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 key concepts related to partnerships under Indian law, including:
1. The essential elements of a partnership are an agreement between two or more persons to carry on business together and share profits.
2. There are various types of partners such as general partners, sleeping partners, and nominal partners. Partnerships must also be distinguished from co-ownership and joint Hindu family businesses.
3. Registration of partnerships is not mandatory but provides benefits like the ability to file lawsuits. If unregistered, partners cannot claim certain legal rights or protections.
4. Partners have both absolute duties like acting for the benefit of the partnership and qualified duties depending on the agreement. The document outlines various rights and responsibilities of partners
This document provides an introduction and comparison of limited liability partnerships (LLPs) and basic partnerships. Some key points:
1. LLPs were introduced to provide more flexibility for business organizations while maintaining limited liability for partners. They combine features of partnerships and companies.
2. Unlike partnerships, LLPs have separate legal personality and partners have limited liability. However, partners are still liable for their own wrongful acts.
3. LLP registration requirements are simpler than for companies but more formal than basic partnerships. LLPs must also appoint a compliance officer.
4. LLPs can continue operating with one partner for a defined period, whereas partnerships require a minimum of two partners. LLP
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 document discusses partnerships under Indian law. It defines a partnership as an agreement between two or more persons to share profits from a business carried on by them. Key characteristics of a partnership include a business purpose, profit sharing, and mutual agency between partners. The document contrasts partnerships with co-ownership arrangements and joint Hindu family businesses. It also covers registration of partnerships, types of partners, and a minor's position as a partner.
Partnership is a business relationship between two or more persons who agree to share the profits or losses of the business. Key features include an agreement to conduct business together and share profits/losses, unlimited liability of the partners, and flexibility to divide responsibilities. A partnership deed is a written agreement that outlines terms like capital contributions, profit/loss sharing ratios, partner roles, and dissolution procedures. The advantages of a partnership include easier formation, larger capital availability, flexibility, and quick decision making. However, partnerships also have disadvantages like potential lack of harmony between partners, instability risk with partner changes, and limited growth potential compared to other business structures.
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.
CA NOTES ON THE INDIAN PARTNERSHIP ACT 1932
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The document discusses key concepts related to partnerships under Indian law, including:
1. The essential elements of a partnership are an agreement between two or more persons to carry on business together and share profits.
2. There are various types of partners such as general partners, sleeping partners, and nominal partners. Partnerships must also be distinguished from co-ownership and joint Hindu family businesses.
3. Registration of partnerships is not mandatory but provides benefits like the ability to file lawsuits. If unregistered, partners cannot claim certain legal rights or protections.
4. Partners have both absolute duties like acting for the benefit of the partnership and qualified duties depending on the agreement. The document outlines various rights and responsibilities of partners
This document provides an introduction and comparison of limited liability partnerships (LLPs) and basic partnerships. Some key points:
1. LLPs were introduced to provide more flexibility for business organizations while maintaining limited liability for partners. They combine features of partnerships and companies.
2. Unlike partnerships, LLPs have separate legal personality and partners have limited liability. However, partners are still liable for their own wrongful acts.
3. LLP registration requirements are simpler than for companies but more formal than basic partnerships. LLPs must also appoint a compliance officer.
4. LLPs can continue operating with one partner for a defined period, whereas partnerships require a minimum of two partners. LLP
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 document discusses partnerships under Indian law. It defines a partnership as an agreement between two or more persons to share profits from a business carried on by them. Key characteristics of a partnership include a business purpose, profit sharing, and mutual agency between partners. The document contrasts partnerships with co-ownership arrangements and joint Hindu family businesses. It also covers registration of partnerships, types of partners, and a minor's position as a partner.
Partnership is a business relationship between two or more persons who agree to share the profits or losses of the business. Key features include an agreement to conduct business together and share profits/losses, unlimited liability of the partners, and flexibility to divide responsibilities. A partnership deed is a written agreement that outlines terms like capital contributions, profit/loss sharing ratios, partner roles, and dissolution procedures. The advantages of a partnership include easier formation, larger capital availability, flexibility, and quick decision making. However, partnerships also have disadvantages like potential lack of harmony between partners, instability risk with partner changes, and limited growth potential compared to other business structures.
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.
