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May 24, 2024 · Two popular options are Limited Liability Partnership (LLP) and company. Both structures have their advantages and disadvantages. To choose the right structure, you must first understand the difference between an LLP and a company. This article will help you distinguish between both and make an informed decision.
May 22, 2024 · May 22, 2024. This blog discusses the numerous advantages of limited liability partnership (LLP) registration in India. Get a complete picture of the advantages of limited liability partnership with its disadvantages and tax benefits to analyse the suitability of LLP incorporation for your business.
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- An LLP offers several advantages over a traditional partnership. The key benefits of LLP include limited liability, enhanced credibility, and flexi...
- Limited liability is one of the most significant benefits of an LLP. In a partnership firm, partners are personally responsible for the debts and l...
- Incorporating an LLP in India brings forth several advantages. Firstly, the LLP structure offers limited liability, ensuring partners' personal ass...
3 days ago · Important due dates for Income Tax Compliance/PF/ESI in the Month of June, 2024. 07.06.2024. TDS and TCS liabilities to the ITD. May. 2024. To be filed by entities who are required to deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc. 14.06.2024.
May 9, 2024 · A Limited Liability Partnership (LLP) is a business entity that includes the characteristics of a partnership and a company. The Ministry of Corporate Affairs’ Registrar of Companies regulates LLPs. A limited liability partnership (LLP) is a legal entity that exists independently of its partners and has a perpetual succession.
4 days ago · The key LLP compliance requirements for LLPs include the following: Maintenance of Proper Book of Accounts. Filing of Annual Return. Filing of Statement of Accounts. Filing of Income Tax Return ( ITR - 5) Filing of Tax Audit (If Applicable) Ensuring annual compliances of LLP with these obligations not only maintains the legal status of the LLP ...
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- LLP Annual Filings refer to the mandatory submissions and reports that Limited Liability Partnerships must file annually with regulatory authoritie...
- These filings are crucial for upholding the legal status of an LLP, ensuring transparency, financial accountability, and credibility.
- Non-compliance can result in penalties of up to INR 5 lakhs for LLPs, making it essential to meet annual filing obligations.
- Key compliance requirements include maintaining proper books of accounts, filing annual returns (Form 11), filing statements of accounts (Form 8),...
- Form 11 should be filed within 60 days after the financial year-end, typically by May 30th each year.
- Late filing of Form 11 can result in penalties of INR 100 per day of delay.
- Form 8 should be filed within 30 days from the conclusion of six months after the financial year ends.
- Form 8 can be digitally signed by two designated partners of the LLP and must be certified by a company secretary, chartered accountant, or cost ac...
- Late filing of Form 8 can result in penalties of INR 100 per day of delay.
May 6, 2024 · Companies Act, 2013. 30 th April (for Oct.2023 to March 2024) Pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013, specified companies shall submit a half yearly return to MCA in respect of outstanding payments to Micro or Small Enterprises exceeding 45 days. MSME Form 1.
People also ask
What is the difference between LLP & Private Limited (Pvt Ltd)?
What are the advantages of a limited liability partnership or LLP incorporation?
What are the benefits of LLP registration in India?
4 days ago · In basic terms, the owners of an LLP are considered partners in an organization, while the owners of an LLC are members. As a result, there are key differences between how the limited liability ...
