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What is limited liability partnership (LLP) in India?
What is a limited partnership LLP?
What is limited liability partnership?
What is LLP in India?
Jun 30, 2021 · An LLP is one of the modes used by investors to invest or set-up business in India. In this primer, we have covered frequently asked questions related to LLPs. 1. What is an...
- FAQs on Nature of Limited Liability Partnership
- FAQs on Applicability of The LLP Act
- FAQs on Partners and Designated Partners
- FAQs on LLP Agreement
- FAQs on Registration
- FAQs on Change in Partners
- FAQs on Partners’s Contribution and Transactions of Partners with LLP
- FAQs on Liability of Partners
- FAQs on Disclosure, Audit and Filing Requirements
- FAQs on Disclosure,Audit and Filing Requirements
Q.1 Concept of “limited liability partnership” Ans.LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. 1. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. 2. ...
Q.1 Whether the LLP Act is applicable to any specific services like professional services regulated by Statutes? Ans. No. Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP. In the light of various inputs received by this Ministry for applicability of the LLP form to small entities and vent...
Q. 1 What are the restrictions in respect of minimum and maximum number of partners in an LLP? Ans.A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners. Q. 2 Whether a body corporate may be a partner of an LLP? Ans.Yes. Q. 3 What are the qualifications for becoming a partn...
Q.1 How the mutual rights and duties of partners inter-se and those of partners and LLPs would be governed? Ans.The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as “LLP Agreement”. Q.2 Whether...
Q.1 What are the registration formalities relating to LLPs? Ans. LLPs shall be registered with the Registrar of Companies (ROC) (appointed under the Companies Act, 1956) after following the provisions specified in the LLP Act. Every LLP shall have a registered office. An Incorporation Document subscribed by at least two partners shall have to be fi...
Q. 1 How can a person become a partner of an LLP? Ans. Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. Q. 2 How can an existing partner cease to be a partner...
Q. 1 What is the manner in which a partner of an LLP can bring his contribution? How will it be recorded/disclosed in the accounts? Ans. Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP. The monetary valueof contribution of each partner shall be accounted for and disclosed in the accoun...
Q. 1 Nature & extent of liability of a partner of an LLP? Ans.Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful...
Q. 1 Whether every LLP would be required to maintain and file accounts? Ans. An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. Q. 2 Whether audit of all LLPs would be ...
Q. 1 Whether every LLP would be required to maintain and file accounts? Ans.An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. Q. 2 Whether audit of all LLPs would be m...
Apr 2, 2024 · In India, Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008. In short, it means a partnership firm that is incorporated under the LLP Act.
Feb 22, 2021 · The Parliament of India enacted the Limited Liability Partnership (LLP) Act, 2008 to introduce a special corporate business vehicle to be known as LLP that allows its members to have the flexibility of organising their internal structure as a partnership and also provides the benefits of limited liability as availed by Companies.
Jan 13, 2024 · What Do You Mean by Limited Liability Partnership (LLP)? An LLP is a limited liability partnership where each partner has limited personal liability for the debts...
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Jan 11, 2024 · A Limited Liability Partnership (LLP) is a business entity that combines the advantages of both partnerships and companies. It provides its members with limited liability protection, like that of a company, while maintaining a partnership’s flexibility and tax benefits.
Concept of "limited liability partnership" • LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. • The LLP can continue its existence irrespective of changes in partners.
