The document provides an overview of Limited Liability Partnerships (LLPs) in Malaysia. It discusses the key attributes of LLPs such as:
1) LLPs provide partial limited liability, where the LLP is liable for all business debts but defaulting partners are jointly liable for debts from their default. Innocent partners are not liable.
2) LLPs must register with the Registrar but have less disclosure requirements than companies, such as no audit requirements.
3) LLPs can be formed by a minimum of two persons and are regulated internally by a partnership agreement and externally under the LLP Act.
4) LLPs appoint a compliance officer responsible
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 key aspects of company law and the Companies Act 71 of 2008 in South Africa. It defines a company and explains that it is a separate legal entity from its shareholders. It describes the purpose of the Companies Act is to regulate companies and allows for the formation of both profit and non-profit companies. It outlines the key requirements for incorporating a company, including completing a Memorandum of Incorporation and registering with the Commission for Companies and Intellectual Property. The Memorandum of Incorporation is a founding document that establishes a company and governs its internal affairs.
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
The document provides an overview of Limited Liability Partnerships (LLPs) under Indian law, including key aspects of the LLP Act 2008 such as incorporation, partners' relationships, taxation, foreign investment, and comparisons to other business forms. It discusses merits and demerits of LLPs, taxation implications on conversion to/from LLPs, and allows foreign investment in LLPs in sectors allowing 100% FDI.
The Companies Act 71 of 2008, as amended by the
Companies Amendment Act 3 of 2011, and the
Companies Regulations 2011 came into effect on
1 May 2011.
The Act replaces the 1973 Companies Act . Some of the
provisions relating to the winding-up of insolvent companies in
the 1973 Companies Act will continue to apply until alternative
legislation has been brought into force to deal with the
winding-up of insolvent companies. Also any investigation by
the Minister or the Registrar of Companies under the 1973
Companies Act may be continued.
For the most part, however, the Act contains new
provisions to which companies are required to adhere to
from 1 May 2011. There are certain exceptions set out in
Schedule 5 which deal with transitional arrangements to
facilitate the transition from the 1973 Companies Act to
the Act.
This booklet has been prepared taking into account
the Act and Regulations as at 1 May 2011.
Compiled by KPMG.
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
The document provides an overview of the Limited Liability Partnership Act of India. It discusses the history and introduction of LLPs in India, key chapters and sections of the Act, important definitions, requirements for incorporation as an LLP, roles and liabilities of partners and designated partners, and other operational aspects of LLPs. The key points are that the Act provides for a flexible business structure that combines benefits of partnership and private limited companies, with LLPs having a separate legal identity and partners having limited liability.
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 key aspects of company law and the Companies Act 71 of 2008 in South Africa. It defines a company and explains that it is a separate legal entity from its shareholders. It describes the purpose of the Companies Act is to regulate companies and allows for the formation of both profit and non-profit companies. It outlines the key requirements for incorporating a company, including completing a Memorandum of Incorporation and registering with the Commission for Companies and Intellectual Property. The Memorandum of Incorporation is a founding document that establishes a company and governs its internal affairs.
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
The document provides an overview of Limited Liability Partnerships (LLPs) under Indian law, including key aspects of the LLP Act 2008 such as incorporation, partners' relationships, taxation, foreign investment, and comparisons to other business forms. It discusses merits and demerits of LLPs, taxation implications on conversion to/from LLPs, and allows foreign investment in LLPs in sectors allowing 100% FDI.
The Companies Act 71 of 2008, as amended by the
Companies Amendment Act 3 of 2011, and the
Companies Regulations 2011 came into effect on
1 May 2011.
The Act replaces the 1973 Companies Act . Some of the
provisions relating to the winding-up of insolvent companies in
the 1973 Companies Act will continue to apply until alternative
legislation has been brought into force to deal with the
winding-up of insolvent companies. Also any investigation by
the Minister or the Registrar of Companies under the 1973
Companies Act may be continued.
For the most part, however, the Act contains new
provisions to which companies are required to adhere to
from 1 May 2011. There are certain exceptions set out in
Schedule 5 which deal with transitional arrangements to
facilitate the transition from the 1973 Companies Act to
the Act.
