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
LLP is the modern business entity in current business scenario. LLP law has been recently enacted in India. Finance Bill 2009 lays the way how LLP would be taxed in India. Article which has been published in The Chmaber of Tax Consultants "IT Review" analyses taxation of LLP 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.
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.
The document discusses various aspects related to taxation of Limited Liability Partnerships (LLPs) under the Income Tax Act in India. Some key points include:
- LLPs are taxed similar to partnerships with partners being taxed separately.
- Remuneration paid to partners is allowed as deduction if certain conditions are met.
- Interest paid to partners is allowed as deduction subject to specified limits.
- Conversion of private/unlisted public companies to LLPs is exempt from capital gains tax if certain conditions regarding continuity in assets, liabilities, shareholders and profits are met.
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 Limited Liability Partnership (LLP) in Malaysia are taxes similar as Limited Liability. However, the LLP are not required to be audited. Therefore, the profit and loss and balance sheet are base on management account. This will be more suitable business vehicle for Small and Medium Enterprise, which the set up of the business are simple, saving of cost and shield form unexpected business liability.
A limited liability partnership can change its registered office from one state to another by following the procedure outlined in its LLP agreement or with the consent of all partners. It must obtain consent from all secured creditors and publish a notice of the change at least 21 days prior. The LLP must then file eForm 15 notifying the registrar of the change within 30 days along with the prescribed fee and amend its LLP agreement by filing eForm 3 within 30 days of the change. Any convictions against the LLP must be disclosed.
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.
LLP is the modern business entity in current business scenario. LLP law has been recently enacted in India. Finance Bill 2009 lays the way how LLP would be taxed in India. Article which has been published in The Chmaber of Tax Consultants "IT Review" analyses taxation of LLP 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.
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.
The document discusses various aspects related to taxation of Limited Liability Partnerships (LLPs) under the Income Tax Act in India. Some key points include:
- LLPs are taxed similar to partnerships with partners being taxed separately.
- Remuneration paid to partners is allowed as deduction if certain conditions are met.
- Interest paid to partners is allowed as deduction subject to specified limits.
- Conversion of private/unlisted public companies to LLPs is exempt from capital gains tax if certain conditions regarding continuity in assets, liabilities, shareholders and profits are met.
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 Limited Liability Partnership (LLP) in Malaysia are taxes similar as Limited Liability. However, the LLP are not required to be audited. Therefore, the profit and loss and balance sheet are base on management account. This will be more suitable business vehicle for Small and Medium Enterprise, which the set up of the business are simple, saving of cost and shield form unexpected business liability.
A limited liability partnership can change its registered office from one state to another by following the procedure outlined in its LLP agreement or with the consent of all partners. It must obtain consent from all secured creditors and publish a notice of the change at least 21 days prior. The LLP must then file eForm 15 notifying the registrar of the change within 30 days along with the prescribed fee and amend its LLP agreement by filing eForm 3 within 30 days of the change. Any convictions against the LLP must be disclosed.
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 the process of converting a company into a Limited Liability Partnership (LLP). It begins with providing background on LLPs and their key features. Reasons for conversion include fewer compliance requirements for LLPs compared to companies. The conversion process involves 8 steps, including obtaining DIN, passing board resolutions, filing various forms with the ROC, drafting an LLP agreement, and filing final forms. Benefits of conversion include limited liability, fewer statutory records and audit requirements, and no dividend distribution tax for 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.
HMRC published a consultation document proposing changes to partnership tax rules to prevent tax avoidance through the use of LLPs. The proposed changes aim to 1) classify individuals as employees rather than partners if their engagement is tantamount to employment and 2) prevent the allocation of profits and losses among partnership members from being used to secure unfair tax advantages. Comments on the consultation were due by August 9, 2013. The proposed changes would take effect from April 6, 2014 and may significantly impact investment managers in the UK.
Conversion of company into llp and its taxationCA. Pramod Jain
This document provides information about converting a private or unlisted public company to a Limited Liability Partnership (LLP) under the Income Tax Act. Key details include:
- Conversion is exempt from capital gains tax if certain conditions are met, such as all assets/liabilities becoming those of the LLP and shareholders becoming partners in the same proportion.
- The cost basis of assets and losses can be carried over to the LLP to allow continuity in tax treatment.
- Several sections of the Income Tax Act have been amended to facilitate tax compliance for a company that converts to an LLP.
ICAI - Presentation on Partnerships under the Law of Tax Treaties - 29.04.2012P P Shah & Associates
This document provides an overview of partnerships under tax treaty laws. It defines partnerships and discusses how they are classified and taxed under domestic laws and tax treaties. Specifically:
1) Partnerships can take different legal forms depending on the jurisdiction, and may be classified as taxable or fiscally transparent entities for tax purposes. How a partnership is classified can impact its ability to claim tax treaty benefits.
