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- Unfortunately, there are no LLCs in India. The closest thing to an LLC in India would have to be a Limited Liability Partnership (LLP). However, the good news is that you can still set up a US-based LLC while living in India.
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How LLPs are governed in India?
What is the difference between private limited company and LLP?
When was LLP introduced in India?
What is LLP vs Pvt Ltd company?
Jan 11, 2024 · Limited Liability Partnerships (LLPs) have become popular for businesses in India due to their unique blend of partnership and corporate structures. It provides operational flexibility, ease of operation, and tax benefits while maintaining a simplified compliance regime.
- The major advantage of an LLP firm is that all the partners’ personal assets are not subjected to inception or action as they are all limited to th...
- LLP allows you to have the benefits of a limited company and is also flexible of a partnership at the same time. LLP can continue to exist even if...
- An LLP must have at least 2 partners, to begin with; It can scale up to more than 50+ partners. However, you can run your LLP business for a maximu...
- No GST is not mandatory to file an LLP. Eventually, you will be required to submit your GST details during taxation based on your turnover and serv...
- LLP firms are subjected to a 30% tax, similar to a partnership firm. The partners are expected to file their tax returns on 30%.
- Introduction to Limited Liability Partnership
- Mandatory Compliance For An LLP
- Consequences of Non Compliance
- Limited Liability Partnership (Second Amendment) Rules, 2022
A limited Liability Partnership means a business where minimum two partners are required and there is no limit on the maximum number of partners. The liability of the partners are limited up to the extent of Capital contribution done by each partner in LLP. LLPis an alternative corporate business form that gives the benefits of limited liability of...
As soon as an LLP is incorporated, there are certain mandatory compliance which an LLP is required to fulfill. If an LLP fails to comply with these requirements, it may have to pay hefty penalties. Let’s have a look at the list of important compliance that an LLP needs to follow after the registration in India.
If there is a delay in filing Form 8 and 11 of LLP, you will have to pay the penalty of Rs. 100 per dayof default. One cannot close or wind up their LLP without filing Annual Accounts. Also, Non-compliance of any of the mandatory requirement may lead to hefty penalties.
Also, there are a few more important changes have been made through LLP (Second Amendment) Rule, 2022, which are as follows: 1. There can be 5 instead of 2 Designated Partners(without having DIN) at the time of Incorporation. 2. All the forms of LLP have now become web-based. 3. LLPs shall be allotted their PAN and TAN along with the Certificate of...
Jul 3, 2020 · The LLP Act, 2008 thereby makes provision for the formation and regulation of limited liability partnerships and matters connected with it. In India, The Limited Liability Partnership Act, 2008 was published in the official Gazette of India on January 9, 2009, and has been notified with effect from 31 March 2009.
- Ayush Verma
Aug 10, 2023 · A few decades ago, the meaning of business was restricted to only a company, a partnership, or a sole proprietorship. Each type of organization had benefits and drawbacks; for example, partnerships and proprietorships were simpler to set up and run but lacked limited liability, a key component of a company.
Oct 18, 2023 · A private limited company (Pvt Ltd company) has existed in India for a long time. Limited Liability Partnership (LLP) business structure was introduced in India in 2008. Thus, Pvt Ltd companies have existed longer than LLPs and enjoyed widespread recognition. LLP and Pvt Ltd Company have similar features, but there are many differences also.
Dec 15, 2016 · Limited Liability Partnership ('LLP') is a form of enterprise that merges certain advantages of a partnership with those of a company. Viewed as an 'alternate or hybrid corporate vehicle', an LLP achieves the best of both corporate forms by granting to the members of the LLP, the flexibility of organizing their internal managerial structure as a partnership based on mutual-understanding, while ...
Limited Liability Partnerships - The NewAge Business Vehicle. LLPs are rapidly emerging as an alternative to companies and partnership firms which have traditionally been used as forms of business entities. LLP is a hybrid form of business entity which combines the merits of a company and a partnership.
