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- When two or more persons wants to start a business on partnership with a corporate status they can think of opening a LLP Indian LLP is a separate legal entity and governed by Limited Liability Partnership Act, 2008
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|. Updated on: Oct 17th, 2023. |. 12 min read. The Ministry of Corporate Affairs (MCA) amended the Limited Liability Partnership Rules, 2009 vide a notification dated 11 February 2022 and inserted new rules concerning the Limited Liability Partnerships (LLPs).
Mar 8, 2022 · We list out the latest amendments to the LLP Act as well LLP Rules, effective April 1, 2022. The changes are expected to further ease doing business in India and include a new definition for small LLPs (which can include start-ups), change the residency requirements for designated partners, and reduce reporting norms.
Feb 17, 2022 · In addition, the Limited Liability Partnership (Amendment) Rules, 2022 (Amendment Rules) have also been notified on 11 February 2022. The Amendment Act and the Amendment Rules are both, effective from 1 April 2022.
- The Limited Liability Partnership (Amendment) Bill, 2021 was introduced in Rajya Sabha on July 30, 2021. The Bill seeks to amend the Limited Liability Partnership Act, 2008.
- Certain offences decriminalised: The Act specifies the manner of operations of LLPs, and provides that violating these requirements will be punishable with a fine (ranging between two thousand rupees and five lakh rupees).
- Change of name of LLP: The Act states that the central government may direct an LLP to change its name on certain grounds (such as the name being undesirable or identical to a trademark pending registration).
- Punishment for fraud: Under the Act, if an LLP or its partners carry out an activity to defraud their creditors, or for any other fraudulent purpose, every person party to it knowingly is punishable with imprisonment of up to two years and a fine between Rs 50,000 and five lakh rupees.
Mar 21, 2022 · Taxation. Income earned by the LLP’s are taxed at a flat rate of 30%, and the said tax rate would be further increased by a surcharge rate of 12%, if the total income of an LLP exceeds Rs 1 ...
Jul 5, 2021 · The LLP is a body corporate having separate entity from its partners and perpetual succession. An LLP in India is governed by the Limited Liability Partnership Act, 2008, and therefore, the provisions of the Indian Partnership Act, 1932 are not applicable to it.
A Limited Liability Partnership (LLP) is a hybrid model of a partnership firm and a company in which some or all partners (depending on the jurisdiction) have limited liabilities. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
