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Limited Liability Partnership Act. What is Limited Liability Partnership? 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.
Jan 11, 2024 · A Limited Liability Partnership (LLP) is a business entity that bonds the features of a partnership and a corporation. It provides its partners with limited liability protection while retaining the flexibility and tax benefits associated with a partnership.
- What is the major advantage of LLP?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...
- What is the purpose of LLP?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...
- How many partners are needed in an LLP firm?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...
- Is GST required for LLP?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...
- What is the tax percent in LLP?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?
What is limited liability partnership (LLP) in India?
Is LLP a partnership or a company?
What is a limited liability partnership (LLP)?
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.
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 ...
- 7 January 2009
- 12 December 2008
- 31 March 2009
- Parliament of India
Jul 5, 2021 · The LLP is a body corporate having separate entity from its partners and perpetual succession. An LLP in India is governed by the Limited Liability Partnership Act, 2008, and therefore, the provisions of the Indian Partnership Act, 1932 are not applicable to it.
In India, Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008. In short, it means a partnership firm that is incorporated under the LLP Act.
Nov 7, 2012 · A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
