Limited Liability Partnerships (LLP) – An elucidation
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Limited Liability Limited Liability Partnerships (LLPs) – An Partnerships (LLPs) – An elucidation elucidation by : Saurabh Wagle, Mumbai WRO0378562
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I presented on "Limited Liability Partnerships (LLPs) – An elucidation" in National Convention for CA students at Chennai on 27th November,2013. This is the PPT of it.
Transcript of Limited Liability Partnerships (LLP) – An elucidation
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
