The document provides information on opportunities for limited liability partnerships (LLPs) in manufacturing and service sectors. It notes that LLPs allow entrepreneurs flexibility with limited personal liability, benefiting small and medium enterprises. The document also discusses recent LLP-related news, including upcoming tax treatment and stamp duty exemptions for converting to LLPs. It raises some unresolved issues around LLP agreements and contributions. Finally, it provides tips for e-filing registrations and signatures on the LLP government portal.
Free e book on limited liability partnership - 2005Aurobindo Saxena
This chapter provides an introduction and overview of the concept paper on limited liability partnerships released by the Ministry of Company Affairs in India in 2005. Some of the key points covered are:
1. The concept paper draws upon limited liability partnership laws in countries like the US, UK, Singapore, and examines setting up a similar framework in India.
2. It identifies 25 issues for consideration and debate that need to be addressed in designing an LLP law for India, including eligibility of professionals, mandatory filing of LLP agreements, liability of partners, taxation, and regulatory oversight.
3. Introducing LLPs in India will require amending several other laws like those governing companies, taxation, banking, and professional
This slides uploaded is all about the benefits of LLP over Pvt. Ltd.
This has been uploaded in order to put the light of being LLP rather than Pvt. Ltd. The slide has nothing to do with promotion of any particular business strategy and hence does not holds risk of anybody at any time. It's just a narrative representation.
The writer (me) is not going to hold any risk arises out of it.
The document discusses upcoming changes to the UK legal industry as a result of the Legal Services Act 2007, which will come into effect between 2009-2012. Key points include:
1) The Act will establish a new regulatory framework including a Legal Services Board and Office for Legal Complaints. It will also allow for new structures like Alternative Business Structures (ABS) and Legal Disciplinary Practices (LDPs).
2) LDPs, which will begin operating in 2009, will allow partnerships between different types of lawyers and allow up to 25% non-lawyer partners. This is seen as an intermediate step to ABSs.
3) ABSs, which could begin by 2012, will remove restrictions on
The Companies Act 2014 has been signed into law and is expected to become operative in June 2015. Now that the terms of this new law are settled, we are advising clients to consider the Act’s impact on their future business and transactions.
The Act consolidates and modernises Irish company law and is expected to make it easier for companies to do business in and through Ireland. Matheson has been actively involved in the 14 year progression of this legislation which has been led primarily by the work of the Company Law Review Group (of which a Matheson partner is a member).
The principal changes under the Act relate to the private company limited by shares (the “private company”), which is the most common type of company in Ireland. Going forward, there will be two types of private company, which will replace the existing single form. These will be: (i) a private company limited by shares (“LTD”); and (ii) a designated activity company (“DAC”). These are explained in more detail below. Under the Act, all existing private companies will be required to convert to either an LTD or a DAC.
Difference between Private Limited Company vs LLPSatish Naik
The document discusses the key differences between a private limited company and a limited liability partnership (LLP) when deciding on a business structure in India. Some of the main differences highlighted include:
- Private limited companies have a longer history and more widespread recognition, while LLPs are a newer structure.
- Formation and registration costs are typically lower for LLPs.
- Private limited companies require audited financials annually, while LLPs only require audits if certain revenue/capital thresholds are met.
- Private limited companies allow for easier transfer of ownership through share trading, while ownership is not as clearly separated from management in LLPs.
- Non-compliance penalties tend to be
Vertafore is making changes to further protect producers' personal information in their carrier solutions. They will allow carriers to create producer records without requiring social security numbers, instead using National Producer Numbers. Additional changes removing social security numbers from appointment processing will be seen in Producer Manager and Producer Express in 2017. Vertafore is also integrating DocuSign eSignature technology to allow agents to conduct business anywhere on any device.
Acc Itpec Letter And Discussion Points Re Ali Principles Of The Law Of Softwa...Mark Radcliffe
This letter from the IT, Privacy & eCommerce committee of the American Corporate Counsel Association and their concerns with the new American Law Institute's Principles of the Law of Software Contracts. These Principles could dramatically alter the law of software contracts. For more information, see my blog: http://lawandlifesiliconvalley.com/blog/?p=240
Commercial insurance risk and liability review, February 2016Browne Jacobson LLP
Our annual review provides a comprehensive review of some of the most important judgments and legal developments during 2015 and our analysis of some of the changes on the horizon for 2016 and beyond. We have covered a lot of ground this year so I hope you will be able to find a number of updates that are relevant and useful to you.
If you would like to know more about any of the topics, please feel free to contact any of the authors of the articles.
https://www.brownejacobson.com/insurance/training-and-resources/legal-updates/2016/01/commercial-insurance-risk-and-liability-review-2015-2016
Free e book on limited liability partnership - 2005Aurobindo Saxena
This chapter provides an introduction and overview of the concept paper on limited liability partnerships released by the Ministry of Company Affairs in India in 2005. Some of the key points covered are:
1. The concept paper draws upon limited liability partnership laws in countries like the US, UK, Singapore, and examines setting up a similar framework in India.
2. It identifies 25 issues for consideration and debate that need to be addressed in designing an LLP law for India, including eligibility of professionals, mandatory filing of LLP agreements, liability of partners, taxation, and regulatory oversight.
3. Introducing LLPs in India will require amending several other laws like those governing companies, taxation, banking, and professional
This slides uploaded is all about the benefits of LLP over Pvt. Ltd.
This has been uploaded in order to put the light of being LLP rather than Pvt. Ltd. The slide has nothing to do with promotion of any particular business strategy and hence does not holds risk of anybody at any time. It's just a narrative representation.
The writer (me) is not going to hold any risk arises out of it.
The document discusses upcoming changes to the UK legal industry as a result of the Legal Services Act 2007, which will come into effect between 2009-2012. Key points include:
1) The Act will establish a new regulatory framework including a Legal Services Board and Office for Legal Complaints. It will also allow for new structures like Alternative Business Structures (ABS) and Legal Disciplinary Practices (LDPs).
2) LDPs, which will begin operating in 2009, will allow partnerships between different types of lawyers and allow up to 25% non-lawyer partners. This is seen as an intermediate step to ABSs.