CA NOTES ON THE INDIAN PARTNERSHIP ACT 1932
FREE AFFIDAVITS AND NOTICES FORMATS
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FREE LLB LAW NOTES
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KANOON KE RAKHWALE INDIA
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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.
CA NOTES ON THE LIMITED LIABILITY PARTNERSHIP ACT 2008
FREE AFFIDAVITS AND NOTICES FORMATS
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FREE LLB LAW NOTES
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FREE LLB LAW FIRST SEM NOTES
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FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
This document discusses different types of business organizations including sole proprietorship, partnership, and limited liability partnership (LLP). It describes the key features of sole proprietorship where one individual owns and manages the business and bears all risks and profits. Partnerships involve two or more individuals jointly owning and managing the business where profits and risks are shared. LLPs provide limited liability to partners similar to a corporation but partners can directly manage the business. The document outlines the merits, limitations, types of partners, and registration process for partnerships.
This document provides an introduction to Limited Liability Partnerships (LLPs) under Malaysian law. It discusses that an LLP is a hybrid between a company and a conventional partnership, providing partners the privilege of limited liability while maintaining flexibility of management. Formation of an LLP requires a minimum of two persons and the business must be lawful and for profit. Professional practice LLPs have additional requirements regarding the profession and insurance of partners. Registration requires information such as the LLP name, nature of business, addresses, partners' details, and compliance officer details. Partners' duties include being jointly liable for their own wrongful acts regarding LLP business.
Difference between Limited Liability Partnership and Private Limited CompanyBusinessWindo.com
In case of setting up a company or business, lot of entrepreneurs/businessmen intend to form a private limited company wherever at the same time many businessmen also want to set up limited liability partnership company. They are also curious to know what are the benefits or advantages of come under both entities.
Chapter 38 – Operation of Partnerships and Related FormsUAF_BA330
The document discusses duties and liabilities of partners in partnerships. It notes that partners owe each other and the partnership the highest degree of loyalty and must act in good faith. Partners are not entitled to wages but share profits and losses. Management decisions generally require majority rule consent, and partners have authority to bind the partnership in ordinary business dealings but may limit authority through agreements. Partnerships and partners are liable for torts committed in the ordinary course of business but LLPs limit individual partner liability.
Handbook -Compliance by LLP After IncorporationBinoy Chacko
This document provides an overview of compliance requirements for a Limited Liability Partnership (LLP) in India after incorporation. It discusses LLP concepts like partners, designated partners and limited liability. It then covers key compliances around LLP Act and Rules like annual filings, accounting, auditing, income tax, service tax, VAT and other registrations. The document provides details on periodic and event-based filings with the Registrar of Companies as well as compliance timelines for tax filings and payments.
Difference between company llp and partnership firm Sandeep Kumar
This slide give an idea to the reader that how company LLP is different as compare to the partenership firm . so after going through these slides they would easly understood the concept and good understanding out of it
To form a partnership under law, there must be a business, agreement to share profits, and business must be carried on by all or any partners acting for the whole. Partnerships have advantages like ease of establishment and ability to raise funds and attract employees through partnership incentives. However, partnerships also have disadvantages like joint and individual liability for partner actions, need to share profits, potential for disagreements, limitations on size and life of partnership, and requirement for consultation between partners.
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.
A partnership is a business relationship between two or more people carrying on a business together with the goal of making a profit. In a partnership, each partner is personally liable for the actions of the other partners and all debts of the business. Partnerships can take various forms, including general partnerships where liability is unlimited, limited partnerships where some partners have limited liability, and partnerships for a specified time period or purpose. The key characteristics of partnerships are that partners share profits and losses of the business and have unlimited liability for debts of the business.
This document provides an overview of key legal considerations for entrepreneurs starting a new business in India. It discusses choosing an appropriate business entity such as a proprietorship, partnership, limited liability partnership, or private/public company. Factors like taxation, liability, legal status, and succession are examined. The document also covers setting up and maintaining corporate records for a company, intellectual property protection, funding options, employment laws, contracts and regulatory compliances. Finally, exit strategies like an initial public offering or acquisition are briefly outlined.
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.
The document discusses the major forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. For each form of ownership, it covers characteristics like liability, tax implications, control structure, and costs. Choosing the best structure depends on an entrepreneur's goals, capital needs, and tolerance for risk. The key is understanding how each form matches their specific business and personal circumstances.
