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LLP stands for Limited Liability Partnership. Limited liability partnership definition – It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs.
Feb 22, 2019 · What is LLP Company. The simpler business structure and comparatively less legal compliance can explain the popularity of the Limited Liability Partnership business structure for Small and Medium-sized businesses in India. An LLP is a partnership that must have two partners at the minimum, and there is no limit on the maximum number of partners.
Jul 5, 2021 · Advantages of LLP. Easy to form: Forming an LLP is an easy process. It is less complicated and time-consuming unlike the process of formation of a company. Liability: The partners of the LLP is having limited liability which means partners are not liable to pay the debts of the company from their personal assets.
May 31, 2021 · What is a Limited Liability Partnership (LLP)? An LLP is a form of business organization that has become popular among entrepreneurs as it gives the benefits of a private limited company (such as limited liability and separate legal entity) along with flexibility offered by a traditional partnership firm .
Nov 7, 2012 · A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
Aug 19, 2022 · INCOME TAX ACT, 1961. As per Income Tax Act, LLP are liable for 31.20% Tax on its Net Profit after deducting Partners remuneration and Interest if any. As per Income Tax Act, Partners are allowed to take 60% of “Book Profit” as Partners remuneration in case of Book Profit is more than Rs.3 Lakhs, otherwise Rs.1.50 Lakhs or 90% of Book ...
Dec 20, 2021 · The Limited Liability Partnership (Amendment) Act, 2021 (" Amendment Act ") amends the Limited Liability Partnership Act, 2008 (" LLP Act ") and introduces the concept of small LLPs and start-up LLPs-similar to 'small companies' under the Companies Act, 2013. This amendment seeks to make the corporate ecosystem more streamlined for smaller LLPs ...