This booklet has been prepared taking into account
the Act and Regulations as at 1 May 2011.
Compiled by KPMG.
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
The document provides an overview of the Limited Liability Partnership Act of India. It discusses the history and introduction of LLPs in India, key chapters and sections of the Act, important definitions, requirements for incorporation as an LLP, roles and liabilities of partners and designated partners, and other operational aspects of LLPs. The key points are that the Act provides for a flexible business structure that combines benefits of partnership and private limited companies, with LLPs having a separate legal identity and partners having limited liability.
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.
The document provides an overview of limited liability partnerships (LLPs) in India, including:
1) It traces the genesis and development of LLP laws internationally and in India through various committees from 1997-2005.
2) The key features of LLPs in India are that they provide limited liability, require a minimum of 2 partners, have no limit on maximum partners, and offer flexibility in structure while maintaining compliance requirements.
3) LLPs are formed similar to companies and are regulated through the LLP Act 2008 as well as rules on administration, taxation, and other legal frameworks.
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 document summarizes recent and upcoming business law reforms in Singapore led by the Accounting and Corporate Regulatory Authority (ACRA). Key reforms include proposed changes to the Business Registration Act to reduce regulatory burden and streamline processes, as well as major updates to the Companies Act following an extensive review to modernize corporate governance rules. Public consultations on draft bills are planned for 2013, with the new Acts targeted to take effect in 2014. Other developments aim to simplify formalities for executing legal documents.
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 provides an explanatory guide to the Companies Act No. 71 of 2008 in South Africa. It replaces the previous Companies Act of 1973. The guide highlights the main features of the new Act, which include modernizing and simplifying company legislation in line with international best practices. It aims to promote business growth while ensuring accountability and transparency. Key reforms include establishing new regulatory bodies and introducing more flexibility for companies, while imposing stricter requirements for state-owned and large public companies.
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.
Guide for Limited Liability Partnership (LLP) RegistrationBinoy Chacko
This document provides guidance on registering a Limited Liability Partnership (LLP) in India. It discusses what an LLP is and the benefits it provides over other business structures. Key requirements for LLP registration are outlined, including having at least 2 partners and 2 designated partners, one of whom must reside in India. The digital signature certificate, director identification number, LLP name, registered office address, and other documents required are also described. The steps for incorporation like executing documents and submitting to the Registrar of Companies are summarized. Finally, some frequently asked questions about the LLP registration process are answered.
The Companies Act 2014 has been signed into law and is expected to become operative in June 2015. Now that the terms of this new law are settled, we are advising clients to consider the Act’s impact on their future business and transactions.
The Act consolidates and modernises Irish company law and is expected to make it easier for companies to do business in and through Ireland. Matheson has been actively involved in the 14 year progression of this legislation which has been led primarily by the work of the Company Law Review Group (of which a Matheson partner is a member).
The principal changes under the Act relate to the private company limited by shares (the “private company”), which is the most common type of company in Ireland. Going forward, there will be two types of private company, which will replace the existing single form. These will be: (i) a private company limited by shares (“LTD”); and (ii) a designated activity company (“DAC”). These are explained in more detail below. Under the Act, all existing private companies will be required to convert to either an LTD or a DAC.
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.
The document discusses Limited Liability Partnerships (LLPs) in India. Some key points:
1) An LLP is a hybrid business form that provides limited liability for partners like a corporation but allows for flexibility in organization and operations through a mutual agreement like a partnership.
2) The LLP Act was passed in 2008 and outlines features of LLPs like separate legal identity, perpetual succession, and limited liability of partners.
3) Forming an LLP involves reserving a name, obtaining Designated Partner Identification Numbers, filing incorporation documents, registering the LLP agreement, and obtaining a Certificate of Incorporation. Compliance requirements are less than for corporations.
LLP, a legal form available world-wide, now introduced in India and is governed by the Limited Liability Partnership Act 2008, with effect from April 1, 2009
The document discusses the Limited Liability Partnership (LLP) Act introduced in India in 2008. It provides 3 key points:
1) The LLP Act was introduced to fill the gap between traditional partnerships and companies by allowing businesses to benefit from limited liability like companies but maintain tax benefits of partnerships.