This document provides an overview of different legal structures for businesses in India, including non-profit organizations like trusts and societies, and for-profit structures like sole proprietorships, partnerships, limited liability partnerships, private limited companies, and public limited companies. It describes the key features and requirements of each structure, discussing advantages and disadvantages. Limited liability partnership is described as a hybrid structure that provides limited liability like a company but allows flexible internal management like a partnership.
Chapter 37 – Introduction to Forms of Business and Formation of PartnershipsUAF_BA330
This document provides an overview of different forms of business including sole proprietorships, partnerships, corporations, and limited liability companies. It discusses key aspects of forming and operating a general partnership under the Revised Uniform Partnership Act, including how partnerships are created, partnership interests, and partnership property. Examples and cases are provided to illustrate partnership concepts.
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.
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.
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
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 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.
CA NOTES ON THE LIMITED LIABILITY PARTNERSHIP ACT 2008
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
FREE LLB LAW THIRD SEM NOTES
FREE LLB LAW FOURTH SEM NOTES
FREE LLB LAW FIFTH SEM NOTES
FREE LLB LAW SIXTH SEM NOTES
FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
This document discusses different types of business organizations including sole proprietorship, partnership, and limited liability partnership (LLP). It describes the key features of sole proprietorship where one individual owns and manages the business and bears all risks and profits. Partnerships involve two or more individuals jointly owning and managing the business where profits and risks are shared. LLPs provide limited liability to partners similar to a corporation but partners can directly manage the business. The document outlines the merits, limitations, types of partners, and registration process for partnerships.
This document provides an introduction to Limited Liability Partnerships (LLPs) under Malaysian law. It discusses that an LLP is a hybrid between a company and a conventional partnership, providing partners the privilege of limited liability while maintaining flexibility of management. Formation of an LLP requires a minimum of two persons and the business must be lawful and for profit. Professional practice LLPs have additional requirements regarding the profession and insurance of partners. Registration requires information such as the LLP name, nature of business, addresses, partners' details, and compliance officer details. Partners' duties include being jointly liable for their own wrongful acts regarding LLP business.
Difference between Limited Liability Partnership and Private Limited CompanyBusinessWindo.com
In case of setting up a company or business, lot of entrepreneurs/businessmen intend to form a private limited company wherever at the same time many businessmen also want to set up limited liability partnership company. They are also curious to know what are the benefits or advantages of come under both entities.
Chapter 38 – Operation of Partnerships and Related FormsUAF_BA330
The document discusses duties and liabilities of partners in partnerships. It notes that partners owe each other and the partnership the highest degree of loyalty and must act in good faith. Partners are not entitled to wages but share profits and losses. Management decisions generally require majority rule consent, and partners have authority to bind the partnership in ordinary business dealings but may limit authority through agreements. Partnerships and partners are liable for torts committed in the ordinary course of business but LLPs limit individual partner liability.
Handbook -Compliance by LLP After IncorporationBinoy Chacko
This document provides an overview of compliance requirements for a Limited Liability Partnership (LLP) in India after incorporation. It discusses LLP concepts like partners, designated partners and limited liability. It then covers key compliances around LLP Act and Rules like annual filings, accounting, auditing, income tax, service tax, VAT and other registrations. The document provides details on periodic and event-based filings with the Registrar of Companies as well as compliance timelines for tax filings and payments.
Difference between company llp and partnership firm Sandeep Kumar
This slide give an idea to the reader that how company LLP is different as compare to the partenership firm . so after going through these slides they would easly understood the concept and good understanding out of it
To form a partnership under law, there must be a business, agreement to share profits, and business must be carried on by all or any partners acting for the whole. Partnerships have advantages like ease of establishment and ability to raise funds and attract employees through partnership incentives. However, partnerships also have disadvantages like joint and individual liability for partner actions, need to share profits, potential for disagreements, limitations on size and life of partnership, and requirement for consultation between partners.
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.
A partnership is a business relationship between two or more people carrying on a business together with the goal of making a profit. In a partnership, each partner is personally liable for the actions of the other partners and all debts of the business. Partnerships can take various forms, including general partnerships where liability is unlimited, limited partnerships where some partners have limited liability, and partnerships for a specified time period or purpose. The key characteristics of partnerships are that partners share profits and losses of the business and have unlimited liability for debts of the business.
