Limited Liability Partnerships Limited Liability Partnerships (LLPs) – An elucidation(LLPs) – An elucidation

by :Saurabh Wagle, Mumbai

WRO0378562

What is LLPWhat is LLP Corporate business form

Introduction in India in 2009

Profit motive

Difference :- LLP vs. Partnership LLP vs. Company

Features of LLPFeatures of LLP Separate legal entity

Minimum 2 partners for incorporation

LLP agreement

Acronym ‘LLP’

Preferable for ..

Procedure for incorporationProcedure for incorporation Deciding Partner & Designated Partner

Obtaining DIN & Digital signature certificate

Checking name availability

Drafting ‘LLP agreement’

Filing incorporation documents

Obtaining Certificate of incorporation

Compliances by LLPCompliances by LLP Accounts Maintenance of Books of Accounts Statement of Account & Solvency

Audit Mandatory for..

Appointment, Remuneration, Removal of Auditor

Annual return

Conversion into LLPConversion into LLP

Foreign LLP Foreign LLP

Definition as per section 2(1)(m)

Registration in Form 27 within 30 days

Winding up of LLP

FDI in LLP

Taxation of LLPTaxation of LLP

Treatment same as that of ‘Partnership Firm’

Deduction u/s 40(b)

Profit in hands of Partner Exempt u/s 10(2A)

Provision of ‘Alternate Minimum Tax’

Conversion in LLP is not to be treated as ‘Transfer’

Recovery of tax u/s 167C

Closing of LLPClosing of LLP

Declaring as ‘Defunct’

Winding up :-VoluntaryCompulsory

Conclusion ….Conclusion ….

Good form of business organization

Many opportunities for professionals

Contact details :

Saurabh Wagle

E-mail :- saurabh.wagle@gmail.com