3) ABSs, which could begin by 2012, will remove restrictions on
The Companies Act 2014 has been signed into law and is expected to become operative in June 2015. Now that the terms of this new law are settled, we are advising clients to consider the Act’s impact on their future business and transactions.
The Act consolidates and modernises Irish company law and is expected to make it easier for companies to do business in and through Ireland. Matheson has been actively involved in the 14 year progression of this legislation which has been led primarily by the work of the Company Law Review Group (of which a Matheson partner is a member).
The principal changes under the Act relate to the private company limited by shares (the “private company”), which is the most common type of company in Ireland. Going forward, there will be two types of private company, which will replace the existing single form. These will be: (i) a private company limited by shares (“LTD”); and (ii) a designated activity company (“DAC”). These are explained in more detail below. Under the Act, all existing private companies will be required to convert to either an LTD or a DAC.
Difference between Private Limited Company vs LLPSatish Naik
The document discusses the key differences between a private limited company and a limited liability partnership (LLP) when deciding on a business structure in India. Some of the main differences highlighted include:
- Private limited companies have a longer history and more widespread recognition, while LLPs are a newer structure.
- Formation and registration costs are typically lower for LLPs.
- Private limited companies require audited financials annually, while LLPs only require audits if certain revenue/capital thresholds are met.
- Private limited companies allow for easier transfer of ownership through share trading, while ownership is not as clearly separated from management in LLPs.
- Non-compliance penalties tend to be
Vertafore is making changes to further protect producers' personal information in their carrier solutions. They will allow carriers to create producer records without requiring social security numbers, instead using National Producer Numbers. Additional changes removing social security numbers from appointment processing will be seen in Producer Manager and Producer Express in 2017. Vertafore is also integrating DocuSign eSignature technology to allow agents to conduct business anywhere on any device.
Acc Itpec Letter And Discussion Points Re Ali Principles Of The Law Of Softwa...Mark Radcliffe
This letter from the IT, Privacy & eCommerce committee of the American Corporate Counsel Association and their concerns with the new American Law Institute's Principles of the Law of Software Contracts. These Principles could dramatically alter the law of software contracts. For more information, see my blog: http://lawandlifesiliconvalley.com/blog/?p=240
Commercial insurance risk and liability review, February 2016Browne Jacobson LLP
Our annual review provides a comprehensive review of some of the most important judgments and legal developments during 2015 and our analysis of some of the changes on the horizon for 2016 and beyond. We have covered a lot of ground this year so I hope you will be able to find a number of updates that are relevant and useful to you.
If you would like to know more about any of the topics, please feel free to contact any of the authors of the articles.
https://www.brownejacobson.com/insurance/training-and-resources/legal-updates/2016/01/commercial-insurance-risk-and-liability-review-2015-2016
The document discusses key factors for a successful tri-party relationship between an in-house legal team, an outside law firm, and a legal outsourcing vendor. It states that the relationship must be a "win-win" for all parties involved. It also emphasizes that the law firm plays an important role in managing service delivery, ensuring quality standards, and maintaining professional obligations. Finally, it stresses the importance of evaluating the outside law firm's ability to direct new vendor capabilities, increase alternative fee arrangements, and accomplish more through outsourcing rather than just reducing costs.
The document summarizes recent and upcoming business law reforms in Singapore led by the Accounting and Corporate Regulatory Authority (ACRA). Key reforms include proposed changes to the Business Registration Act to reduce regulatory burden and streamline processes, as well as major updates to the Companies Act following an extensive review to modernize corporate governance rules. Public consultations on draft bills are planned for 2013, with the new Acts targeted to take effect in 2014. Other developments aim to simplify formalities for executing legal documents.
How to incorporate LLP or Limited Liability partnership in INDIAGAURAV KR SHARMA
The document discusses Limited Liability Partnerships (LLPs) in India. It notes that LLPs were introduced to adopt a corporate form and provide limited liability to partners. An LLP is a separate legal entity where partners are not liable for each other's acts. It must have at least 2 partners, including 2 designated partners who are responsible for compliance. LLPs provide benefits like no minimum capital requirement, no stamp duty, and exemption from minimum alternate tax. The introduction of LLPs in India helps facilitate business and competition in the global market.
One of the big 6 audit firms - bdo - rocks - way to goJAYARAMAN IYER
One of the Big - 6 Audit Firms - BDO - Rocks - Way to go
In the context of finding a solution when Audit Profession is at a low ebb, I see an oasis in a desert. I found Global Review 2017 Your BDO, an interesting document in resolving the issues raised on account of substandard Audits.
BDO seems to be on a good pedestal. The Technology Direction BDO has undertaken goes hand in hand with A&A - Audit and Assurance as well as Technology Advisory. It augurs well for both.
My analysis of BDO is a step ahead to include advancement and mastery over Sustainable Value System. This definitely calls for a different set of approach in structural change in client companies. It is imperative.
Measuring Ethical Assets will be of considerable importance in placing Corporate in the path of growth. Bring Ethical Assets Premium Account in Balance Sheet is the answer for committed Auditors and Corporate alike. Measuring by Corporate Governance is the solution.
Alida Tuyebekova, a senior lawyer of Linkage & Mind presented a report ‘On Legal Aspects of Doing Business in Kazakhstan’, for business delegation from Spain at the seminar organised by the Department of Economy and Trade of Spanish Embassy.
This document discusses the introduction of standardized articles of association by the Corporate Affairs Commission in Nigeria. Some key points:
1. The Companies and Allied Matters Act (CAMA) requires companies to register articles of association that define regulations for the company. However, new regulations now provide standardized articles based on company type.
2. Standardized articles eliminate individuality and could create challenges in resolving disputes without specific provisions. Shareholders agreements may supplement but cannot replace articles.
3. The UK adopted a similar reform but maintained the importance of articles and left key matters to company decision-making. Nigeria's approach risks making company operations ambiguous and challenging without proper alternative guidance.