2) An LLP must have a minimum of 2 partners and liability is limited to the amount invested by each partner. It provides greater flexibility than traditional partnerships or private companies.
3) While the LLP structure provides benefits, some tax and regulatory issues still need clarification like how LLPs will be taxed and if rules for private companies also apply to LLPs. The LLP Act
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.
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
Informix SQL & NoSQL -- for Chat with the labs on 4/22Keshav Murthy
This document discusses how Informix can be used for both SQL and NoSQL applications. It notes that applications now need to support mobile, big data, and social/digital collaboration. NoSQL databases like MongoDB are growing in popularity due to their ability to handle these new requirements. The document then outlines how Informix provides drivers and tools that allow existing MongoDB applications and data models to run directly on Informix, and also allows SQL applications to access and query JSON document data stored in Informix. It discusses features like indexing, querying, scaling, and hybrid access to both relational and JSON data from a single database platform.
How can the library become an active partner in your curriculum?Annette Graae
A presentation on why and how the libraries and the librarians resources can be an integrated part of scholarly education. Within the courses.
Authors: Solveig Sandal Johnsen, Lisbeth Ramsgaard Carlsen and Annette Graae
The document presents the story of Mattermark, a company that provides data on private companies, as a case study discussion. It provides context on Mattermark's founders, business model, growth, and challenges. It outlines three key decisions Mattermark needs to make: 1) whether to expand into new markets or focus on their VC market, 2) whether to hire a new VP of sales or promote internally, and 3) whether to invest more in sales or marketing. The takeaways are that companies need alignment of strategy, opportunity, and financing, must tightly measure and earn product-market fit, align sales and marketing activities and incentives, and avoid premature scaling.
Partnership is a type of business organization in which two or more individuals pool money, skills, and
other resources, and share profit and loss in
accordance with terms of the partnership agreement.
http://www.unitedworld.edu.in/
Provides basic background on 21st Century Framework and practical information that NC principals can use to support thier schools in moving forward with introducing and understanding 21st Century skills and resources. Modified from the NSBA Conference.
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.
The document provides an overview of limited liability partnerships (LLPs) in India, including:
1) It traces the genesis and development of LLP laws internationally and in India through various committees from 1997-2005.
2) The key features of LLPs in India are that they provide limited liability, require a minimum of 2 partners, have no limit on maximum partners, and offer flexibility in structure while maintaining compliance requirements.
3) LLPs are formed similar to companies and are regulated through the LLP Act 2008 as well as rules on administration, taxation, and other legal frameworks.
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 document summarizes recent and upcoming business law reforms in Singapore led by the Accounting and Corporate Regulatory Authority (ACRA). Key reforms include proposed changes to the Business Registration Act to reduce regulatory burden and streamline processes, as well as major updates to the Companies Act following an extensive review to modernize corporate governance rules. Public consultations on draft bills are planned for 2013, with the new Acts targeted to take effect in 2014. Other developments aim to simplify formalities for executing legal documents.
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 provides an explanatory guide to the Companies Act No. 71 of 2008 in South Africa. It replaces the previous Companies Act of 1973. The guide highlights the main features of the new Act, which include modernizing and simplifying company legislation in line with international best practices. It aims to promote business growth while ensuring accountability and transparency. Key reforms include establishing new regulatory bodies and introducing more flexibility for companies, while imposing stricter requirements for state-owned and large public companies.
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.
Guide for Limited Liability Partnership (LLP) RegistrationBinoy Chacko
This document provides guidance on registering a Limited Liability Partnership (LLP) in India. It discusses what an LLP is and the benefits it provides over other business structures. Key requirements for LLP registration are outlined, including having at least 2 partners and 2 designated partners, one of whom must reside in India. The digital signature certificate, director identification number, LLP name, registered office address, and other documents required are also described. The steps for incorporation like executing documents and submitting to the Registrar of Companies are summarized. Finally, some frequently asked questions about the LLP registration process are answered.
The Companies Act 2014 has been signed into law and is expected to become operative in June 2015. Now that the terms of this new law are settled, we are advising clients to consider the Act’s impact on their future business and transactions.