2) Issues can arise under tax treaties when the residence and source states classify a partnership differently (e.g. as taxable vs transparent), known as a conflict of attribution or qualification. This affects how partnership income and payments are taxed in each state.
3) The OECD has provided
This document provides instructions for Oregon's composite tax return (Form OC) that pass-through entities (PTEs) such as partnerships, S corporations, LLCs, and certain trusts use to file tax returns on behalf of their nonresident owners who elect to participate. Key details include:
- PTEs can file a composite return to report the income and pay the taxes of participating nonresident owners.
- Owners must decide each year if they want to join the composite filing. Doing so means they can't claim deductions/credits on their individual returns.
- The composite return is due by the same date as the majority of owners' individual returns. PTEs must make estimated tax payments quarter
The document provides an overview of the key procedures and regulatory issues involved in converting an existing firm or private/unlisted company into a Limited Liability Partnership (LLP) in India.
The main points are:
1) Firms and private/unlisted companies can apply to convert to an LLP by filing the requisite forms and documents.
2) Upon registration, all assets, liabilities, and legal proceedings will be transferred to and continue under the new LLP.
3) Former partners/shareholders will become LLP partners but partners will remain personally liable for pre-conversion liabilities and obligations.
4) The conversion process is governed by the LLP Act and
Taxation Article - The Painless Way Of SplittingMartin Verrall
P Ltd wanted to sell its non-core franchise business without incurring tax charges. Recent law changes made this easier by exempting degrouping charges from tax under the substantial shareholding exemption. However, two issues needed addressing: 1) Whether the franchise goodwill was old or new, as new goodwill degrouping charges are still taxed. It was determined the goodwill was old based on the franchise start date. 2) The law requires the transferor to have been in a group, but P Ltd was a sole trader. While a group of one can mathematically be a group, HMRC guidance says the law cannot apply to sole traders.
Landlords are facing changes to tax legislation that will reduce their rental income. Incorporating rental properties into a limited company allows landlords to avoid capital gains tax, stamp duty land tax, and inheritance tax. It also provides 100% tax relief on mortgage interest and corporation tax of only 17-20% on rental income compared to the individual tax rate of 20-45%. Setting up a specialist trust can further protect the shares of the company from inheritance tax.
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 partnership taxation regime treats a partnership as simply a conduit (rather than a taxable entity) through which the profit (income) or loss of the partnership are passed onto partners, who will report it together with other profits (income) or losses on their income tax returns. By doing so, so-called double taxation (i.e. one taxation at the entity level and another taxation at the partner level) can be avoided.
This document provides an overview and exhibits about selecting an entity form for a new business from the perspectives of tax and non-tax differences. It compares key aspects of C corporations, S corporations, and general partnerships. The exhibits include tables that outline differences in areas like exposure of owners, continuity of ownership, rights of owners, raising equity/debt capital, tax rates, accounting methods, and eligibility requirements.
HMRC has issued another update on VAT and pension schemes following recent court rulings. The update says that HMRC will provide further guidance in the autumn on how the new VAT policy will apply regarding costs incurred by employers on pension schemes and whether defined contribution schemes can be considered special investment funds. The previous guidance from HMRC caused issues by not properly consulting industry representatives first. Further announcements are expected later in the year to clarify the VAT implications of pension scheme costs and management based on the recent court judgments.
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.
Amounts Paid to "Limited Partners" of LLC are Subject to Self-Employment Taxes CBIZ, Inc.
The IRS Chief Counsel concluded that partners of an investment management firm organized as an LLC were not actually limited partners. The amounts they received from the firm as distributive shares were subject to self-employment taxes, not the exemption for limited partner income. The partners provided extensive services to the firm and the firm's income was derived from management fees for those services, not passive investment. Thus, the partners were self-employed and not limited partners receiving investment income.
This document outlines the steps to convert a partnership firm into a Limited Liability Partnership (LLP). There are several prerequisites including being registered as a partnership, consent of all partners, acquiring Designated Partner Identification Numbers and Digital Signature Certificates for two partners. A minimum of two partners is required, with at least two Designated Partners who are accountable for regulatory compliance. The conversion process involves acquiring DPINs, applying for name availability, submitting required documents, and registering with the Registrar of Companies to receive a Certificate of Incorporation.
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 provides an overview of Limited Liability Partnerships (LLPs) in India. It discusses the history and legislation around LLPs, outlines key features of the LLP Act including structure, partners and compliance requirements, compares LLPs to other business structures, and concludes that LLPs provide a flexible new option for businesses in India.