4. While standardization aims to stream
This document provides comments on proposed Electronic Commerce Protection Regulations regarding Canada's Anti-Spam Law (CASL). It expresses concerns that CASL and the proposed regulations impose excessive costs and inefficiencies on businesses that outweigh the benefits. Several recommendations are made to modify regulations in order to better target undesirable commercial email conduct while not hindering legitimate businesses or new technologies. Specific recommendations include exemptions for start-up businesses, opt-in messaging networks, and international commercial emails that comply with other countries' laws. The document argues the proposed regulations should be revised before finalization.
The document compares the key advantages of companies versus limited liability partnerships (LLPs) under Indian law. It finds that while both provide limited liability, companies have more stringent governance requirements that make them preferable for raising large amounts of equity or venture capital. However, LLPs have lower registration costs and compliance burdens, making them more suitable for small businesses. The document analyzes differences in statutes, ownership structures, capital requirements, governance, taxation and other legal aspects between companies and LLPs.
Limited Liability Partnership - adesh nahar - finalAdesh Nahar
This document provides an analysis of limited liability partnerships (LLPs) in India. It discusses the history and features of LLPs, including how they have been implemented in other countries like the UK and Singapore that served as models. Some key points covered include:
- LLPs allow for two or more persons to carry on business with limited liability. As of May 2011, over 4,800 LLPs had been registered in India.
- LLPs have features of both partnerships and corporations - they are bodies corporate but the personal assets of partners are protected from liabilities.
- Forming an LLP requires at least two partners (individuals or corporations), a minimum of two designated individual partners residing
2003 changing profile of indian economy-b.v.raghunandanSVS College
The document summarizes changes in the Indian economy before and after liberalization.
Before liberalization, the Indian economy was stagnant with supply-side inflation, no foreign exchange reserves, and a politicized public sector. After the first wave of liberalization in the 1990s, the economy saw major reforms in the finance, telecom, tax, and insurance sectors that led to growth. The second wave of liberalization further opened sectors like banking, energy, and corporate governance to private and foreign investment. These changes transformed India into a rapidly growing market-based economy.
This document summarizes Deloitte's annual Technology, Media and Telecommunications Predictions report. The report analyzes major trends in technology, media, and telecommunications that are likely to impact companies over the next 12-18 months. This year's predictions cover topics like the convergence of living room technologies, the growth of wearable devices, the stratification of tablets, the potential impact of massive open online courses, telehealth services, changes in pay-TV and video streaming, performance rights for recorded music, and more. The full report is available in text, video, and infographic formats.
Limited Liability Partnership (LLP) is a hybrid business structure that provides the benefits of both a partnership and a private limited company. An LLP has separate legal identity and the partners have limited liability, unlike a general partnership. The key steps to register an LLP in India are to obtain Director Identification Numbers and Digital Signature Certificates for all partners, get approval for the proposed company name, file the incorporation application form along with the partnership agreement, and open a bank account once incorporation is approved. An LLP pays income tax at a flat rate of 30% on its profits.
The International Comparative Legal Guide to: Corporate Governance 2016McCannFitzGerald
David Byers & Paul Heffernan co-authored the Irish chapter of The International Comparative Legal Guide to: Corporate Governance published by Global Legal Group Ltd, London.
The survey found that 44% of law graduates and trainee solicitors do not wish to become partners in a law firm. Technology and IP law was the most popular choice of practice area. For the question on the top law firms in Ireland, 21% of respondents identified one particular law firm as standing out above the others. Only 56% wished to become partners in a law firm, while 40% identified their goal as becoming a senior in-house lawyer. The survey highlighted that fewer graduates now wish to become law firm partners compared to previous years.
This Deloitte publication describes three major success factors that can help automotive CIOs future-proof their IT organizations to cope with current macro technology and automotive megatrends as well as the specific challenges of COVID-19.
The telecoms, audio-visual media distribution, and internet sectors in the Dominican Republic have been liberalized and opened to competition. The key legislation governing these sectors is the General Telecommunications Law #153-98. The main regulatory authority is the Dominican Telecommunications Institute (Indotel). While foreign investment and ownership are permitted in telecoms and internet sectors, in the audio-visual media sector the controlling investor of a broadcasting entity must be Dominican. The telecoms market is dominated by Claro, Orange, and Tricom, which were recently acquired by Altice, S.A. Licenses from Indotel are required to use radio spectrum and concessions are needed to provide telecom services
Off Payroll Working In Private Sector | Makesworth Accountants in HarrowMakesworth Accountants
New tax rules for individuals working via their own companies for medium or large business. From 6 April 2020, new tax rules are proposed for individuals who provide their personal services via an ‘intermediary’ to medium or large business. An intermediary may be another individual, a partnership, an unincorporated association or a company. The most common structure is a worker providing their services via their own company (PSC) which is the term used in this letter to summarise the rules which will apply to all intermediaries. Similar rules were introduced in 2017 for public sector organisations receiving services from PSCs. The 2020 rules will use the 2017 rules as a starting point which means, in practical terms, that the principles have already been decided but some aspects of the detailed operation of the rules will be decided in a consultation process. Draft legislation has been published which will, subject to consultation, be included in the next Finance Bill.
This document provides information about converting a private company to an LLP (Limited Liability Partnership). It outlines the key benefits of converting such as limited liability for partners and fewer compliance requirements compared to a company. The 8 step conversion process is described, including deciding partners/designated partners, obtaining necessary registrations, reserving the LLP name, drafting the LLP agreement, filing incorporation documents, applying for conversion certification, and notifying the registrar of companies. Common FAQs about the conversion process are also answered.
The document discusses the key benefits and advantages of forming a Limited Liability Partnership (LLP) in India. The three main points discussed are:
1) Limited liability is the foremost benefit, as the personal assets of partners are protected in cases of business failure or insolvency. Only the assets of the LLP will be used to pay off debts.
2) An LLP has a separate legal identity and status, enabling it to be taken more seriously than a proprietorship or partnership by suppliers, customers and larger organizations.
3) Forming an LLP provides advantages over other business structures like proprietorships and companies. These include lower tax rates, fewer audit requirements, lower compliance costs
This document provides an overview of contribution requirements for limited liability partnerships (LLPs) under Indian law. It notes that contribution is not required to form an LLP but must be specified in the LLP agreement. Contribution can be in tangible or intangible forms and intangible contributions must be valued by an accountant. The ownership and profit/loss sharing ratios of partners may be different than their contribution amounts. The document also addresses increasing, decreasing, and returning contributions as well as tax treatment of interest paid on contributions.
