Limited liability partnership

In terms of Council decision dated 22nd January, 2012, the following guidelines for conversion of Cost Accountants firms into LLPs and constitution of separate LLPs by the practising Cost Accountants have been finalized. They are applicable for conversion of Cost Accountants’ firms into LLPs or formation of new LLPs, by the members in practice of the Institute of Cost Accountants of India (ICAI) upon coming into force the provisions of the Cost and Works Accountants (A.. Full Article

(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a revenue of Rs.15.37 crore. The Scheme is now valid till January 15, 2012. Full Article

I am directed to say that a number of representations have been received in the Ministry to the effect that the Registrar of Companies and the Registrar of LLPs are incorporating the companies and LLPs in contravention to the provisions of the Architect Act, 1972 that the Council of Architect (CoA). In terms of Sections 36 and 37 of the Architects Act, 1972 as well as Rules and Regulations framed thereunder only an architect registered with the Council of Architecture or.. Full Article

Process to Start Limited Liability Partnership Step 1:- Acquire the DPIN of desired Partners Step 2:- Acquire the Digital Signature of one of the desired Partner Step 3:- Registered DPIN and DSC with LLP website Step 4:- Check the availability of name from which partners want to make LLP Full Article

The salient features of LLP Act, 2008, inter alia, are as follows: 1. It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement. 2. LLP is liable to the extent of its assets. Partner’s liability is limited to the extent of agreed contribution (capital) in the LLP Agreement. 3. No partner is liable on account of the independent or unauthorized action of o.. Full Article

The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under the automatic route. But still government approval is must for FDI in LLPs even in sectors where 100 per cent overseas investment is allowed. Full Article

Approval for FDI in Limited Liability Partnership firms The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms. The FDI in LLPs will be implemented in a calibrated manner, beginning with the ‘open’ sectors where monitoring is not required, subject to the following conditions: Full Article

The government is likely to usher in the New Year with some important policy reforms. Important foreign direct investment (FDI) policy announcements is likely to be made in January 2011, reports sources. It is learnt that FDI policy is likely to be Full Article