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The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
- 7 January 2009
- 12 December 2008
- 31 March 2009
- Parliament of India
Difference between LLP & a Company. This site is owned by Ministry of Corporate Affairs. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
2. All the partners of a limited liability partnership are entitled to share equally in the capital, profits and losses of the limited liability partnership. 3. The limited liability partnership shall indemnify each partner in respect of payments made and personal liabilities incurred by him.
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(m)"foreign limited liability partnership" means a limited liability partnership formed, incorporated or registered outside India which establishes a place of business within India; (n) "limited liability partnership" means a partnership formed and registered under this Act;
Oct 6, 2022 · A penalty of INR 100 per day is payable by LLP and its designated partner up to a maximum of INR 1 Lakhs for LLP and INR 50,000 for every designated partner. Section 34 (6) Fails to comply with provisions of sections 34 (1), 34 (2) and 34 (4) · Penalty payable by LLP – Minimum INR 25,000 and Maximum INR 5 Lakhs; and.
A Limited Liability Partnership (LLP) is a form of business organisation where the liability held by each of the partners is limited by law. Get information about the guidelines, Acts, rules, notifications related to LLP provided by the Ministry of Corporate Affairs (MCA). Information on online registration of LLP, acquisition of Digital ...
Section 1. Short title, extent and commencement. Section 2. Definitions. Section 3. Limited liability partnership to be body corporate. Section 4. Non-applicability of the Indian Partnership Act, 1932. Section 5.