The document discusses key factors for a successful tri-party relationship between an in-house legal team, an outside law firm, and a legal outsourcing vendor. It states that the relationship must be a "win-win" for all parties involved. It also emphasizes that the law firm plays an important role in managing service delivery, ensuring quality standards, and maintaining professional obligations. Finally, it stresses the importance of evaluating the outside law firm's ability to direct new vendor capabilities, increase alternative fee arrangements, and accomplish more through outsourcing rather than just reducing costs.
The document summarizes recent and upcoming business law reforms in Singapore led by the Accounting and Corporate Regulatory Authority (ACRA). Key reforms include proposed changes to the Business Registration Act to reduce regulatory burden and streamline processes, as well as major updates to the Companies Act following an extensive review to modernize corporate governance rules. Public consultations on draft bills are planned for 2013, with the new Acts targeted to take effect in 2014. Other developments aim to simplify formalities for executing legal documents.
How to incorporate LLP or Limited Liability partnership in INDIAGAURAV KR SHARMA
The document discusses Limited Liability Partnerships (LLPs) in India. It notes that LLPs were introduced to adopt a corporate form and provide limited liability to partners. An LLP is a separate legal entity where partners are not liable for each other's acts. It must have at least 2 partners, including 2 designated partners who are responsible for compliance. LLPs provide benefits like no minimum capital requirement, no stamp duty, and exemption from minimum alternate tax. The introduction of LLPs in India helps facilitate business and competition in the global market.
One of the big 6 audit firms - bdo - rocks - way to goJAYARAMAN IYER
One of the Big - 6 Audit Firms - BDO - Rocks - Way to go
In the context of finding a solution when Audit Profession is at a low ebb, I see an oasis in a desert. I found Global Review 2017 Your BDO, an interesting document in resolving the issues raised on account of substandard Audits.
BDO seems to be on a good pedestal. The Technology Direction BDO has undertaken goes hand in hand with A&A - Audit and Assurance as well as Technology Advisory. It augurs well for both.
My analysis of BDO is a step ahead to include advancement and mastery over Sustainable Value System. This definitely calls for a different set of approach in structural change in client companies. It is imperative.
Measuring Ethical Assets will be of considerable importance in placing Corporate in the path of growth. Bring Ethical Assets Premium Account in Balance Sheet is the answer for committed Auditors and Corporate alike. Measuring by Corporate Governance is the solution.
Alida Tuyebekova, a senior lawyer of Linkage & Mind presented a report ‘On Legal Aspects of Doing Business in Kazakhstan’, for business delegation from Spain at the seminar organised by the Department of Economy and Trade of Spanish Embassy.
This document discusses the introduction of standardized articles of association by the Corporate Affairs Commission in Nigeria. Some key points:
1. The Companies and Allied Matters Act (CAMA) requires companies to register articles of association that define regulations for the company. However, new regulations now provide standardized articles based on company type.
2. Standardized articles eliminate individuality and could create challenges in resolving disputes without specific provisions. Shareholders agreements may supplement but cannot replace articles.
3. The UK adopted a similar reform but maintained the importance of articles and left key matters to company decision-making. Nigeria's approach risks making company operations ambiguous and challenging without proper alternative guidance.
4. While standardization aims to stream
This document provides comments on proposed Electronic Commerce Protection Regulations regarding Canada's Anti-Spam Law (CASL). It expresses concerns that CASL and the proposed regulations impose excessive costs and inefficiencies on businesses that outweigh the benefits. Several recommendations are made to modify regulations in order to better target undesirable commercial email conduct while not hindering legitimate businesses or new technologies. Specific recommendations include exemptions for start-up businesses, opt-in messaging networks, and international commercial emails that comply with other countries' laws. The document argues the proposed regulations should be revised before finalization.
The document compares the key advantages of companies versus limited liability partnerships (LLPs) under Indian law. It finds that while both provide limited liability, companies have more stringent governance requirements that make them preferable for raising large amounts of equity or venture capital. However, LLPs have lower registration costs and compliance burdens, making them more suitable for small businesses. The document analyzes differences in statutes, ownership structures, capital requirements, governance, taxation and other legal aspects between companies and LLPs.
Limited Liability Partnership - adesh nahar - finalAdesh Nahar
This document provides an analysis of limited liability partnerships (LLPs) in India. It discusses the history and features of LLPs, including how they have been implemented in other countries like the UK and Singapore that served as models. Some key points covered include:
- LLPs allow for two or more persons to carry on business with limited liability. As of May 2011, over 4,800 LLPs had been registered in India.
- LLPs have features of both partnerships and corporations - they are bodies corporate but the personal assets of partners are protected from liabilities.
- Forming an LLP requires at least two partners (individuals or corporations), a minimum of two designated individual partners residing
2003 changing profile of indian economy-b.v.raghunandanSVS College
The document summarizes changes in the Indian economy before and after liberalization.
Before liberalization, the Indian economy was stagnant with supply-side inflation, no foreign exchange reserves, and a politicized public sector. After the first wave of liberalization in the 1990s, the economy saw major reforms in the finance, telecom, tax, and insurance sectors that led to growth. The second wave of liberalization further opened sectors like banking, energy, and corporate governance to private and foreign investment. These changes transformed India into a rapidly growing market-based economy.
This document summarizes Deloitte's annual Technology, Media and Telecommunications Predictions report. The report analyzes major trends in technology, media, and telecommunications that are likely to impact companies over the next 12-18 months. This year's predictions cover topics like the convergence of living room technologies, the growth of wearable devices, the stratification of tablets, the potential impact of massive open online courses, telehealth services, changes in pay-TV and video streaming, performance rights for recorded music, and more. The full report is available in text, video, and infographic formats.