This document discusses the taxation of partnerships under domestic laws and tax treaties. It defines partnerships and the different types, and addresses how partnerships are classified and taxed in different countries. It also examines issues that can arise with conflicting classifications of partnerships between countries, such as double taxation or non-taxation. The document outlines relevant articles in the OECD and UN models related to determining whether partnerships are entitled to tax treaty benefits.
The document discusses taxation of Limited Liability Partnerships (LLPs) in India. Key points include:
1. LLPs are taxed like partnerships - they pay a 30% flat tax rate plus education cess on total taxable income.
2. Remuneration to working partners and interest on capital to partners are deductible expenses for the LLP if certain conditions are met.
3. The remuneration and interest received by partners is taxable as business income in their individual tax returns.
The document discusses the process of converting a company into a Limited Liability Partnership (LLP). It begins with providing background on LLPs and their key features. Reasons for conversion include fewer compliance requirements for LLPs compared to companies. The conversion process involves 8 steps, including obtaining DIN, passing board resolutions, filing various forms with the ROC, drafting an LLP agreement, and filing final forms. Benefits of conversion include limited liability, fewer statutory records and audit requirements, and no dividend distribution tax for 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.
HMRC published a consultation document proposing changes to partnership tax rules to prevent tax avoidance through the use of LLPs. The proposed changes aim to 1) classify individuals as employees rather than partners if their engagement is tantamount to employment and 2) prevent the allocation of profits and losses among partnership members from being used to secure unfair tax advantages. Comments on the consultation were due by August 9, 2013. The proposed changes would take effect from April 6, 2014 and may significantly impact investment managers in the UK.
Conversion of company into llp and its taxationCA. Pramod Jain
This document provides information about converting a private or unlisted public company to a Limited Liability Partnership (LLP) under the Income Tax Act. Key details include:
- Conversion is exempt from capital gains tax if certain conditions are met, such as all assets/liabilities becoming those of the LLP and shareholders becoming partners in the same proportion.
- The cost basis of assets and losses can be carried over to the LLP to allow continuity in tax treatment.
- Several sections of the Income Tax Act have been amended to facilitate tax compliance for a company that converts to an LLP.
ICAI - Presentation on Partnerships under the Law of Tax Treaties - 29.04.2012P P Shah & Associates
This document provides an overview of partnerships under tax treaty laws. It defines partnerships and discusses how they are classified and taxed under domestic laws and tax treaties. Specifically:
1) Partnerships can take different legal forms depending on the jurisdiction, and may be classified as taxable or fiscally transparent entities for tax purposes. How a partnership is classified can impact its ability to claim tax treaty benefits.
2) Issues can arise under tax treaties when the residence and source states classify a partnership differently (e.g. as taxable vs transparent), known as a conflict of attribution or qualification. This affects how partnership income and payments are taxed in each state.
3) The OECD has provided
This document provides instructions for Oregon's composite tax return (Form OC) that pass-through entities (PTEs) such as partnerships, S corporations, LLCs, and certain trusts use to file tax returns on behalf of their nonresident owners who elect to participate. Key details include:
- PTEs can file a composite return to report the income and pay the taxes of participating nonresident owners.
- Owners must decide each year if they want to join the composite filing. Doing so means they can't claim deductions/credits on their individual returns.
- The composite return is due by the same date as the majority of owners' individual returns. PTEs must make estimated tax payments quarter
The document provides an overview of the key procedures and regulatory issues involved in converting an existing firm or private/unlisted company into a Limited Liability Partnership (LLP) in India.
The main points are:
1) Firms and private/unlisted companies can apply to convert to an LLP by filing the requisite forms and documents.
2) Upon registration, all assets, liabilities, and legal proceedings will be transferred to and continue under the new LLP.
3) Former partners/shareholders will become LLP partners but partners will remain personally liable for pre-conversion liabilities and obligations.
4) The conversion process is governed by the LLP Act and
Taxation Article - The Painless Way Of SplittingMartin Verrall
P Ltd wanted to sell its non-core franchise business without incurring tax charges. Recent law changes made this easier by exempting degrouping charges from tax under the substantial shareholding exemption. However, two issues needed addressing: 1) Whether the franchise goodwill was old or new, as new goodwill degrouping charges are still taxed. It was determined the goodwill was old based on the franchise start date. 2) The law requires the transferor to have been in a group, but P Ltd was a sole trader. While a group of one can mathematically be a group, HMRC guidance says the law cannot apply to sole traders.
