This document discusses the key features and highlights of a Limited Liability Partnership (LLP). It notes that an LLP has limited liability for partners, perpetual succession, and is a separate legal entity. An LLP must have a minimum of two partners who can be individuals, bodies corporate, companies, LLPs, or foreign entities. Key highlights include that an LLP is a body corporate separate from its partners, there is no limit on the maximum number of partners, and partners' liability is limited to their investment amount. The document also outlines some key issues with LLPs and why companies may choose to register as an LLP.

1. LIMITED LIABILITY
PARTNERSHIP
Presented By : Mintu Butani(04)
Presented To : Janavi Ma’am

2. INTRODUCTION

4. Features of llp
 Limited liability of partners
 Perpetual succession
 Separate legal entity
 LLPs are not allowed to operate as Not for
profit organization
 Minimum no. of partners – 2

5. Who can be partner in llp
 Individual
 Body corporate
 company as per company act, 1956
 LLP
 Foreign LLP
 Company corporate outside India

6. Highlights
 The LLP shall be a body corporate and a legal entity
separate from its partners.
 A minimum of two partners will be required for the
formation of an LLP with no limit on the maximum
number of partners
 Liability of the partners of an LLP will be limited to the
extent of investment made by them in the LLP.
 The concept of whistleblower has been introduced.
LIMITED LIABILITYPARTNERSHIP

7.  Partnerships, private limited companies and unlisted
public limited companies may convert into LLPs.
 Any change in the partners will not affect the
existence, rights or liabilities of the LLP.
 The Central Government shall have powers to
investigate the affairs of an LLP, if required.
LIMITED LIABILITYPARTNERSHIP
Cont…

8. Key issues of llp
LIMITED LIABILITYPARTNERSHIP
 It is not specified how to taxed in llp
 100% FDI is not allowed in llp
 Limitation in External Commercial
Borrowing
 difficulties in obtaining bank facilities

11. WHY REGISTERED FOR LLP?
 A perpetual succession regardless withdraw,
retire and death.
 No auditor appointed, no shareholding
and no need to held an annual general meeting.

12. CONCLUSION…
LIMITED LIABILITYPARTNERSHIP