Limited Liability Partnership (LLP) is a hybrid business structure that provides the benefits of both a partnership and a private limited company. An LLP has separate legal identity and the partners have limited liability, unlike a general partnership. The key steps to register an LLP in India are to obtain Director Identification Numbers and Digital Signature Certificates for all partners, get approval for the proposed company name, file the incorporation application form along with the partnership agreement, and open a bank account once incorporation is approved. An LLP pays income tax at a flat rate of 30% on its profits.
The International Comparative Legal Guide to: Corporate Governance 2016McCannFitzGerald
David Byers & Paul Heffernan co-authored the Irish chapter of The International Comparative Legal Guide to: Corporate Governance published by Global Legal Group Ltd, London.
The survey found that 44% of law graduates and trainee solicitors do not wish to become partners in a law firm. Technology and IP law was the most popular choice of practice area. For the question on the top law firms in Ireland, 21% of respondents identified one particular law firm as standing out above the others. Only 56% wished to become partners in a law firm, while 40% identified their goal as becoming a senior in-house lawyer. The survey highlighted that fewer graduates now wish to become law firm partners compared to previous years.
This Deloitte publication describes three major success factors that can help automotive CIOs future-proof their IT organizations to cope with current macro technology and automotive megatrends as well as the specific challenges of COVID-19.
The telecoms, audio-visual media distribution, and internet sectors in the Dominican Republic have been liberalized and opened to competition. The key legislation governing these sectors is the General Telecommunications Law #153-98. The main regulatory authority is the Dominican Telecommunications Institute (Indotel). While foreign investment and ownership are permitted in telecoms and internet sectors, in the audio-visual media sector the controlling investor of a broadcasting entity must be Dominican. The telecoms market is dominated by Claro, Orange, and Tricom, which were recently acquired by Altice, S.A. Licenses from Indotel are required to use radio spectrum and concessions are needed to provide telecom services
Off Payroll Working In Private Sector | Makesworth Accountants in HarrowMakesworth Accountants
New tax rules for individuals working via their own companies for medium or large business. From 6 April 2020, new tax rules are proposed for individuals who provide their personal services via an ‘intermediary’ to medium or large business. An intermediary may be another individual, a partnership, an unincorporated association or a company. The most common structure is a worker providing their services via their own company (PSC) which is the term used in this letter to summarise the rules which will apply to all intermediaries. Similar rules were introduced in 2017 for public sector organisations receiving services from PSCs. The 2020 rules will use the 2017 rules as a starting point which means, in practical terms, that the principles have already been decided but some aspects of the detailed operation of the rules will be decided in a consultation process. Draft legislation has been published which will, subject to consultation, be included in the next Finance Bill.
This document provides information about converting a private company to an LLP (Limited Liability Partnership). It outlines the key benefits of converting such as limited liability for partners and fewer compliance requirements compared to a company. The 8 step conversion process is described, including deciding partners/designated partners, obtaining necessary registrations, reserving the LLP name, drafting the LLP agreement, filing incorporation documents, applying for conversion certification, and notifying the registrar of companies. Common FAQs about the conversion process are also answered.
The document discusses the key benefits and advantages of forming a Limited Liability Partnership (LLP) in India. The three main points discussed are:
1) Limited liability is the foremost benefit, as the personal assets of partners are protected in cases of business failure or insolvency. Only the assets of the LLP will be used to pay off debts.
2) An LLP has a separate legal identity and status, enabling it to be taken more seriously than a proprietorship or partnership by suppliers, customers and larger organizations.
3) Forming an LLP provides advantages over other business structures like proprietorships and companies. These include lower tax rates, fewer audit requirements, lower compliance costs
This document provides an overview of contribution requirements for limited liability partnerships (LLPs) under Indian law. It notes that contribution is not required to form an LLP but must be specified in the LLP agreement. Contribution can be in tangible or intangible forms and intangible contributions must be valued by an accountant. The ownership and profit/loss sharing ratios of partners may be different than their contribution amounts. The document also addresses increasing, decreasing, and returning contributions as well as tax treatment of interest paid on contributions.
This document discusses the pros and cons of converting a partnership firm to a Limited Liability Partnership (LLP). It provides an overview of what an LLP is and the benefits of converting, including limited liability, perpetual succession, and the ability to have an unlimited number of partners. The document outlines the impacts of conversion in relation to the Partnership Act, LLP Act, income tax, and service tax. It also describes the process for converting a firm to an LLP, which involves reserving the LLP name, applying for conversion, and filing incorporation documents.
The document discusses the key features and rationale for converting an existing private company into a limited liability partnership (LLP) under Indian law. It notes that an LLP combines the organizational flexibility of a partnership with the liability protections of a company. Some benefits of converting to an LLP include fewer regulatory requirements, lower costs, and greater tax benefits compared to maintaining a private company. However, it also outlines some outstanding legal issues and areas that require further clarification regarding the taxation and regulatory treatment of LLPs.
Conversion of a private/public limited company to an LLP provides several key benefits:
1) LLPs pay lower taxes (30.9% for LLPs vs. 33.99% for companies) and have more flexible distribution of profits among partners.
2) LLPs have reduced compliance requirements compared to companies, such as no audit requirement if capital is below Rs. 25 lakh.
3) All assets and liabilities automatically transfer to the LLP, with no stamp duty or capital gains tax in many cases.
4) Losses can be carried forward to the LLP, providing continued tax benefits.
Converting a private/public limited company to an LLP provides several key benefits:
1) Lower taxation as LLPs pay an effective tax rate of 30.9% compared to 33.99% for companies. There is also no dividend distribution or capital gains tax.
2) Minimal compliance as audit is not required if capital and turnover thresholds are met and there are no restrictions on number of partners.
3) Seamless transfer as all assets and liabilities automatically transfer to the LLP without stamp duty costs. Losses can also be carried forward.
4) Increased flexibility as the goodwill and brand remain intact but with fewer regulatory requirements than a company structure.
Conversion of a private/public limited company to an LLP provides several key benefits:
1) LLPs pay lower taxes (30.9% for LLPs vs. 33.99% for companies) and have more flexible distribution of profits among partners.
2) LLPs have reduced compliance requirements compared to companies, such as no audit requirement if capital is below Rs. 25 lakh.