Landlords are facing changes to tax legislation that will reduce their rental income. Incorporating rental properties into a limited company allows landlords to avoid capital gains tax, stamp duty land tax, and inheritance tax. It also provides 100% tax relief on mortgage interest and corporation tax of only 17-20% on rental income compared to the individual tax rate of 20-45%. Setting up a specialist trust can further protect the shares of the company from inheritance tax.
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 partnership taxation regime treats a partnership as simply a conduit (rather than a taxable entity) through which the profit (income) or loss of the partnership are passed onto partners, who will report it together with other profits (income) or losses on their income tax returns. By doing so, so-called double taxation (i.e. one taxation at the entity level and another taxation at the partner level) can be avoided.
This document provides an overview and exhibits about selecting an entity form for a new business from the perspectives of tax and non-tax differences. It compares key aspects of C corporations, S corporations, and general partnerships. The exhibits include tables that outline differences in areas like exposure of owners, continuity of ownership, rights of owners, raising equity/debt capital, tax rates, accounting methods, and eligibility requirements.
HMRC has issued another update on VAT and pension schemes following recent court rulings. The update says that HMRC will provide further guidance in the autumn on how the new VAT policy will apply regarding costs incurred by employers on pension schemes and whether defined contribution schemes can be considered special investment funds. The previous guidance from HMRC caused issues by not properly consulting industry representatives first. Further announcements are expected later in the year to clarify the VAT implications of pension scheme costs and management based on the recent court judgments.
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.
Amounts Paid to "Limited Partners" of LLC are Subject to Self-Employment Taxes CBIZ, Inc.
The IRS Chief Counsel concluded that partners of an investment management firm organized as an LLC were not actually limited partners. The amounts they received from the firm as distributive shares were subject to self-employment taxes, not the exemption for limited partner income. The partners provided extensive services to the firm and the firm's income was derived from management fees for those services, not passive investment. Thus, the partners were self-employed and not limited partners receiving investment income.
This document outlines the steps to convert a partnership firm into a Limited Liability Partnership (LLP). There are several prerequisites including being registered as a partnership, consent of all partners, acquiring Designated Partner Identification Numbers and Digital Signature Certificates for two partners. A minimum of two partners is required, with at least two Designated Partners who are accountable for regulatory compliance. The conversion process involves acquiring DPINs, applying for name availability, submitting required documents, and registering with the Registrar of Companies to receive a Certificate of Incorporation.
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 provides an overview of Limited Liability Partnerships (LLPs) in India. It discusses the history and legislation around LLPs, outlines key features of the LLP Act including structure, partners and compliance requirements, compares LLPs to other business structures, and concludes that LLPs provide a flexible new option for businesses in India.
This document discusses the taxation of partnerships under domestic laws and tax treaties. It defines partnerships and the different types, and addresses how partnerships are classified and taxed in different countries. It also examines issues that can arise with conflicting classifications of partnerships between countries, such as double taxation or non-taxation. The document outlines relevant articles in the OECD and UN models related to determining whether partnerships are entitled to tax treaty benefits.
The document discusses taxation of Limited Liability Partnerships (LLPs) in India. Key points include:
1. LLPs are taxed like partnerships - they pay a 30% flat tax rate plus education cess on total taxable income.
2. Remuneration to working partners and interest on capital to partners are deductible expenses for the LLP if certain conditions are met.
3. The remuneration and interest received by partners is taxable as business income in their individual tax returns.
The document discusses the key differences between a partnership firm and a Limited Liability Partnership (LLP) under Indian law. It notes that an LLP provides benefits of limited liability for partners along with flexibility of a partnership in terms of governance structure. However, concerns are raised about the government potentially subjecting LLPs engaged in large businesses to taxes like dividend distribution tax in the future. The document also examines whether chartered accountants are allowed to form LLPs or convert existing partnerships to LLPs under relevant regulations.
This document provides an overview of Limited Liability Partnerships (LLPs) under Indian law, including:
1. Key features of LLPs such as limited liability for partners, flexible organization structure governed by an LLP agreement, and LLPs having a separate legal identity.
2. The incorporation process for establishing an LLP which requires minimum two designated partners, no limit on maximum partners, reservation of names, and filing various forms with the Registrar of Companies.
3. Ongoing administration and compliance requirements for LLPs such as mandatory audits for LLPs with over Rs. 40 lakhs turnover, filing annual returns and accounts within specified timelines, and regulations regarding
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 taxation issues related to the conversion of a limited liability company to a limited liability partnership (LLP) in India. It outlines some key conditions under Section 47(xiiib) of the Income Tax Act of 1961 that must be satisfied for the asset transfer during conversion to be exempt from taxation. One such condition is that the total sales of the company in the previous three years cannot exceed Rs. 60 lakhs. However, this is becoming an impediment for larger companies seeking to benefit from converting to an LLP. The document then discusses three potential views on taxation if this Rs. 60 lakh condition is breached.