The Act consolidates and modernises Irish company law and is expected to make it easier for companies to do business in and through Ireland. Matheson has been actively involved in the 14 year progression of this legislation which has been led primarily by the work of the Company Law Review Group (of which a Matheson partner is a member).
The principal changes under the Act relate to the private company limited by shares (the “private company”), which is the most common type of company in Ireland. Going forward, there will be two types of private company, which will replace the existing single form. These will be: (i) a private company limited by shares (“LTD”); and (ii) a designated activity company (“DAC”). These are explained in more detail below. Under the Act, all existing private companies will be required to convert to either an LTD or a DAC.
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.
The document discusses Limited Liability Partnerships (LLPs) in India. Some key points:
1) An LLP is a hybrid business form that provides limited liability for partners like a corporation but allows for flexibility in organization and operations through a mutual agreement like a partnership.
2) The LLP Act was passed in 2008 and outlines features of LLPs like separate legal identity, perpetual succession, and limited liability of partners.
3) Forming an LLP involves reserving a name, obtaining Designated Partner Identification Numbers, filing incorporation documents, registering the LLP agreement, and obtaining a Certificate of Incorporation. Compliance requirements are less than for corporations.
LLP, a legal form available world-wide, now introduced in India and is governed by the Limited Liability Partnership Act 2008, with effect from April 1, 2009
The document discusses the Limited Liability Partnership (LLP) Act introduced in India in 2008. It provides 3 key points:
1) The LLP Act was introduced to fill the gap between traditional partnerships and companies by allowing businesses to benefit from limited liability like companies but maintain tax benefits of partnerships.
2) An LLP must have a minimum of 2 partners and liability is limited to the amount invested by each partner. It provides greater flexibility than traditional partnerships or private companies.
3) While the LLP structure provides benefits, some tax and regulatory issues still need clarification like how LLPs will be taxed and if rules for private companies also apply to LLPs. The LLP Act
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.
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
Informix SQL & NoSQL -- for Chat with the labs on 4/22Keshav Murthy
This document discusses how Informix can be used for both SQL and NoSQL applications. It notes that applications now need to support mobile, big data, and social/digital collaboration. NoSQL databases like MongoDB are growing in popularity due to their ability to handle these new requirements. The document then outlines how Informix provides drivers and tools that allow existing MongoDB applications and data models to run directly on Informix, and also allows SQL applications to access and query JSON document data stored in Informix. It discusses features like indexing, querying, scaling, and hybrid access to both relational and JSON data from a single database platform.
How can the library become an active partner in your curriculum?Annette Graae
A presentation on why and how the libraries and the librarians resources can be an integrated part of scholarly education. Within the courses.
Authors: Solveig Sandal Johnsen, Lisbeth Ramsgaard Carlsen and Annette Graae
The document presents the story of Mattermark, a company that provides data on private companies, as a case study discussion. It provides context on Mattermark's founders, business model, growth, and challenges. It outlines three key decisions Mattermark needs to make: 1) whether to expand into new markets or focus on their VC market, 2) whether to hire a new VP of sales or promote internally, and 3) whether to invest more in sales or marketing. The takeaways are that companies need alignment of strategy, opportunity, and financing, must tightly measure and earn product-market fit, align sales and marketing activities and incentives, and avoid premature scaling.
Partnership is a type of business organization in which two or more individuals pool money, skills, and
other resources, and share profit and loss in
accordance with terms of the partnership agreement.
http://www.unitedworld.edu.in/
Provides basic background on 21st Century Framework and practical information that NC principals can use to support thier schools in moving forward with introducing and understanding 21st Century skills and resources. Modified from the NSBA Conference.
Types of unit trust funds available in Malaysia include equity funds, fixed income funds, money market funds, real estate investment trusts, exchange traded funds, balanced funds, and Syariah funds. Equity funds provide exposure to companies listed on Bursa Malaysia and come in forms like aggressive growth funds and index funds. Fixed income and money market funds invest in bonds and short-term instruments. Real estate investment trusts allow investment in property markets. Balanced funds maintain a mix of equities, bonds and cash. Syariah funds exclude companies incompatible with Islamic principles.
