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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. In an LLP, the partners have limited liability for the firm’s debts and ...
A Limited Liability Partnership (LLP) is a hybrid business structure that provides its partners with limited liability protection while allowing them to participate in the management and decision-making process. Under the LLP Act 2008, an LLP is a separate legal entity distinct from its partners, shielding them from personal liability for the ...
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A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership and the limited liability of a company. It was first introduced in USA in 1991then in the United Kingdom in 2000, following the Limited Liability Partnership Act of 2000. The
- 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.
Difference between LLP & a Company. This site is owned by Ministry of Corporate Affairs. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
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 ...
Apr 2, 2024 · What is LLP? 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. Apart from this, it takes the form of a separate legal entity having a continuous succession, similar to companies.