This document provides an overview of key legal considerations for entrepreneurs starting a new business in India. It discusses choosing an appropriate business entity such as a proprietorship, partnership, limited liability partnership, or private/public company. Factors like taxation, liability, legal status, and succession are examined. The document also covers setting up and maintaining corporate records for a company, intellectual property protection, funding options, employment laws, contracts and regulatory compliances. Finally, exit strategies like an initial public offering or acquisition are briefly outlined.
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.
The document discusses the major forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. For each form of ownership, it covers characteristics like liability, tax implications, control structure, and costs. Choosing the best structure depends on an entrepreneur's goals, capital needs, and tolerance for risk. The key is understanding how each form matches their specific business and personal circumstances.
This document provides an overview of different legal structures for businesses in India, including non-profit organizations like trusts and societies, and for-profit structures like sole proprietorships, partnerships, limited liability partnerships, private limited companies, and public limited companies. It describes the key features and requirements of each structure, discussing advantages and disadvantages. Limited liability partnership is described as a hybrid structure that provides limited liability like a company but allows flexible internal management like a partnership.
Chapter 37 – Introduction to Forms of Business and Formation of PartnershipsUAF_BA330
This document provides an overview of different forms of business including sole proprietorships, partnerships, corporations, and limited liability companies. It discusses key aspects of forming and operating a general partnership under the Revised Uniform Partnership Act, including how partnerships are created, partnership interests, and partnership property. Examples and cases are provided to illustrate partnership concepts.
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.
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.
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
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 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 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.
90 minute session delivered to the Northwest Girls Coalition in Seattle. Sugar and Spice But Not Always Nice: Gender, Bias, and Aggression in Adolescent Girls. Odd Girls Out. Queen Bees. Girl Bullying. When did we lose our sweet little girls? Examine the cross-section of socio-emotional development, gender bias, and adolescence in the emergence of the “Mean Girl” phenomenon. What can we do as parents, educators, and supporters to promote healthy relationship among girls?
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
Types of various business Organizations, includes Sole Proprietor, Partnership, Societies, Joint Stock Companies, Hindu Undivided Family Business in India
This document defines partnership and describes the different types of partners in a partnership like active, sleeping, secret, nominal, and partner by estoppel or holding out. It also discusses the two ways partnerships can be classified based on duration (at will or particular) and liability (general or limited). The roles and liabilities of each type of partner are explained. The document also covers partnership deeds, the elements included in them, and some rights and liabilities of minors who are admitted to the benefits of a partnership.
Partnership is an arrangement where parties agree to cooperate to advance their mutual interests. There are several types of partnerships including general partnerships, limited partnerships, and limited liability partnerships. General partnerships have partners who are jointly liable for debts and jointly manage the business. Limited partnerships have both general partners who are liable and limited partners who are only liable up to their investment. Limited liability partnerships provide limited liability for some or all partners. Partnerships can be dissolved by agreement, notice, compulsory events like insolvency, or contingencies like the death of a partner.
In India, various business models exist like proprietorship, company, limited liability partnership (LLP), HUF etc. among these Partnership Firm is one of the popular and widely accepted form of business where two or more person are intending to carry on any business activities. As when more than one or two person are willing to start business, sole proprietorship may not be appropriate form whereas formation of Company requires sufficient amount of fund and calls for various compliances, thus in such scenario forming a Partnership Firm turns out to best alternative.
Since partnership as a form of business has its own limitation like no separate legal entity, no limited liability, capital funding crunches etc., partners are now inclining towards conversion of their partnership firm into a Limited Liability Partnership having features similar to a corporate.
Difference Between Partner and Designated Partner In LLP.pdfMyEfilings
In a Limited Liability Partnership (LLP), there are two types of partners: partners and designated partners. While both types of partners have similar rights and responsibilities, there are some key differences between them.
This document provides an overview of partnership law in 3 pages with 5 sections. It defines a partnership as an agreement between 2 or more people to share profits from a business. It outlines the key elements of a partnership including voluntary agreement and sharing of profits. It also describes types of partners, classes of partnerships, consequences of non-registration, rights and liabilities of partners, and grounds for dissolution. The document serves as an introductory guide to some of the main concepts in partnership law.