This document summarizes key aspects of the Apprentices Act of 1961 in India. It discusses how the act applies to apprentices undergoing training in designated trades across India. It outlines requirements for apprenticeship contracts between apprentices/guardians and employers. It also describes obligations of apprentices and employers during training. Specifically, it states that employers must provide training, stipends, safety, and time off as prescribed in the act. The overall summary is that the Apprentices Act establishes rules and guidelines governing apprenticeship programs and agreements in India.
The Apprentices Act 1961 establishes standards and obligations for apprenticeship programs in India to develop skilled workers. It specifies qualifications and training periods for apprentices, obligations of apprentices and employers, stipends, dispute resolution processes, and penalties for noncompliance. The Act aims to meet the demand for skilled craftsmen through apprenticeship programs that provide institutional training and on-the-job skills development.
Learn 15 different use cases of how you can deploy Azure services, the Microsoft Cloud platform for your SAP systems and applications, and what type of problems they can solve for a business. If you are interested in the technical feasibility or a proof of concept, myCloudDoor is offering it for free until the end of 2015.
Types of partners, partnership deed & registration of partnersip firmPuneet Gupta
Puneet Gupta is a class 12 student studying Business Studies. His topic covers types of partners, partnership deeds, and registration of partnership firms. There are 4 types of partners: active partner, sleeping partner, nominal partner, and partner by estoppel. A partnership deed is a written agreement between partners that details aspects like capital contributions, profit/loss sharing, admission/retirement of partners, and dispute resolution. Registration of a partnership firm is optional but provides legal benefits like the ability to file lawsuits. The registration process involves submitting a form with partner and firm details to the Registrar of Firms.
Introduction to Limited Liability Partnership, LLP Act 2008, Features of LLP, Advantages and Disadvantages, Difference Between LLP and Traditional Partnership
“Two is better than one” basically this concept is foundation of a traditional partnership firm where two or more persons get together to carry on some lawful business and share profit and loss among themselves as agreed upon by them.
Partnership Firm as a form of business which has its own restriction and have limited reach among public, in order to enhance the business through partnership a hybrid form of business structure was introduced that has basic features of partnership merged with the features of a Company.
The document provides an overview of limited liability partnerships (LLPs) under Indian law, including:
1) It defines an LLP and traces the origin and development of LLP legislation in the UK, US, and India from the 1980s-2009.
2) It summarizes key aspects of the LLP Act 2008 such as minimum partners, designated partners, taxation treatment being unclear, and ability to convert from other structures.
3) It discusses some issues around the Act regarding guarantees, filing timelines, and flexibility to define partner roles via agreement.
This slides uploaded is all about the benefits of LLP over Pvt. Ltd.
This has been uploaded in order to put the light of being LLP rather than Pvt. Ltd. The slide has nothing to do with promotion of any particular business strategy and hence does not holds risk of anybody at any time. It's just a narrative representation.
The writer (me) is not going to hold any risk arises out of it.
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 the concept of a limited liability partnership (LLP), which provides benefits of limited liability of a company and flexibility of a partnership. Key points include:
- An LLP is a separate legal entity from its partners and partners' liability is limited to their agreed contributions.
- LLP structures exist in several countries like the UK, US, and Singapore and are governed by contractual agreements between partners rather than statutes.
- LLPs offer advantages like flexibility of organization and operations without heavy legal/procedural requirements for professional/technical services businesses.
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
The document discusses limited liability partnerships (LLPs) under Indian law. It provides details on:
- The LLP Act of 2008 that governs LLPs and key committees that recommended establishing LLPs.
- Benefits of LLPs such as enabling professional expertise to operate flexibly while providing limited liability.
- Salient features of LLPs including their legal status, liability of partners, governance through LLP agreements.
- Procedures for forming an LLP including designating partners, reserving a name, drafting agreements, and registering with the Registrar of Companies.
