Partnership News, Articles, Notifications and Forms

 Ministry of Corporate Affairs’ latest Circular which provides important clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. It has been clarified that the LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP. Full Article

The Ministry has been examining some of the issues raised by stakeholders with regard to clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. Full Article

Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: Requirement of Partners Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if does not have; Selection of name for the proposed Firm; [...] Full Article

R. Kumar, B.Com. MBA (Finance) Introduction: Normally the partnership would stand dissolved on the death of a partner unless it is otherwise contracted for, but if it is found from the subsequent conduct of the parties that despite the death of partner, partnership business continued to function, then it would be taken that it continued [...] Full Article

- Meaning of Limited Liability Partnership Understanding Limited Liability Partnership in Brief. - Features of Limited Liability Partnership The Limited Liability Partnership Act 2008 Partners. - Designated Partners. - Limitation of Liability. - Forming a Limited Liability Partnership Forms and Fees. - Limited Liability Partnership Agreement Accounts and Audit. Taxation of Limited Liability Partnership Professional Opportunities. Full Article

The Income of LLP will be charged to tax in the hands of the LLP only and not in the hands of individual partners. Remuneration to partners will be taxed as “Income from Business & Profession” and share of profit in the hands of the partner is exempt from tax u/s 10(2A). The LLP is allowed to get deduction of remuneration paid to the partners subject to the maximum of limit prescribed u/s 40(b). Full Article

All LLPs registered upto 30-September-2011 have to mandatorily close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012. LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11 accordingly.Please note that if LLP fails to file Form-8 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing. Full Article

The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have been formed so far as per the records of the Ministry of Corporate Affairs. Full Article

These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 16th September, 2012. Full Article

Change in the constitution of the firm and its dissolution [Section 63(1)] - When change occurs in the constitution of the firm, any of the new, continuing or the outgoing partner, while when a registered firm is dissolved, any person who was a partner immediately before the dissolution or the agent of any such partner or person specially authorized on his behalf, may give notice of such a change to the Registrar, specifying the date thereof. Full Article