Greetings, We from B C Shetty & Co., Chartered Accountants are glad to help you out with the conversion process. The above slide is a small brief-up of what we do.
This document discusses various types of partnerships under Indian law, including general partnerships, limited partnerships, partnership at will, and partnership for a particular undertaking. It explains the key characteristics of each type, such as unlimited liability for general partners versus limited liability for limited partners. The document also covers topics like duties of partners, rights of minor partners, and rights and obligations of partners generally as laid out in partnership agreements or statutes.
The document discusses key aspects of partnerships under Indian law including the definition of a partnership, essential elements, types of partnerships such as partnership at will and for a fixed term, rights and liabilities of incoming and outgoing partners, different kinds of partners, registration of firms, effects of non-registration, and dissolution of firms through voluntary means or court order.
Partnership is a form of business ownership that arises when two or more persons come together and pool their capital, skills, and labor to operate a business for mutual profit. The key reasons for forming a partnership include overcoming limitations of sole proprietorship such as limited resources and skills by combining the strengths of multiple individuals. A partnership is governed by the Indian Partnership Act of 1932 and allows for unlimited liability as well as shared profits, losses, risks, and mutual agency between partners in operating the business together.
Difference between LLP, Partnership, and Companyaneesashraf6
The document compares the key differences between Limited Liability Partnerships (LLPs), partnerships, and companies as business structures. Some of the main differences are:
- LLPs and companies are separate legal entities, while partnerships are not. Partners in an LLP or company have limited liability, but partners in a partnership have unlimited liability.
- LLPs and companies require mandatory registration, while partnership registration is voluntary. LLPs and companies can sue and be sued in their own name.
- Companies have more formal governance structures like shareholders and directors, while LLPs and partnerships give all partners a say in management. Compliance requirements are also stricter for companies.
- Forming
This document provides an introduction and overview of Limited Liability Partnerships (LLPs) in India. Key points include: LLPs are a new type of business entity established by the LLP Act of 2008, combining limited liability for partners like a company with tax treatment like a partnership; LLPs must have at least 2 partners and no maximum, and can have both individual and corporate partners; LLPs are required to have one or more designated partners who are responsible for compliance; and the document outlines the incorporation process for LLPs and requirements for LLP agreements between partners.
Two partnerships cannot form a limited liability partnership (LLP) together, as an LLP is a hybrid structure combining aspects of a partnership and a company. An LLP provides liability protection for partners from the acts of other partners, but each partner remains liable for their own actions. A minimum of two partners is required to form an LLP, and there is no maximum limit on the number of partners. Designated partners must be appointed to fulfill statutory obligations under the LLP Act.
The document provides an overview of key aspects of Indian partnership law, including definitions, essential elements, types of partners, duration, dissolution, and rights and duties. Some key points:
- A partnership is defined as the relation between persons who have agreed to share the profits of a business carried on by all or any acting for all.
- Essential elements include agreement, business purpose, profit sharing, mutual agency, restrictions on transfer of partner shares, unlimited liability, and no separate legal entity status.
- Partners include active, sleeping, nominal, and incoming/outgoing types.
- Dissolution can occur through agreement, compulsory events like insolvency, or contingencies like expiration, completion
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.
The document defines partnership under the Indian Partnership Act of 1932 as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. It outlines the key characteristics of a partnership like the agreement to share profits, unlimited liability, joint ownership of property.
It describes the different types of partners like active, sleeping, nominal partners. It also explains partnership at will which can be dissolved by any partner giving notice, and particular partnership which is for a specific purpose or time period.
The document emphasizes that a partnership agreement is formed by contract and it is best to have it in writing in a partnership deed that outlines details like capital contributions, profit/
Constitution of India: Dissolution of PartnershipSaloni Bansal
The document discusses partnership and dissolution of partnerships under Indian law. It defines a partnership as an agreement between people to share profits from a business. There are two main types of partnerships: general partnerships, where all partners are equally involved and liable, and limited partnerships, where limited partners only contribute capital. Dissolution can occur either through a court order due to issues like a partner's unsound mind or misconduct, or without court interference through agreement, compulsory events, or a partner giving notice. Upon dissolution, the firm's assets must first be used to pay off debts to third parties and any advances to partners, then distributed to partners based on their capital contributions and profit shares.