The Companies Act 2014 aims to consolidate, simplify and reform Irish company law. It introduces a new simplified private limited company structure and a designated activity company structure. Key aspects of the new private limited company include allowing a single director, removing the need for an objects clause, and replacing the memorandum and articles of association with a single constitution document. Directors' duties are also codified under the new Act. All existing private companies must re-register as the new structures by June 2017. Mazars can provide advice and assistance to help companies transition effectively.
CA NOTES ON THE LIMITED LIABILITY PARTNERSHIP ACT 2008
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The document provides information about Limited Liability Partnerships (LLPs) under the LLP Act of 2008 in India. It defines an LLP as a partnership formed and registered under the Act. Key features of an LLP include having a minimum of two partners, separate legal existence from partners, perpetual succession, and partners having limited liability only to their contributions. The document outlines advantages such as separate legal entity status, flexible partnership agreements, fewer compliance requirements than private companies, and easier winding up process. Disadvantages include inability to raise venture capital funding due to partnership structure and greater penalties for non-compliance.
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.
Limited Liability Partnership (LLP) provides benefits of limited liability but allows members flexibility to organize internally as a partnership. An LLP is a separate body corporate formed under the LLP Act. It must have at least 2 partners (individuals or bodies corporate) and 2 designated partners, at least one of whom must reside in India. Partners have limited liability for LLP obligations. An LLP must be registered with the Registrar of Companies and comply with annual accounting and audit requirements. Rights of partners may be transferred but not management participation. Foreign LLPs must register a place of business in India. Partnership firms, private/unlisted public companies can convert into an LLP.
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 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.
This document provides an overview of limited liability partnerships (LLPs) in India. It discusses that an LLP combines the flexibility of a partnership with the limited liability of a company. The history of LLPs began with committees in India considering modernizing business law, which led to the Limited Liability Partnership Act of 2008. LLPs provide advantages over traditional partnerships, which have unlimited partner liability, and over limited companies, which have more regulatory structure. However, the LLP system in India still has some loopholes left to address.
CONVERSION OF PARTNERSHIP FIRM INTO LLPANMOL GULATI
-This document contains all the conceptual knowledge about: 1. partnership firm 2. LLP
- suitability/ unsuitability of both form of organisations
- benefits of LLP over firm
- Conversion process
- statutory compliances
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 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 Limited Liability Partnership (LLP) registration in India. It discusses what an LLP is, the key benefits of LLP registration such as limited liability for partners and tax benefits, and the requirements and process for registering an LLP in India. Some of the important points covered include that an LLP allows partners to benefit from both a corporation and partnership, partners have limited liability up to their agreed contributions, the 2021 LLP Amendment Act introduced changes like reduced penalties for certain offenses and recognizing start-up LLPs. The document also provides contact information for a company called Vidhinyas that assists with the LLP registration process in India.
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These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
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Forrester’s Digital Transformation Framework
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MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
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Llp sme training on 1 july 2012
1. Perkongsian Liabiliti Terhad @ Limited Liability
Partnerships (LLP)
ZUHAIRAH ARIFF BT ABD GHADAS
SME Training Program
1 July 2012
1
2. Introduction
Generally, there 3 types of business entities
which are available in Malaysia:
(i) Sole proprietorships
(ii) Partnerships / Firm
(iii) Companies- Sdn Bhd/Bhd
Latest addition- February 2012
(iv) Perkongsian Liabiliti Terhad (PLT)- Limited
Liability Partnerships (LLP)
2
3. Attributes
Type/ Legal Limited Existence Regulation Tax
Attributes Status Liability
Sole Not
Proprietorships a legal Not Depends on Self
entity available the sole Regulated/ Income Tax
proprietor Registration of
Business Act
1950
Not Not Depends on
Partnerships/ a legal available the partners Partnership Income Tax
Firm entity Act 1961/
Contracts Act
1950
Independent
Companies Legal Available from the Companies Act Corporate
entity members- 1965 Tax
perpetual
succession
3
5. LLP
Attribute Explanation
A body corporate or non-body corporate or partnership.
Legal status The Malaysia LLP has the status of a body corporate-
sec 3(1)
Limited Partial Limited Liability- The LLP is liable for all debts of
Liability the business but the defaulted partner shall also be jointly
liable for the debts incurred by the LLP for his default. The
innocent partners shall not be liable - Sec 21(1)-(4)
•Must be registered with the Registrar (SSM).
