It is an entity that holds its headquarters in India, and has been laid down less than 10 years ago and holds an annual turnover of less than 100 crores.

Generally, small businesses can take at least 2-3 years to earn profits and they become successful only when they have completed 7-10 years. Overnight success is a bit difficult.

If all the documents are in place, the work will get done in 15 days. However, it depends on the workload of the registrar.

Any individual/company/LLP can become a partner. Although, only an individual can get the status of a ‘designated partner’ in an LLP.

Requirements for Startup Registration - Checking the Company Name Availability, Acquiring a Director Identification Number (DIN), Acquiring a Digital Signature Certificate, Obtaining an Incorporation Certificate, Creating a Company Seal for official documentation, Stamping of all Company Documents, Acquiring a Permanent Account Number (PAN), Acquiring a Tax Account Number (TAN), Obtaining a certificate from the State/Municipal Inspector under the Shops and Establishment Act, Applying for GST Registration, Obtaining a Profession Tax Certificate from the State Profession Tax Office, Completing a National Employees’ Provident Fund Registration.

We would give this question a big ‘yes’, especially in early start-up days. The reason us that various compliances apply to LLPs only after their turnover becomes sizable. Any LLP would spend the half the amount as compared to a Private Ltd. company in the first year on paperwork and compliances.