Search results
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 ...
May 31, 2021 · 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. Thus, it combines the benefits of both ...
Note: From Assessment Year 2021-22 (Financial Year 2020-21) onwards, the threshold limit for a tax audit has been raised to Rs. 5 crore under certain conditions. This applies if the taxpayer's cash receipts constitute less than 5% of the gross receipts or turnover and if cash payments are limited to 5% of the aggregate payments as per the ...
Oct 27, 2020 · In addition, all business letters and order forms of the LLP, and all of the LLP’s websites, must specify the following in legible letters: The place of registration and registered number. The registered office address; In the case of an LLP whose name ends with the abbreviation “LLP”, the fact that it is a limited liability partnership.
Apr 19, 2021 · For computation, the provisions of profits and gains of business or profession or capital gains will apply. The section applies with effect from assessment year 2021-22. It, therefore, impacts transactions entered into in financial year 2020-21, including those before the introduction of the provision in the Finance Bill 2021. 4.1 Specified Person
Aug 13, 2021 · Limited Liability Partnership Act, 2008. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership ...
Dec 20, 2021 · The Limited Liability Partnership (Amendment) Act, 2021 (" Amendment Act ") amends the Limited Liability Partnership Act, 2008 (" LLP Act ") and introduces the concept of small LLPs and start-up LLPs-similar to 'small companies' under the Companies Act, 2013. This amendment seeks to make the corporate ecosystem more streamlined for smaller LLPs ...