Registration •No submission of incorporation document
•No audit requirement and no submission of audited
Disclosure account to Registrar
Requirement •Have to keep a proper keeping of accounts and
documents
•Have to submit annual declaration of solvency
5
6. External •Regulated by the LLP Act
Regulation •Winding Up procedures- applies the Companies Act
Internal •Regulated by an agreement between the partners
Regulation •Default rules of the LLP Act only applies in absence
of the agreement- SECOND SCHEDULE [Section 9]
Composition • Minimum two person but there is no maximum
of partners number of partners-Sec 6
•There must be at least one Compliance officer- duties
akin to a Company Secretary- statutory responsibilities
• Claims against the LLP
Protection of •Claw-back mechanism
Third Parties
•own tax regime- Different from Company and
Tax Regime Partnership
6
7. Legal Status
LLP
Body Corporate
(UK, India, Non-body corporate Partnership
Singapore, (Isle of Jersey, UK) (US)
Malaysia)
7
8. Compliance Officer
27. (1) A limited liability partnership shall appoint at
least one compliance officer from amongst its
partners or persons qualified to act as secretaries
under the Companies Act 1965 who—
(a) is a citizen or permanent resident of Malaysia;
and
(b) ordinarily resides in Malaysia.
8
9. Sec 27 (7) A compliance officer shall be—
(a) answerable for the doing of all acts, matters and
things as are required to be done by the limited
liability partnership under sections 17, 19 and 20;
and
(b) personally liable to all penalties including
administrative penalties imposed on the limited
liability partnership for any contravention of those
sections unless he satisfies the court hearing the
matter that he should not be so liable
9
10. Claw-back Mechanism
• Liability of partners when limited liability
partnership is insolvent
Sec 22. (1) Notwithstanding anything under this Act,
a partner or former partner of a limited liability
partnership who receives a distribution from the
limited liability partnership—
(a) when the limited liability partnership is insolvent
and knew or ought to have known at the time of
the distribution that the limited liability partnership
was insolvent; or
10
11. (b) which results in the limited liability partnership
becoming insolvent and knew or ought to have
known at the time of distribution that the limited
liability partnership would become insolvent as a
result of the distribution,
shall be personally liable to the LLP for the amount
or value of the distribution if it was received within a
period of two years before the commencement of
the winding up of the limited liability partnership..
11
13. LLP in Malaysia
• Labuan Limited Partnerships and Limited
Liability Partnerships Act 2010
( Royal Assent- 31 January 2010 )
Gazetted - 11 February 2010
• Limited Liability Partnerships Act 2012
( Royal Assent- 2 February 2012 )
Gazetted - 9 February 2012
13
14. LLP IN MALAYSIA
Agenda Labuan LLP Malaysia PLT
Legal status Body corporate Body corporate
Attributes Similar to companies- Similar to companies-
partial limited liability for partial limited liability for
defaulted partners defaulted partners
Internal Partnership agreement or LLP Agreement or default
regulation default rules of the Act rules of the Act
Third parties •The word Labuan LLP as •The word PLT as part of
/ creditors’ part of the name the name
protection •Keep proper accounting •Keep accounting and
records. other records which give
•Claw-back provision. a true and fair view of the
LLP state of affairs (7
years)
•Claw-back provisions
(section 22)
14
15. LLP IN MALAYSIA
Agenda Labuan LLP Malaysia
PLT
Formalities/ •Formal registration •Formal registration
Disclosure •Annual declaration of •Annual declaration of
requirement solvency. solvency/insolvency
Applicable •Labuan LP and LLP Act •LLP Act 2012
Laws 2010
Tax regime Labuan Entity
-Trading activity- 3% Not finalized
-non-trading- not taxable
15
16. Conversion to LLP
Conversion from conventional partnership to LLP
• Sec 29. (1) A conventional partnership may convert
to a LLP
• Sec 29(2) In this Part, “convert” means a transfer of
the properties, interests, rights, privileges, liabilities,
obligations and the undertaking of the conventional
partnership to the LLP.