The general partner of Riverside Park Associates LP is Riverside Park
Associates, Inc. The limited partners are individual and institutional investors.
c.
The limited partnership agreement specifies that the general partner is responsible for
managing the day-to-day operations of the partnership and its real estate holdings.
The limited partners have limited liability and do not participate in management.
Profits, losses, cash distributions and liquidation proceeds are allocated 99% to the
limited partners and 1% to the general partner.
d.
The balance sheet shows total assets of $145.4 million as of December 31, 2006.
The largest asset is the $135.4 million net book value of the real
The document summarizes taxation implications for limited liability partnerships (LLPs) in India. Key points include:
1) LLPs are treated as firms under the Income Tax Act and taxed as an independent taxable entity. Profits are taxed at the firm level at 30.9% without surcharge.
2) Partners are not taxed on their share of profits distributed by the LLP.
3) Interest paid to partners on capital contributions and remuneration to working partners are deductible subject to certain limits.
4) Presumptive taxation options available to firms also apply to LLPs in some cases.
Limited Liability Partnerships (LLP)- An OverviewChhavi Sharma
Limited Liability Partnerships (LLP) are becoming an upcoming trend of corporate structure with increased flexibility of partnerships & lesser compliance costs. The shared slide aims at providing a brief overview about the meaning & statutory requirements for incorporation, pros/cons and formation procedure for LLPs. Certain provisions of the Limited Liability Partnership Act, 2008 have been specified herein. Further, recent notification issued by RBI regarding acceptance of direct investment from the foreign investors in LLPs has also been focused upon.
The Finance Bill 2014 introduces the concepts of "filers" and "non-filers" to distinguish between active and non-active taxpayers. A filer is defined as a taxpayer whose name appears on the active taxpayers list issued by the Federal Board of Revenue, or who has a taxpayer card. Significant differences are created between filers and non-filers under withholding tax provisions, with higher rates and amounts for non-filers in an effort to encourage more taxpayers to become filers and broaden the tax base.
The document discusses partnerships and provides information on key topics related to partnerships including:
- What constitutes a partnership and types of partnerships such as general, limited, LLPs, and LLLPs.
- Regulations that govern partnerships at the state level, primarily the Uniform Partnership Act.
- Accounting for partnerships including establishing partner capital accounts, allocating profits and losses, and accounting for partnership operations.
- Worked problems demonstrate how to record initial capital contributions and allocate profits between partners.
1) Partnerships are considered to be pass-through entities for t.pdfhimanshukausik409
1) Partnerships are considered to be \"pass-through\" entities for tax purposes.
As parterniship has no separate legal entity in the eye of law, unlike a corporation, its taxes are
not separate from its partners. ll of the profits and losses of the partnership \"pass through\" the
business to the partners, who pay taxes on their share of the profits (or deduct their share of the
losses) on their individual income tax returns. In simple words, parnetrs first get their shared
profit or loss from the operations of the business, then either pay taxes on the shares of profit
individually or get tax return in case of loss individually. And Each partner\'s share of profits and
losses is usually set out in a written partnership agreement, thus the tax also get clear from such
share.
2) Partnership business must file the two forms which are named as : Form 1065 and Schedule
K-1. Form 1065 is filled to provide an informational return the IRS reviews to determine whether
the partners are reporting their income correctly. Schedule K-1 is filled with IRS and to each
partner in order to breaks down each partner\'s share of the business\'s profits and losses.
Yes as stated above, each partner reciev schedule K-1 fro other partners in the partnership.
3) ONce the partners receive the income from the partnership business, they individually reports
this profit and loss information earned from the income on his or her individual tax return (Form
1040), with Schedule E attached. They are obliged to separate enough money to pay taxes on his
share of annual profits. Partners must estimate the amount of tax they will owe for the year and
make payments to the IRS at each quarter -- in April, July, October, and January.
Scedule E is used to report such income to the IRS.
Yes, partners must pay taxes on profits even if those profits are not distributed to the partners.
The IRS demands taxes from the profit thai is income minus expenses of the business regardless
of what the partners withdraw or not from their shares.
4) Distributive Share is the portion of profits to which a partner is entitled under a partnership
agreement -- or under state law, if the partners didn\'t make an agreement. It is usually shared to
the partners according to their ownership interests in the business. Lets say Partner has
contributed 50% of capital in the business; Partner B has contributed 30% and Partner C has
contributed 20%. Then their distributed share will be 50% : 30% : 20% , that is A will receive
60%, B will receive 30% and C will reciev 20% os share in profit or loss.