3) All assets and liabilities automatically transfer to the LLP, with no stamp duty or capital gains tax in many cases.
4) Losses can be carried forward to the LLP, providing continued tax benefits.
Conversion of a private/public limited company to an LLP provides several key benefits:
1) LLPs pay lower taxes (30.9% for LLPs vs. 33.99% for companies) and have more flexible distribution of profits among partners.
2) LLPs have reduced compliance requirements compared to companies, such as no audit requirement if capital is below Rs. 25 lakh.
3) All assets and liabilities automatically transfer to the LLP, with no stamp duty or capital gains tax in many cases.
4) Losses can be carried forward to the LLP, providing continued tax benefits.
Conversion of a private/public limited company to an LLP provides several key benefits:
1) LLPs pay lower taxes (30.9% for LLPs vs. 33.99% for companies) and have more flexible distribution of profits among partners.
2) LLPs have reduced compliance requirements compared to companies, such as no audit requirement if capital is below Rs. 25 lakh.
3) All assets and liabilities automatically transfer to the LLP with no stamp duty or capital gains tax in many cases.
4) Losses can be carried forward to the LLP, providing continued tax benefits.
Guide for Limited Liability Partnership (LLP) RegistrationBinoy Chacko
This document provides guidance on registering a Limited Liability Partnership (LLP) in India. It discusses what an LLP is and the benefits it provides over other business structures. Key requirements for LLP registration are outlined, including having at least 2 partners and 2 designated partners, one of whom must reside in India. The digital signature certificate, director identification number, LLP name, registered office address, and other documents required are also described. The steps for incorporation like executing documents and submitting to the Registrar of Companies are summarized. Finally, some frequently asked questions about the LLP registration process are answered.
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and its replacement of older guidelines are noted. An overview of the proposed GST framework and goals of the upcoming Direct Tax Code is also provided.
This document provides an overview of Limited Liability Partnership (LLP) registration in India. It discusses what an LLP is, the key benefits of LLP registration such as limited liability for partners and tax benefits, and the requirements and process for registering an LLP in India. Some of the important points covered include that an LLP allows partners to benefit from both a corporation and partnership, partners have limited liability up to their agreed contributions, the 2021 LLP Amendment Act introduced changes like reduced penalties for certain offenses and recognizing start-up LLPs. The document also provides contact information for a company called Vidhinyas that assists with the LLP registration process in India.
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and changes made are noted. Details on GST thresholds and its proposed implementation by 2010 are provided. The Direct Tax Code aims to replace and simplify income tax laws.
Limited liability partnership gowtam bhatSVS College
seminar paper presented by Gowtam Bhat, a student of II year B.Com of SVS College, Bantwal, Karnataka under the auspices of Commerce Association-focus is on LLP in India
The document discusses different business entity structures like private limited companies, public limited companies, and limited liability partnerships. It provides details on the key features of LLPs such as having limited liability like companies but flexibility like partnerships. LLPs allow professionals to deal internationally and remove restrictions of maximum partners under partnership law. LLPs are suitable for small-medium businesses and service industries where partners have different roles.
In this PPT, you will learn what is an LLP, benefits of LLP and the documents required. For more details, check out this checklist for LLP Registeration: https://www.deasra.in/msme-checklist/llp-registration-checklist/?utm_source=referral&utm_medium=slideshare
The document provides information on Limited Liability Partnerships (LLPs) under Indian law. It discusses key topics like the LLP Act 2008, defining features of an LLP, differences between LLPs and other business structures. Some key points:
1) An LLP is a separate legal entity from its partners that allows limited liability. It has features of both a company and a partnership for flexibility and reduced liability.
2) The LLP Act 2008 defines an LLP as a corporate body with perpetual succession, even if partners change. LLPs can enter contracts and hold property in their own name.
3) Forming an LLP requires registration, a unique name approval, filing an incorporation
This document provides information on event-based and regular compliance requirements for Limited Liability Partnerships (LLPs) under the LLP Act 2008. It lists 8 event-based compliances that must be filed within 30 days of an event, such as changes to partners or registered office. It also outlines 2 regular annual compliances: filing a statement of accounts within 6 months of the financial year end and an annual return within 60 days of the financial year end. Penalties for non-compliance are also specified, ranging from fines of Rs. 10,000 to Rs. 5,00,000. The document concludes with FAQs on LLP compliance obligations and financial disclosures.
The document summarizes taxation aspects related to the conversion of companies to Limited Liability Partnerships under the LLP Act of 2008. It states that the Finance Bill of 2010-2011 addressed previous unclear tax implications by proposing amendments to exempt capital gains tax for companies converting to LLPs if certain conditions are met. These include all assets and liabilities transferring, shareholders becoming partners in the same proportions, and accumulated profits not being distributed for three years. It also discusses treatment of losses, depreciation, and other tax provisions after conversion. Frequently asked questions are answered on the effective date, retrospective applicability, and tax credits.
The document discusses LLP agreements and their importance under tax law. It notes that an LLP agreement outlines how the LLP will be managed and the relationship between partners. It is required to claim tax deductions and determine partner remuneration. The document also discusses standard LLP agreement clauses and FAQs about LLP agreements, including their registration and amendment.
The document discusses key aspects of partners in a Limited Liability Partnership (LLP) under Indian law. It states that an LLP must have a minimum of 2 partners who can be individuals or bodies corporate. Partners have rights to profits as outlined in the LLP agreement and liabilities are limited to their agreed contributions. A partner's rights can be transferred but this does not allow the transferee to participate in management. Partners cease being partners upon their death, insolvency, or resignation following notice periods.
The document discusses LLP agreements and their importance under tax law. It notes that an LLP agreement outlines how the LLP will be managed and the relationship between partners. It is required to claim tax deductions and determine partner remuneration. The document also discusses standard LLP agreement clauses and compares them to customized agreements. It provides answers to common questions about LLP agreements and their registration.
This document provides instructions for offering public services. It outlines 10 steps for establishing a public library, including forming a library committee, securing funding, hiring staff, and developing policies and procedures. The goal is to provide educational and cultural resources for the local community.
