Yahoo Web Search

Sign In

Search results

  1. www.toppr.com › guides › business-lawsMeaning and Concept of a Limited Liability Partnership (LLP)

    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.

  2. taxguru.in › company-law › comprehensive-analysisLLP: Advantages, Disadvantages, Taxation & Steps to ...

    • Brief Overview. 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.
    • Taxation of LLP. An LLP is taxed in the same way as a traditional partnership firm subject to certain exceptions like the benefit of presumptive taxation under section 44AD or section 44ADA of Income-tax Act, 1961 (“Income-tax Act”) is not applicable for LLP but applies to a partnership firm.
    • Advantages of LLP. i) Separate Legal Entity: It means that in the eyes of law, LLP is separate from its partners just like a company is separate from its shareholders.
    • Disadvantages of LLP. i) Public Disclosure: Public disclosure is the main disadvantage of an LLP. The documents filed through the MCA portal are public documents.

  3. People also ask

  4. www.indiafilings.com › learn › formation-of-limitedFormation of Limited Liability Partnership (LLP) - IndiaFilings

    Dec 13, 2023 · Limited Liability Partnership (LLP) – All You Need to Know. In this article, we look at some of the advantages and features of a LLP registration, which is a new type of business structure in India, introduced to provide limited liability to the owners while at the same time being simple to start and manage. Limited Liability

  5. www.taxmann.com › post › blogGuide to Limited Liability Partnership (LLP) Act - Taxmann

    Feb 14, 2023 · If the limited liability partnership contravenes the provisions of section 21, the limited liability partnership shall be liable to a penalty of ten thousand rupees – Section 21(2) of LLP Act, substituted vide LLP (Amendment) Act, 2021 w.e.f. 1-4-2022 [earlier sub-section provided for fine]. 15. Registered Office of LLP

  6. www.toppr.com › limited-liability-partnership-llpLimited Liability Partnership (LLP) - Toppr

    Definition of LLP. The Parliament of India passed the Limited Liability Partnership Act in 2008 to govern LLP businesses in India. According to Section 2 of this law, an LLP is a partnership registered under the Act. Further, an LLP agreement means a written agreement either between an LLP’s partners or between the LLP itself and its partners.

  7. blog.taxclue.in › limited-liability-partnershipLimited Liability Partnership (LLP) - TaxClue

    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.

  8. www.lexology.com › library › detailFAQs on Limited Liability Partnership in India - Lexology

    Jun 30, 2021 · A limited liability partnership (“ LLP ”) is generally viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the...