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Limited liability partnership definition – It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership.
- 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.
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Feb 14, 2023 · Introduction. Rigidity in Companies Act. LLP is ideal blend of partnership and company. Overview of contents of LLP Act. LLP at a glance. Basic features of LLP. Small Limited Liability Partnership. Comparison between traditional partnership and LLP. Comparison between Company and LLP. Procedure for Incorporation of LLP at a glance.
May 3, 2024 · LLP the abbreviation for Limited Liability Partnership. This type of business is defined as a recent business set in India. It was finally acknowledged and enacted by the Parliament on December 12, 2008, commencing from the year 2009 as ‘The Limited Liability Partnership Act 2008’.
6 days ago · LLP or Limited Liability Partnership is an alternative form of corporate business that offers benefits of limited liability to partners at minimal compliance costs. It is a newer concept in a business where partners have lesser financial obligations and limited personal liability in the firm.
- 1. Where can I get detailed study notes for the subject of law?To get detailed study notes of any of the topics of Law, you shall check out the website of Vedantu or download the mobile app. Reading them intens...
- 2. Can I get explanatory notes for topics of Accountancy?Yes! You shall visit the website of Vedantu to get study notes for all the topics. This would not only help you understand and strengthen your conc...
- 4. What is the LLP Firm's Maximum Limit of Partners?There is no limitation on the maximum number of partners in an LLP firm, but it must have at least two individuals as partners. The Act lays down a...
- 5. What is a Limited Liability Partnership Firm?A limited liability firm is where partners have mutually agreed on the LLP terms. Any start-up or unlisted company is eligible to convert into an L...
Jul 5, 2021 · The Limited Liability Partnership Act, 2008 (LLP Act) does not provide an exhaustive definition. Sub-section (n) of section 2 of the Act states that “limited liability partnership” means a partnership formed and registered under this Act.
May 7, 2020 · A Limited Liability Partnership is a corporate body which combines the flexibility of a partnership with the limited liability of a company. The overarching tenets of free trade infused with a desire for less bureaucratic burden has led to the growing popularity of Limited Liability Partnerships as forms of business association.
