Startup & Business
LLP (Limited Liability Partnership)
Hybrid business structure with limited liability and partnership flexibility — governed by the LLP Act 2008.
Full Definition
Limited Liability Partnership (LLP) is a business structure that combines the limited liability of a company with the operational flexibility of a partnership. Minimum: 2 partners (no maximum). LLP is governed by the LLP Act 2008 and regulated by the MCA. Tax rate: 30% flat (like a partnership firm). Profit distribution to partners is tax-free (no dividend distribution tax). Annual filings: Form 11 (annual return by 30 May) and Statement of Accounts (by 30 October). Best for professional services firms and businesses that don't need equity investment.
More Startup & Business terms
MCA (Ministry of Corporate Affairs)
India's government ministry administering the Companies Act and registering companies through the MCA portal.
ROC (Registrar of Companies)
Government authority under MCA that registers companies and LLPs and maintains statutory records.
DIN (Director Identification Number)
Unique 8-digit number assigned to every director of a company in India.
DSC (Digital Signature Certificate)
Electronic signature issued by certifying authorities — required for filing company/LLP documents with MCA.
Private Limited Company
A separate legal entity incorporated under the Companies Act 2013 — most common startup structure.