5) Sometimes an active partners works on behalf of other as well in the conduct of business
operation. For which he gets rumenaration, which is also a kind of income earned from self
employment. THus, here the partner is entitled to pay taxes not only on share of profit but alos
on the income earned this way. This is known as self-employment taxes.
There are some differences between the contributions regular employe.
Solution Manual Advanced Accounting Chapter 15 9th Edition by BakerSaskia Ahmad
The document provides information about partnerships, including:
1) Partnerships are easy to form, allow individuals to combine talents and skills, provide more equity capital than one person, and allow risk sharing.
2) Most states have enacted the Uniform Partnership Act of 1997 to regulate partnerships, describing partners' rights during formation, operation, and liquidation.
3) Partnership agreements typically include the name, business type and duration, capital contributions, profit/loss distribution, admission of new partners, and accounting methods.
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.
The document summarizes key aspects of Limited Liability Partnerships (LLPs) under Indian law. It outlines that an LLP is a hybrid business entity with features of both a partnership and a company. It provides details on the LLP Act of 2008, including requirements to incorporate an LLP, roles and liabilities of partners, accounting and compliance obligations, taxation treatment, and ability to convert other entity types to an LLP. The document aims to provide an overview of LLPs for business owners considering this new 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.
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Llp Mantra Vol V 07 Sep2009
1. LLP MANTRA
A Publication by Corporate Professionals - {Y-01).{V-05)
O
2. Insight
Part ic ulars Page N o.
R egular Sec tion – T ax As pect of LLP 3-6
F AQ’S – T ax at ion of LLP 7-8
LLP in N ews 9-10
T ax ation Segm ent on Global C om paris on 11
Gary I s s ues 11
R ec ent Queries on LLP C lub 12
Public Opi nion 12
Our Of f erings 13
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3. Regular Section
Taxation aspect of Limited Liability Partnership
The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly
introduced form of business Limited Liability Partnership.
As per the Budget 2009-10, LLP will be treated as Partnership firms for the purpose of Income
Tax and will be taxed like a partnership firm.
Change in Definition of Firm, Partner & Partnership
The Budget 2009-10 has amended the definition of Firm and Partners in the following manner:
a. Firms shall have the meaning assigned to it in the India Partnership Act 1932 and shall
include a limited liability Partnership as defined in the Limited Liability Partnership Act
2008.
b. Partner shall have the meaning assigned to it in the Indian Partnership Act 1932 and
shall include
• Any person, being a minor, has been admitted to the benefits of partnership;
• A partner of a limited liability partnership as defined in the Limited Liability Partnership
Act 2008.
c. Partnership shall have the meaning assigned to it in the India Partnership Act 1932 and
shall include a limited liability partnership as defined in the Limited Liability Partnership
Act 2008.
Tax rate:
30% flat tax rate + 3% education cess
No Minimum Alternate Tax & Dividend Distribution Tax
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4. Eligibility (section 184):
In order for Limited Liability Partnership to be assessed as firm as Income Tax Act, it has to
satisfy the following criteria
The LLP is evidenced by an instrument i.e. there is a written LLP Agreement.
The individual shares of the partners are very clearly specified in the deed.
A certified copy of LLP Agreement must accompany the return of income of the LLP of
the previous year in which the partnership was formed.
If during a previous year, a change takes place in the constitution of the LLP or in the
profit sharing ratio of the partners, a certified copy of the revised LLP Agreement shall be
submitted along with the return of income of the previous years in question.
There should not be any failure on the part of the LLP while attending to notices given by
the Income Tax Officer for completion of the assessment of the LLP.
Steps for Computation of taxable income of a LLP:-
Find out the firms income under the different heads of income, ignoring the prescribed
exemptions. The heads of income are:-
o Income from House Property
o Profits and Gains of Business or Profession
o Capital Gains
o Income from other sources including interest on securities, winnings from
lotteries, races, puzzles, etc. ('Salary' income head is not included)
The payment of remuneration and interest to partners is deductible if conditions of
section 184 and section 40(b) of the Income Tax Act are satisfied. Any salary, bonus,
commission or remuneration which is due to or received by partners is allowed as a
deduction from income of the partnership firm and the same is taxable in the hands of
partners.
Make adjustments on account of brought forward losses/ disallowances of interests,
salary, etc paid by firm to its partners. The total income so obtained is the "gross total
income".
From the "gross total income", make the prescribed deductions and the balancing
amount is the "net income" of the LLP.
Signing of Income tax Return:
The designated partner shall be responsible for signing the income tax return of LLP, where for
unavoidable reasons, such designated partner is not able to sign the same or where there is no
designated partner, any partner will sign the return.
