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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 ...
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 ...
- 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...
- 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...
- 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...
- 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...
- LLP firms are subjected to a 30% tax, similar to a partnership firm. The partners are expected to file their tax returns on 30%.
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What is LLP in India?
Why is LLP a popular business structure in India?
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What is an LLP & how does it work?
Feb 22, 2019 · An LLP is a partnership that must have two partners at the minimum, and there is no limit on the maximum number of partners. An LLP, like a private limited company, is an independent legal entity and can own property, incur debts and get sued. It is not affected by changes in its ownership.
- Guru
- Baazaar
- Rocket Singh – Salesman of The Year
- Band Baaja Baaraat
- TVF Pitchers
- Corporate
- Hindi Medium
- Raajneeti
- Special 26
Guru was directed by Abhishek Bachchan, released in 2007, and has become a classic in Bollywood cinema. The movie paints a brilliant reflection of the life of a man, Dhurubhai Ambani, finding his way into founding the Reliance Empire. Although the writer of the movie have never admitted that it follows the tale of Ambani, it was clear to critics an...
Baazaar hardly made waves when it first aired in 2018, but quickly developed a following as the movie left the theatres and became more widely available. The movie depicts the business of Dalal Street, exploring the types of deals that were being struck behind closed doors. The movie offers an important insight into many of the tough decisions that...
Rocket Singh follows a man with the same name as the title, as he steps into the world of being a salesperson on the ground floor. He launches his own company, whilst keeping his day job, using company resources for his own business. This movie is a great look into the struggle that entrepreneurs face in their early stages, and offers a glimpse int...
This is an interesting one on this list. Band Baaja Baaraat is a romance movie, following a fiercely-motivated female lead and a nonchalant male lead. The core concept of the movie surrounds them building a wedding-planning business together, and is an interesting take on how two people with very little business sense find success. The main reason ...
TVF Pitchers is one of the most popular TV series in India for the business world. While not a movie, it is a Bollywood production that follows the story of four boys and the journey they take as they create their own business. The series is filled with to the brim with comedy, but with powerful undertones of what it means to be successful, with th...
Corporatebasically tells you everything you need to know from its title. The movie provides an incredibly candid insight into the business world of India, and doesn’t hold back any punches when it comes to revealing what the director sees as “The truth of our business world.” The movie is a valuable resource to attain a powerful point of view about...
Hindi Medium is about a self-made businessman trying to get his daughter admitted into a prestigious school. However, to do this, he has to prove his literacy, which the father does not have. To overcome this challenge, the father instead pursues a method of getting his daughter in through the disguise of being “lower-class”, forcing them to move t...
Raajneeti is a story of political vendettas and vengeance. It is a grim take on the political landscape and the ever-present struggle for power, and how this shapes the people involved. Whilst not directly looking into the business world, Raajneeti provides a provoking – and sometimes confronting – insight into how people in these toxic environment...
Special 26is the story of a group of heisters who pull off one of the biggest heists in India. This movie is valuable for entrepreneurs as it showcases how creative business solutions and subtle executions led this group to become a legend in the Indian business world. We mean a literal legend. The events of Special 26depict a real heist that took ...
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.
Feb 18, 2019 · Myth 1: LLP has higher tax liability than Partnership. LLP is a corporate structure. So, many assume that the tax liability is much higher compared to the general partnership. This becomes a common reason for lending upon Partnership and not LLP. Well, let me clear this up.
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.