16
17. Conversion from private company to
LLP
• Sec 30. (1) A private company may convert to a
LLP if
(a) there is no security interest in its assets subsisting
or in force at the time of application; and
(b) the partners of the LLP it is to be converted
comprises all the shareholders of the private
company and no one else.
• Sec 30(2)- In this Part, “convert” means a transfer of
the properties, interests, rights, privileges, liabilities,
obligations and the undertaking of the conventional
partnership to the LLP.
17
18. Professionals LLP
• The members shall only be from the same
professions such as all architects, engineers,
quantity surveyors, accountants or all lawyers-sec
8(a).
• The partners shall regulate their activities by way
of contract among themselves which shall
incorporate requirement of the professionals ethics
and regulation.
• The LLP cannot limit its liability below the
compulsory level of insurance- to be approved by
Registrar- sec 8(b)
18
19. FIRST SCHEDULE [Section 2]
PROFESSIONAL PRACTICE
Professional Governing law Governing body
practice
1. Chartered Accountants Act 1967 Malaysian Institute of
Accountant [Act 94] Accountants
2. Advocate i) Legal Profession Act 1976 (i) Malaysian Bar
and [Act 166] (ii) Sabah Law
Solicitor (ii) Advocates Ordinance of Sabah Association
[Sabah Cap. 2] (iii) Advocates’
(iii) Advocates Ordinance of Association of
Sarawak[Sarawak Cap. 110] Sarawak
3. Secretary Companies Act 1965 Nil
[Act 125]
19
20. Power to amend Schedules
• Section 92. The Minister may, by order
published in the Gazette, vary, delete, add to,
substitute or otherwise amend the First
Schedule, Second Schedule and Third
Schedule.
20
21. Foreign LLP- Part VI of LLP Act 2012
Section 44. (1) A foreign limited liability
partnership shall not carry on business in Malaysia
unless it is registered as a foreign limited liability
partnership under this Act.
Section 46. (1) Notwithstanding anything under
this Act, a foreign LLP shall appoint at all times at
least one compliance officer from amongst its
partners or persons qualified to act as secretaries
under the Companies Act 1965 who—
(a) is a citizen or permanent resident of Malaysia;
and (b) ordinarily resides in Malaysia.
21
22. Foreign Partners
• There is no restriction under the LLP Act for
partners to be all locals/residents . As such,
foreigners can be partners of Malaysia PLT and
their liability will be similar to other
local/residents partners.
• Foreign partners are different from foreign LLP
which is provided under the Act.
22
23. Managing Foreign Partners
• The liability of foreign partners shall be similar
to local partners.
• The main document is the partnership
agreement.
• To avoid foreign partners from escaping from
liability , a dispute resolution clause and
indemnification clause should be included in the
partnership agreement- e.g clause on the
Indemnification , Governing law and Settlement
of Dispute clause.
23
24. Indemnification Clause
Suggestion:
Defaulted partners of X PLT shall indemnify the
X PLT and other partners for any claim,
demand, loss or liability due to his default in the
event of any actions, formal or informal taken
against him, including but not limited to refund of
all expenses payable by X PLT and all costs and
charges incurred by X PLT as a result of his
default.
24
25. Governing law
Suggestion:
This Agreement shall be constructed in
accordance with and governed by the laws of
Malaysia from time to time in force and each of
the Partners hereby submit to the jurisdiction of
the courts in Malaysia.
25
26. Settlement Of Disputes Clause
Suggestion:
1.0 Any difference or dispute between the Partners
shall be settled amicably through mutual
consultation and/or negotiations between the
parties.
2.0 In case any dispute or difference could not be
resolved by means as stated in paragraph 1, then in
accordance with and subject to the provisions of the
Arbitration Act 1952 as amended or re-enacted from
time to time, such dispute or difference shall be and
is hereby referred to one (1) arbitrator who shall be
appointed by both parties and the award of the
arbitrator shall be binding.
26
27. Conclusion
• LLP is a hybrid business entity suitable for small/
medium and Professional businesses- less
informalities compared to a company but with all
the advantages of a company. It also has internal
flexibility akin to a partnership.
27