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The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
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advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
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providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
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and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
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Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
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Community pharmacy- Social and preventive pharmacy UNIT 5
Llp mantra jan 2010
1. LLP MANTRA
Volume VII A Venture of Corporate Professionals
Partners in LLP
Agreement. The partners would be entitled to share equal
Partners are persons (whether natural or artificial) who have profits in the LLP or as may be provided by LLP
subscribed their name to the incorporation document and agreement.
further any new person can be admitted to the LLP as per the
provisions of LLP Agreement. The LLP Act 2008 defines the The rights of a partner to a share of the profits and
term partner under Section 2(q) as “Partner”, in relation to a losses of the limited liability partnership and to receive
limited liability partnership, as any person who becomes a distributions in accordance with the Limited Liability
partner in the Limited Liability Partnership in accordance with Partnership agreement are transferable either wholly or
the Limited Liability Partnership Agreement. in part provided that the :
Who can be Partner? The transfer of any right by any partner does not by
itself cause the disassociation of the partner or a
There should be at least 2 persons (natural or artificial) dissolution and winding up of the limited liability
required to form a LLP. In case any Body Corporate is a partnership.
partner, than it will be required to nominate any person The transfer of any right by any partner does not by
(natural) as its nominee for the purpose of the LLP. itself entitle the transferee or assignee to participate in
the management or conduct of the activities of the
Following can become a partner in the LLP:
limited liability partnership, or access information
concerning the transactions of the limited liability
Company incorporated in and outside India
partnership.
LLP incorporated in & outside India
Individuals resident in & outside India Liabilities of Partner
The Government of India has not yet notified the policy for
The Liability of Partners in LLP unlike partnership Firm
Foreign Direct Investment by Individuals resident outside India
is limited to the extent of their contribution.
in LLP form of business and therefore, till the date policy is
Any partner of the LLP would not be liable for the
announced, such persons cannot form a LLP in India.
wrongful act or omission of any other partner of the
limited liability partnership.
Role of Partner
Partners are not personally liable for any obligation of
Partners regarding the rights are alike the Partners in the LLP arising out of a contract or otherwise solely by
traditional Partnership Firm. Partners have the right to reason of being a partner of the limited liability
participate in the management of the LLP though they are not partnership.
entitled to any remuneration for participating in the Partners shall be solely liable for all acts done without
management of LLP unless otherwise provided in the LLP the authority of the LLP
For protecting the public interest, section 30
provides for unlimited liability of the partners in
case any fraudulent transaction has been carried
LLP Mantra V.VII Page 1 of 6
2. with the intention to defraud with the creditors or any other 4. How can a person become a partner of an LLP?
person dealing with Limited Liability Partnership.
Persons, who subscribed to the ’Incorporation Document’
at the time of incorporation of LLP, shall be the partners
Admission and Cessation of Partner of LLP. Subsequent to incorporation, new partners can be
admitted in the LLP as per conditions and requirements
A new partner can join the LLP or an existing partner can cease
of LLP Agreement.
to be partner of the LLP subject to the compliance of the
terms and conditions of the LLP Agreement. Form 3 for the 5. Can Trusts be a Partner in the LLP?
change in the LLP Agreement and Form 4 for the Change in
Partners is required to be filed with the Registrar of LLP. No, Only an Individual or Body corporate can be partner
in LLP and the definition of Body Corporate does not
include trusts in its ambit. The Trustee can become a
Partners in LLP partner in its capacity.
6. Can any partnership firm be a partner in the LLP?
1. What are the restrictions in respect of minimum and
maximum number of partners in an LLP? No, Only an Individual or Body corporate can be partner
and the definition of Body Corporate does not include
A minimum of two partners will be required for formation partnership in its ambit.
of an LLP. There is no limit on the maximum number of
However any partner of the Partnership firm in his
Partners.
individual capacity can hold partnership in LLP.
2. What are the qualifications for becoming a Partner?
7. How can an existing partner cease to be a partner of
Any individual or body corporate may be a partner in a LLP. an LLP?