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5. Tax Comparison Chart
In case of Income of Rs. 1 Lakh
Particulars Companies Partnership Firms LLP Foreign Companies
Amount in Tax 30900 30900 30900 41200
(in Rs.)
In case of Income of Rs. 1.10 Crore
Particulars Companies Partnership Firms LLP Foreign Companies
Amount in Tax 37,38,900 33,99,000 33,99,000 46,45,300
(in Rs.)
On Dividend/Profit Distribution of Rs. 1 Lakh
Particulars Companies Partnership Firms LLP Foreign Companies
Amount in Tax 16,995 Nil Nil N.A.
(in Rs.)
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6. In case MAT is applicable and Book Profits is Rs. 1 Lakh
Particulars Companies Partnership Firms LLP Foreign Companies
Amount in Tax 15,450 Nil Nil 15,450
In case MAT is applicable and Book Profits is Rs. 1.10 Crore
Particulars Companies Partnership Firms LLP Foreign Companies
Amount in Tax 18,69,450 Nil Nil 17,41,987
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7. FAQ’S - Taxation
What is the tax treatment being provided for LLPs?
The Union Budget 2009-10 has introduced the tax provisions for LLP. According to it, LLP will
be treated as Partnership firm for the purpose of tax and therefore will be taxed on the line of
partnership firm.
Who will be responsible for signing the Income tax return?
The designated partner shall be responsible for signing the income tax return of LLP, where for
unavoidable reasons, such designated partner is not able to sign the same or where there is no
designated partner, any partner can sign the return.
Whether interest on contribution is allowed under LLP? If yes, whether deduction of such
interest would be allowed to LLP?
Yes, interest on contribution is allowed but the same should be allowed under the LLP
Agreement. However the deduction against such interest can be availed by LLP from its taxable
income only if conditions of section 184 and section 40(b) of the Income Tax Act are satisfied.
Whether is there any limit on payment of remuneration to partners?
No, LLP Act 2008 has not prescribed any limitation/ restriction on the payment of remuneration
to partners but the same should be provided under the LLP Agreement.
However the Income Tax Act prescribes the maximum limit up to which the deduction to the
LLPs for such remuneration is allowed against its taxable income.
On First Rs 3,00,000 of book profit or in Rs 1,50,000 or at the rate of 90% of the book-
case of loss profit, whichever is more
On the balance of book profit At the rate of 60%
The LLP can also pay remuneration beyond the aforesaid limit but the remuneration in excess
of the limit will not be allowed as deduction against the taxable income.
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8. Whether MAT or Dividend Distribution tax will be applicable on LLP?
LLPs are in the same parlance as partnership firms so far tax provisions are concerned and
therefore Minimum Alternate Tax and Dividend Distribution Tax will not be applicable for LLP.
What is passing through taxation system?
In countries like Singapore, UK, the income of LLP is not taxable in the hands of the LLP rather
than it is taxed in the hands of partner to the extent of the profit distributed, this system of
taxation is known as passing through taxation. Under this system, instead of taxing the LLP, its
partners are taxed.
What will be the treatment of remuneration in the hands of the partners under Income
Tax?
Remuneration to partners will be treated as their Income from Business & Profession and will be
taxed accordingly. This also gives them the opportunity to undertake the necessary tax planning
in respect of their remuneration from the LLP.
Whether the benefits of MAT can be carried over post conversion of company into LLP?
Provisions of MAT are applicable only to company & not to LLP and therefore in absence of
corresponding provision in regard to carrying over the benefits of MAT under the Income Tax
Act, LLP can enjoy the same post conversion.
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9. LLP in News
Foreign investment policy for LLP firms under review.
The government has decided to clarify the foreign investment rules under the new limited
liability partnership (LLP) framework. An official confirmed to FE that the ministry of corporate
affairs has urged the department of industrial policy & promotion to work out the necessary
guidelines as foreign investors are asking for clarity. The haste follows clearance of the tax
treatment for LLPs in Budget 2009-10.
Taxing LLPs at entity level a dampener for PE, VC Companies.
Introduction of LLP on 1st of April this year raises a hope for PEs and VCs to have an alternative
of trust route as vehicle for funds to pass through the tax at the entity level. But the budget
announcement regarding the taxing of LLPs at the entity level has created some
disappointment. It could also give rise to the issues pertaining to application of tax treaties and
availability of tax credit to the foreign partners. The problems regarding the treatment of losses
at the hands of the Partners may also wipe up. The industry would like an option for taxation at
the entity or Individual level.
LLP on a par with general Partnerships.
Much awaited announcement since the LLPs are not recognized by the Income tax Act. The
LLPs should be subjected to the same taxation scheme as prevalent for the general partnership
which means that LLPs would be taxed, but the Partners would be exempted.
