Ollvy offers MCA annual filing as a separate Rs 3,599 service.

What is the tax rate on LLP profits?

30% flat on taxable profits plus 12% surcharge (if income above Rs 1 crore) and 4% cess. Effective rate: 31.2% to 34.94% depending on income. LLP partners are not taxed on profit share (already taxed at LLP level). Interest on capital and remuneration to working partners are taxable separately as the partner income.

Can one partner be a company or foreign national?

A body corporate (Indian or foreign) can be a partner. Foreign individuals can be partners subject to FEMA and RBI rules (requires DIN, PAN, and valid Indian communication address). Ollvy handles foreign partner incorporations with 5-7 extra working days for FEMA compliance.

What is FiLLiP and how long does it take?

FiLLiP (Form for Incorporation of LLP) is the single MCA form that covers LLP name reservation, incorporation, DIN allotment for designated partners, and PAN/TAN. Filed through MCA V3 portal. ROC approval takes 7-10 working days if documents are clean. Ollvy 12-day SLA accounts for ROC processing and any officer queries.