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What is a small LLP in India?
Is LLP a limited liability partnership?
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How LLPs are regulated in India?
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.
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.
Concept of "limited liability partnership" • LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. • The LLP can continue its existence irrespective of changes in partners.
- Introduction of A New Concept of ‘Small Limited Liability Partnership’-
- Meaning of ‘Resident of India’ vis-à-vis Designated Partner-
- Change of Name of Llp-
- Compounding of Offences-
- Other Provisions-
A new clause (ta) is inserted under section 2 which defines the term ‘Small Limited Liability Partnership’. Accordingly, LLP will be termed as ‘Small Limited Liability Partnership’ if it satisfies all of the below criteria- 1. The contribution of the LLP is up to INR 25 Lakhs or such higher prescribed amount (not exceeding INR 5 Crores), 2. The tur...
As per the amendment, now, the term Resident of India for designated partner means a person who has stayed in India for a period of not less than 20 days during the Financial Year (earlier it was 80 days during the immediately preceding one year). Accordingly, the person who stays in India for 20 days during the Financial Year can now be appointed ...
Provisions of section 17 are entirely substituted and section 18 is omitted. The gist of new section 17 is- 1. LLP is required to change the name within a period of 3 months from the date of issue of direction if its name is identical with/ resembles- 1.1. The name of any other LLP; or 1.2. A registered trademark. 2. Notice of the name change is to...
Entire section 39 covering the provisions of compounding of offences is substituted. The gist of the new provisions is summarized hereunder- 1. The authorized Regional Director or any other officer (not below the rank of Regional Director) may compound any offence which is punishable with a fine only. 2. The procedure of compounding of offence- 2.1...
Section 67A, Section 67B and Section 67C are inserted covering provisions relating to the establishment of a special court.Section 68A is inserted which states that Central Government may establish such a number of registration offices as it thinks fit. Accordingly, the Central Government can appoint Registrars/ Additi...Provisions of section 69 covering payment of additional fees are substituted. The new section states that prescribed additional fees is to be paid for filing of any document/ return post completion...Provisions of section 72(2) relating to the jurisdiction of tribunal and appellate tribunal is substituted. The gist of new provisions is stated hereunder-Nov 17, 2021 · The Amendment Act has defined Small LLP as a limited liability partnership: the contribution of which is up to INR 2,500,000 (Rupees twenty five lakhs) or such other amount as may be prescribed, not exceeding INR 5,00,00,000 (Rupees five crore); and.
- Anirudh Mukherjee
LLP stands for Limited Liability Partnership. 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.
Jul 3, 2020 · LLP is a Limited Liability Partnership is a corporate business vehicle that provides the benefits of limited liability of a company to its members and also allows to manage their internal management on the basis of mutually arrived agreement as in case of a partnership firm.