However an individual shall not be capable of becoming a
A person may cease to be a partner in accordance with
partner of a LLP, if
the agreement or in the absence of agreement, by
giving 30 days notice to the other partners.
a) has been found to be of unsound mind by a Court of
compentent jurisdiction and the finding is in force
A person shall also cease to be a partner of a limited
b) undischarged insolvent; or
liability partnership-
c) he has applied to be adjudicated as an insolvent and
his application is pending. On his death or dissolution of the limited liability
partnership; or
3. Is there any residency requirement for becoming If he is declared to be of unsound mind by a competent
partner? court; or
If he has applied to be adjudged as an insolvent or
No, there is no residency requirement but at least
declared as an insolvent.
one designated partner shall be resident in India. The term
’resident in India’ means a person who has stayed in India Notice in eform 4 is required to be given to RO- LLP
for a period of not less than one hundred and eighty-two when a person becomes or ceases to be partner or for
days during the immediately preceding one year. any change in partners.
LLP Mantra V.VII Page 2 of 6
3. With the onset of the LLP Act, consequential
clarifications/amendments in other legislations such as
8. Is a partner ceased from his liability on his cessation of the Income Tax Act, FEMA (including the FDI policy), SEBI,
being the partner of the LLP? Companies Act, etc were expected—some amendments
have been provided while many are still awaited.
The cessation of a partner from the limited liability
partnership does not by itself discharge the partner from The Finance Act, 2009 has brought to rest the ambiguity
any obligation to the limited liability partnership or to the with regards to taxation of LLP wherein provisions of
other partners or to any other person which he incurred payment of Minimum Alternate Tax and Dividend
while being a partner. The person/former partner may still Distribution Tax are made not applicable to an LLP. Even
continue to be a partner in the eyes of other persons
the proposed Direct Taxes Code has provided for similar
unless:- tax treatments thus which by far popularizing the LLP as a
preferred vehicle for business and professional purposes.
The person has notice that the former partner has
ceased to be a partner of the limited liability However, as with any nubile legislation, there still remain
partnership; or various apprehensions in respect of the provisions to be
Notice that the former partner has ceased to be a made in all the relevant acts, rules, regulations, etc.
partner of the limited liability partnership has been
delivered to the Registrar. To start with, one of the conditions that SEBI (Issue of
Capital and Disclosure Requirements), Regulations
LLP in News (‘Regulations’) provide for a company to be eligible for an
initial public offer is that the said company should have a
Unlimited Issues limiting Benefits of LLP
track record of distributable profits in the three
Source: The Financial Express
nd
Dated: 22 November 2009 immediately preceding years. The Regulation further
Introducing Limited Liability Partnerships (LLP) as a new explains that in case an issuer has been a partnership
business structure is considered to be a path breaking firm, the track record of distributable profits of the
reform initiative, providing the much needed flexibility, partnership firm will also be considered. However, such
especially to small and medium sized entrepreneurs. This is
an explanation with respect to a LLP has not been
evident from the fact that approximately 300 LLP have been
formed so far. inserted in the revised Regulations. Thus, as it stands
today, the track record as LLP will not be considered for
LLP law in India is formed on the basis of UK LLP Law. It is determining the eligibility to list the shares of the
important to note that with the advent of the UK LLP Act, successor company.
requisite amendments in other laws and regulations were
made simultaneously. For example, amendments in the Although there are provisions in the LLP Act for
Income and Corporation Taxes Act, 1988, Taxation of conversion of partnerships/private companies/unlisted
Chargeable Gains Act, 1992, Companies Act, 1985, companies into a LLP, there are no provisions for vice-
Inheritance Tax Act, 1984, laws pertaining to stamp duty versa. The LLP Act and for that matter the Companies Act
was affected to incorporate the concept of LLP. Having said and the Companies Bill, 2008 is silent on conversion of a
so, it is essential to evaluate the implications of the LLP Act LLP into a company. However, a view may be taken that
in India and the supporting legislations. under provisions of Part IX of the Companies Act, a LLP
can be converted into a company.