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10. Tax Treatment of LLPs: Was the Budget a Let – Down?
Mr. Mr. Anurag Goel, Secretary, Ministry of Corporate Affairs illuminating the features and tax
aspects of Limited Liability Partnership Act, the very first Indian Act implemented in the
electronic mode from the very beginning, said that LLPs are placed in the parlance of
Partnership Firms as far as tax provisions are concerned and further making LLPs a preferred
business model, the conversion from Partnership Firm to an LLP could have no tax obligations
subject to the conditions of same rights and obligations of the Partners and no transfer of assets
or liability after conversion. With these benefits Ministry is hoping this LLP to be best Corporate
Structure for the professionals, service industry and SMEs.
On the another side of the coin Mr. N.K Jain, Secretary, ICSI, highlighting the tax reforms in
India, which are underway to bench mark the global practices, hoped for the taxation system of
LLP to be so devised to provide flexibility through the Pass through system as prevalent in
other parts of the world like UK, Singapore, Germany wherein the profits are allocated to
partners for tax purposes. That could encourage the entrepreneurs to set up LLPs and would
make this new model a success in India. Further to make the conversion process simplified and
easier, clarity to be provided by the government regarding the stamp duty issues.
To check out the complete articles click here
10-14
11. Global Scenario of LLP Taxation
Facts LLP UK Singapore LLP USA LLP Indian LLP
Tax Status of Pass through Pass through system is Pass through system LLPs would be
LLP system is prevailing prevailing in UK. LLP is prevailing. LLP taxable in the
in UK. LLP pays no pays no tax but its pays no tax but its same parlance of
tax but its partners partners pay tax in partners pay tax in Partnership. LLP
pay tax in relation relation to the income or relation to the income would be liable
to the income or gains they receive or gains they receive for the payment
gains they receive through the LLP. through the LLP. of Tax instead of
through the LLP. Partners.
Gray Issue
As per the LLP Act 2008, LLP Agreement is the charter document of the LLP, the importance of this
agreement can be ascertained by the fact, that the LLP Act gives the partners complete freedom to have terms
and conditions in the Agreement, which can override the provisions of the Act. The LLP Agreement defines the
business to carried on, rights, duties of the partner vis-à-vis other partners and in respect to the LLP like power
to borrow, enter into contracts, how the LLP will be run and managed etc. Every third party dealing with any
LLP, has to rely on the LLP Agreement, in order to be aware of the powers of each partner and extent of their
dealing with third party. In case of companies, Memorandum of Association defines the scope of business of
the Company and in case of LLP, it would be LLP Agreement. But unlike Memorandum of Association, LLP
Agreement is not public document within the meaning of section 36 of the LLP Act, which deals with document
available for public inspection.
The non-availability of LLP Agreement as public document will restrict the rights of third party dealing with the
LLP and could be the reason for various disputes in future.
11-14
12. Recent queries on LLP Club
How do distributions get made in an LLP, whether the same be credited to the Partners
account or can be carried in the reserves of the LL?.
What to do with the profits in the companies in 2009-10 whether to carry forward in LLP
and then use to minimize DDT?
whether TDS applicable to LLP themselves & if company made any consultancy
payment to LLP whether company deduct TDS if yes than what rate
Whether the profits be taxed in the hands of Partner?
Are there any succession provisions under the tax laws for creating an LLP/ What about
implications under other laws such as stamp duty, VAT etc.
Whether an advocate can form an LLP?
Whether benefits of MAT can be carry forwarded post LLP conversion?
To check out the replies or to rejoin the queries click here
Public opinion
Our Poll of the week “Whether LLP should be allowed to merge with Company” was
favored by 63% audience while 25% audience was against the merger of LLP with Companies
and in between these 13% audience remains constant for any decision.
To count your vote on “Whether registration of charge like companies should be made
mandatory for LLPs?” log in to www.LLPonline.in.
12-14
14. Our Team
Ankit Singhi – 011-40622208
Asst. Manager, Corporate Affairs & Compliances
e mail: ankit@indiacp.com Sh i p r a W ad h w a -0 1 1- 4 0 62 2 2 46
A s so ci ate , C o r p o r at e A f f ai r s & C o m p li an ce s
e m ai l: sh i p r a @ i nd i acp . co m
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 G a mu t o f S er v ic e s
I NV EST ME NT B A N KI NG • I ND I A ENT R Y S ER VI C ES • M& A , C OR P OR A T E C OMP LI A NC ES &
D U E D IL I G ENC E • C OR P OR A T E T A X A T I ON • S EC U R IT Y L A W A D V IS OR Y • A U D IT &
A CC OU NT I NG S ER V IC ES
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.
14-14