This document provides an overview of the tax treatment of Limited Liability Partnerships (LLPs) in India according to the Budget 2009-10. Key points include:
- LLPs will be taxed like partnership firms with a 30% flat tax rate and no minimum alternate tax or dividend distribution tax.
- The definition of "firm", "partner", and "partnership" in tax law now includes LLPs.
- Remuneration paid to partners is tax deductible by the LLP if certain conditions are met and is taxable income for partners.
- LLP agreements must specify partner shares and be submitted with tax returns to qualify for partnership tax treatment.
- Design
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2. Insight
Particulars Page No.
Regular Section - Opportunities in LLP for Manufacturing & Service 3
News in LLP 5
Grey Issues in LLP 6
Practical tips for e – Filing on llp.gov.in 7
Partners Segment on Global Comparison 9
Recent Queries on LLP Club 10
What’s New on LLPonline.in 11
Public Opinion 11
Page 2 of 12
3. Regular Section - Opportunities in LLP for Manufacturing &
Service Sector
LLP has an immense role to play in the Manufacturing Sector. Around 95% of industrial units in
the country are SMEs (Small and Medium Enterprises) and the manufacturing sector is
dominated by these SMEs. About 40% of value addition in the manufacturing sector takes place
in the segment.
Over 90% of these SMEs are registered as proprietorships, about 2%to 3% as partnerships and
less than 2% as companies as per a survey conducted by the ministry of small-scale industries.
The reason of Non presence of Corporate Form in the manufacturing Sector is high Compliance
cost. Vice – Versa the presence of Proprietorship is due to complete flexibility and less
compliance cost. But for this gain the sector is losing the credit facility from the bankers.
Now the Limited Liability Partnership form has opened the door for Manufacturing Sector to
enjoy the dual advantage of less compliance with higher access to credits in the market.
Another advantage for SMEs that in the new LLP form alike Companies, only the Limited
Liability Partnership having turnover/contribution of more than Rs. 40/25 Lacs have to get their
accounts audited as per the requirement of law providing a step ahead in the flexibility.
SMEs would benefit most from LLP form, as it would allow an entrepreneur to get into the
business without exposing his full assets to it. In an increasingly litigious market environment,
the prospect of being a member of a partnership firm or Proprietorship with unlimited personal
liability is considered risky and unattractive and on the other side the corporate form is
expensive for SMEs. LLP provides a bridge between the two risks where an entrepreneur would
be able to foray into a business venture without any fear of being held liable for the partners'
misconduct.
Service Sector
LLP has come like boon for the service sector and especially for professionals like chartered
accountants/company secretaries & advocates. Now, LLP will give the professions the much
needed impetus of global presence and level playing field against their foreign counterparts.
From the perspective of customers, Limited Liability Professional Partnership concerns will
provide a single-window shop to all people wanting to avail professional services.
Page 3 of 12
4. From the perspective of professionals, the regime of limited liability partnership will provide a
platform to conduct profession efficiently that would in turn increase the capability to compete
with global firms apart from making the presence felt in international market for professional
services.
The introduction of LLP form of business would also promote entrepreneurship, particularly in
relation to the knowledge-based industries such as the information technology and
biotechnology sectors.
Page 4 of 12
5. News in LLP
Taxability of LLP: The government will amend the Income Tax Act later this year to provide a
tax regime for LLPs, which are being incorporated from the beginning of this month, a finance
ministry official said.
Stamp duty & Taxability on Conversion: The government may exempt partnership firms and
limited companies from paying stamp duty while converting into limited liability partnerships
(LLPs), a way of doing business that is favored globally for its flexibility.
“Tax neutrality is essential for the conversion of companies and partnership firms into LLPs,”
The proposed move will effectively address the difficulties in getting stamp duty exemptions
from state governments.
The finance ministry, however, may insist that the shareholding pattern of the company or the
partnership firm from which assets are transferred to an LLP, and the shareholding of the
receiving LLP be the same. “This is important to prevent any stamp duty evasion on asset sale
or transfer under the garb of conversion to LLPs,” said the finance ministry official.
Once the assets and liabilities of a partnership firm or a limited company are transferred to an
LLP, the original entity will be dissolved and removed from government records.
Source: The Economic Times
Dated: 28th April 2009.
Page 5 of 12
6. Grey Issues in LLP
Limited Liability Partnership still the hot Zone among the professionals because of the unnoded
issues, everyone is looking forward. Some of the brain storming issues llponline.in is sharing
with you
1. Form of Contribution: Section 32 provides the option to have the contribution of the
Partners in the Intangible Form and further the rules provide that the intangible
contribution should be certified by Practicing Chartered Accountant but no specific rules
has been prescribed for such valuation there should be proper guidelines for the
valuation of the Intangible Contribution. Further if the value of the Intangible
contribution amplified in future how that increment would be count in the books.
2. Discretionary LLP Agreement: LLP Agreement is not a requisite for the formation of a
Limited Liability Partnership as of now and in the absence of LLP Agreement Schedule 1
of LLP Act would be applicable defining the mutual rights and liabilities of the Partners &
the Partnership. However Schedule 1 in itself is an incomplete picture to define the
rights and liabilities of the partners. Various issues like Investment in body Corporate,
disclosure of substantial interest, decisive percentage of the partners, donations, Charity
by LLP are silent in the Schedule which in turn would give rise to disputes among the
partners. To avoid such circumstances either the LLP Agreement should be mandatory
or the Schedule 1 to be redrafted to present the widest picture.
3. Overriding Effect of LLP Act or the LLP Agreement: The LLP Law is silent on the
overriding effect of LLP Act on the LLP agreement as compared to Section 9 of the
Companies Act, 1956 wherein it is specifically provided that Companies Act would
override to contrary provisions provided in the Memorandum and Articles of
Association of any Company. No such provision is provided under LLP Act 2008
clarifying the position of the Act and the agreement in case of contradiction.
For example Section 42 of the LLP Act provides that any partner can transfer his rights as
per the LLP Agreement. Here the Act provides the right to transfer for a partner, What if
the agreement says that no partner can transfer his right. Whether the agreement
would prevail over the Act?
