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What is limited liability partnership (LLP) in India?
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How LLP is governed in India?
What is an LLP in India?
Overview. Definitions. Salient features. LLP agreement. Accounts and audit. Penalty. Taxation of a Limited Liability Partnership. Annual compliance. References. External links. The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India.
- LLP is a body corporate. According to Section 3 of the Limited Liability Partnership Act 2008 (LLP Act), an LLP is a body corporate, formed and incorporated under the Act.
- Perpetual Succession. Unlike a general partnership firm, a limited liability partnership can continue its existence even after the retirement, insanity, insolvency or even death of one or more partners.
- Separate Legal Entity. Just like a corporation or a company, it is a separate legal body. Further, it is completely liable for its assets. Also, the liability of the partners has certain limitations in their contribution to the LLP.
- Mutual Agency. Another difference between an LLP and a partnership firm is that independent or unauthorized actions of one partner do not make the other partners liable.
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.
- What is the major advantage of LLP?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...
- What is the purpose of LLP?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...
- How many partners are needed in an LLP firm?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...
- Is GST required for LLP?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...
- What is the tax percent in LLP?LLP firms are subjected to a 30% tax, similar to a partnership firm. The partners are expected to file their tax returns on 30%.
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.
Nov 7, 2012 · A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
Mar 23, 2023 · Limited Liability Partnership (LLP) is a relatively new form of business entity in India, which was introduced in 2008 through the Limited Liability Partnership Act, 2008. An LLP is a hybrid form of business that combines the features of both a partnership firm and a limited liability company.
