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  1. An LLP partner is somewhat similar to a Limited partner although they are not the same. Partnership at Will- Such Partnership solely depends on the will of a partner. He/she can break the bond anytime they wish. This type of Partnership is usually created for lawful business which usually lasts for an indefinite time.

    • Date of Applicability
    • Purpose of Amendment in Version
    • Key Amendments
    • Penalty

    It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act

    The government looks to improve ease of doing business and encourage start-ups.
    To encourage business class to incorporate LLP's.
    To make it popular for Startups
    Conversion of Partnership firms into LLP's

    1. Definition of Business

    Business includes every trade, profession, service and occupationexcept any activity which the Central Government may, by notification, exclude NEW CONCEPT: New definition added in LLP Act.

    2. SMALL LLP

    'Small Limited Liability Partnership' means a limited liability partnership- 1. the contributionof which, does not exceed twenty-five lakh rupees (Rs. 25,00,000/-) or such higher amount, not exceeding five crore rupees, as may be prescribed; and 2. the turnoverof which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed forty lakh rupees (Rs. 40,00,000/-) or such higher amount, not exceeding fifty crore rupees, as may be prescribed; or...

    3. Resident of India:

    Meaning of Resident of India for the purpose of Designated Partner The term resident in India means a person who has stayed in India for a period of not less than one hundred and twenty days (120) during the financial year. Effect: Now a person who is resident in india for just 120 days in financial year can be appoint as a designated partner.

    Section 10: Punishment for contravention of sections 7, 8 and 9 Penalty clauses amended in Section 10 Section 13: Registered office of limited liability partnership and change therein Penalty clauses amended in Section 13 Section 21: Publication of name and limited liability Penalty clauses amended in Section 21 Section 25: Registration of changes in partners Penalty clauses amended in Section 25 Section 30: Unlimited liability in case of fraud Penalty clauses amended in Section 30 Section 34: Maintenance of books of account, other records and audit, etc Penalty clauses amended in Section 34 Section 35: Annual Return Penalty clauses amended in Section 35 Section 60: Compromise, or arrangement of limited liability partnerships Penalty clauses amended in Section 60 Section 62: Provisions for facilitating reconstruction or amalgamation of limited liability partnerships Penalty clauses amended in Section 62 Section 74: General penalties Penalty clauses amended in Section 72

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  3. However, the definition held in the Partnership Act elucidates – partnership as an association between people who have consented to share the gains of a business, the sharing of loss is implicit. Hence, sharing of gains and losses is vital. 4.Business Motive: It is important for a firm to carry some kind of business and should have a profit ...

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  5. Answer (1 of 13): On a business class you may be entreated to welcome drinks, pillow and blanket, headset for your entertainment, hot or cold towels, wider seats, better seat pitch, ample space for your luggage, extra hand baggage allowance, wider personal television screens, lounge access before...

  6. Business Definition. Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.

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