LLP Mantra V.VII Page 3 of 6
4. Coming to stamp duty liability, unlike in the case of
Gray Issue
partnership firms wherein the Indian Stamp Act and
relevant State Acts have specified entries for stamp duty No provision has been provided for registration of
liability pertaining to partnerships, there are no similar Charges under the LLP Act 2008 but Form 8 Statement of
Account and Solvency required to be annually filed by the
entries for LLP. Further, there are specific entries in the
Stamp Acts levying duty on orders passed by the LLPs encloses a declaration of the designated partner that
jurisdictional High Court under Sections 391-394 of the “We append a Statement indicating creation of charges or
Companies Act. However, no insertion has been yet made modification or satisfaction thereof during the financial
for orders passed pursuant to Sections 60 to 62 of the LLP year”
Act. Currently the FDI Policy and FEMA do not expressly Either the provision for registration of Charge should be
permit a foreign investment in to a LLP. It is not even provided in the Act or the Form should be modified
deleting the provision for appending any such statement.
Clear whether NRIs can invest in an LLP on non-repatriation
However keeping in mind the Good Corporate
basis. Clarifications/amendments are expected in this
Governance such registration provision should be
regards in the near future.
provided in the Act.
The aforesaid issues are just a few instances arising from
introduction of LLP Act. In order to propel the concept of
Recent Queries – LLP Club
LLP as the most attractive vehicle for a business enterprise,
a holistic review be carried out for various amendments 1. We are converting our existing firm to LLP. Only two
required in other legislations. partners of the firm have contributed to the capital, rest
have contributed zero. As the total capital of the firm is to
become the capital of the LLP, whether the contribution
Global Segment from some LLP partners can also be zero?
Or
Partners & Designated Partners
LLP UK Minimum 2 Partners without any maximum
If it is compulsory to get contribution from every partner,
limit. Minimum 2 Designated Partners
then whether the fresh capital could be introduced during
without any restriction of residential status
the process of the conversion, if yes then what is the
and individual requirement.
procedure?
LLP Minimum 2 Partners without any maximum
Singapore limit. At least one local manager, whether Or
or not partner to be appointed in the LLP.
LLP USA Regarding the No. of Partners the law is
silent and the concept of Designated The total existing capital is to be shown as contributed by
Partner does not exist in the Uniform all the partners.
Partnership Act, 1996.
2. Apart from the designated partners, is there any other
LLP India Minimum 2 Partners without any maximum
classification available in LLP through which founding
limit. Minimum 2 Designated Partners (Only
Partners’ share holding is not diluted even
individuals) out of which at least one should
be resident in India.
LLP Mantra V.VII Page 4 of 6
5. after bringing new partner(s) on board? This is like the
Public Opinion
founding partners may want to get new partners with
minimum or no dilution of their holding. For example in case
of companies you can issue shares of different class. Our Poll of the week “Whether LLP Agreement should be
made available for Public Inspection” was favored by 73%
3. If a LLP form of entity is formed (like a JV Company) and audience while 27% audience was against the decision of
two partners (one being a body corporate incorporated making the LLP Agreement as public document.
outside India and other partner being an Indian Company)
share profits equally, then is it possible that both companies To count your vote on “Whether profit in the LLPs should
can nominate 2 DP's each in the same way had the two be taxed in the hands of its partners and not in the hands
partners formed a JV Company in India and both wish to of LLP” log in to www.LLPonline.in
nominate 2 Directors each on the board of the JV Company.
4. Whether in case of conversion of company into LLP, the
distribution of reserves in the hands of partners, will be
taxable under the Income Tax Act?
ublic Opinion
To check the answers for the queries click here
Our Services
LLP Mantra V.VII Page 5 of 6
6. Our Team
Ankit Singhi- O11-40622208
Asst. Manager, Corporate Affairs & Compliances
Email: ankit@indiacp.com Shipra Wadhwa-011-40622248
Associate, Corporate Affairs & Compliances
Email: shipra@indiacp.com
Visit us at
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
Our Gamut of Services
INVESTMENT BANKING • INDIA ENTRY SERVICES • M&A, CORPORATE COMPLIANCES & DUE
DILIGENCE • CORPORATE TAXATION • SECURITY LAW ADVISORY • AUDIT & ACCOUNTING
SERVICES
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 Limited Liability Partnership Act 2008. The author and the company expressly disclaim all
and any liability to any person who has read this paper, 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 paper.
LLP Mantra V.VII Page 6 of 6