Page 6 of 12
7. Practical Tips for e – filing on llp.gov.in
Reflecting light on e Filing concept some of the queries from our query bank before you
eradicating the murky side of the Concept:
Do we need to register for e – filing on llp.gov.in?
Yes, as on date the registration should be in the Business user Category for e-filing.
What is the requirement for registration as Business User?
The intended user must have Permanent Account Number & Digital Signature Certificate for
registration in the Business User category.
Whether registration of DSC is necessary for e-filing on llp.gov.in?
Yes DSC for e-filing has to be registered but DSC of Designated Partners is only required to be
registered.
What precaution you should keep in mind while registering your DSC?
Before registering your DSC, user have to export the CER file (Public Key) of his DSC on system
and this file is registered on LLP Portal. Later at the time of e –filing the attached signatures are
verified with this registered CER file.
Whether e form can be saved?
Yes the e Form can be saved on the system if the Google Gear has installed on your system but
the user will not be able to upload the same.
Is there any software requirement for e-Filing on llp.gov.in?
The users must have google gears and Java Run time version 6 on his system.
Page 7 of 12
8. What are the fee payment modes available for e-filing on llp.gov.in?
Currently, only payment by credit card has been activated.
We are doing the e-filing but it is showing "Signature Verification Error"?
If it is showing "Signature Verification Error", please check the following:
a) You are doing e-filing with the login of Designated Partner.
b) The CER file of the Designated Partner is registered on the portal and you are using the
Digital Signature of that Designated partner.
c) You have Java Run Time Environment software installed on your system.
Page 8 of 12
9. Partners Segment on Global Comparison
Facts LLP UK Singapore LLP US (California) Indian LLP
LLP
Introduction of In the Year 2000 In the Year 2005 In the year 1991 in In the Year 2008
Law with the with the Texas thereafter in with the
nomenclature nomenclature 1996 in most nomenclature
Limited Partnership Limited states of USA with Limited
Act, 2000 Partnership Act, the nomenclature Partnership Act,
2005 Uniform 2008
Partnership Act of
1996.
No. of Partners Minimum 2 Partners Minimum 2 Minimum 2 Minimum 2
Partners Partners Partners
Reduction of In case of reduction In case of Law is silent on In case of
Minimum Number of minimum no. of reduction of this matter. reduction of
of Partners partners for more minimum no. of minimum no. of
than 6 months the partners for more partners for more
liability of Partners than 2 years the than 6 months the
will be unlimited liability of liability of Partners
after 6 months. Partners will be will be unlimited
unlimited after 2 after 6 months.
years.
Admission of As per LLP As per LLP As per the As per LLP
Partners Agreement and in Agreement and in agreement. Agreement and in
the absence of the absence of the absence of
agreement consent agreement agreement
of all partners is consent of all consent of all
required. partners is partners is
required. required.
Cessation of In accordance with In accordance As per the In accordance with
Partners LLP Agreement and with LLP agreement LLP Agreement
in the absence of Agreement and in and in the absence
the agreement by the absence of the of the agreement
giving reasonable agreement by by giving 30 days
notice. giving 30 days prior notice
prior notice.
Liability of Limited Liability of Limited Liability of Limited Liability of Limited Liability of
Partners Partners except in Partners except in Partners except in Partners except in
case of fraud. case of fraud. case of fraud. case of fraud.
Page 9 of 12
10. Recent Queries on LLP Club
(Podium for LLP discussion on LLPonline.in)
LLP Agreement refers agreement between the partners or between LLP and its partners.
What are the standard specific clauses required to be covered by both the agreements?
As per LLP Act, a former partner is entitled to receive from LLP, capital contribution
made and his right to share in accumulated profits of LLP. What is the meaning of ‘right
to share in accumulated profits’? What about his right to get share in the goodwill/
capital appreciation/ fair value of business ownership?
As per Section 28(2) a partner is personally liable for his wrongful act and omission.
What is meaning of wrongful act or omission?
Most Striking query of the week submitted by Mr. Vikas Sharma
One of the Designated Partner has to be resident in India and the definition of
resident in India means as per explanation given in Section-7(1), ‘a person who has
stayed in India for a period of not less than 182 days during the immediately
preceding one year’. Whether he need to be resident in India during every preceding
year, while he is Designated Partner.
To check out the views of other professional colleagues or to submit your view log in to
http://www.llponline.in/forum/
Page 10 of 12
11. What’s New on LLPonline.in?
LLPonline.in has introduced the e – filing zone on its portal for assisting the users on the e- filing
aspect of Incorporation of LLP. Besides giving the complete procedural step from registration to
formation, the zone introduces you with the practical aspects to be taken care at the time of
e-filing.
Useful Presentation on
e-filing acquainting the user with the steps of e-filing on www.llp.gov.in
Steps to download the CER certificate required to register as a Business user on the
Government Portal.
To be benefited from e filing Zone log in to http://www.llponline.in/e_filling_zone.php
Public Opinion
Our Poll of the week “whether existing Partnership Firm should convert into LLP” was favored
by 83% while 17% opinion was against the conversion.
To count your vote on” whether Schedule I of the LLP Act should be more exhaustive like
Table A in Companies Act, 1956” log in to www.LLPonline.in.
Page 11 of 12
12. Our Team:
Ankit Singhi – 011-40622208
Asst. Manager, Corporate Affairs & Compliances Shipra Wadhwa-011-40622246
E mail: ankit@indiacp.com Associate, Corporate Affairs & Compliances
E mail: shipra@indiacp.com
From the house of
Corporate Professionals (India) Private Limited
D-28, South Extn. Part-I, New Delhi-110049,
Ph: 011-40622200; Fax: 011-40622201.
Email: info@indiacp.com & info@LLPonline.in
Disclaimer:
This paper is a copyright of Corporate Professionals (India) Pvt. Ltd. The entire contents of this paper have been developed on the
basis of latest prevailing Limited Liability Partnership Act, 2008 in India. The author and the company expressly disclaim all and any
liability to any person who has read this Newsletter or otherwise, in respect of anything, and of consequences of anything done or
omitted to be done by any such person in reliance upon the contents of this Newsletter.
Page 12 of 12