LLP

Company Conversion into LLP

Corporate Law - Article gives Overview of Limited Liability Partnership, Explains Benefits of LLP and also clarifies that Who can create the LLP and Procedure for conversion of Company into LLP. Overview of Limited Liability Partnership:- As per the LLP Act 2008 an “LLP is defined as that business entity where having two Designated Partners is mini...

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Lifting of Corporate Veil of LLP – Recent Amendment -Section 460 – Companies Act, 2013

Corporate Law - Limited Liability Partnerships (LLPs) can no longer escape from late filing of information with Registrar of Companies (ROC). As per the powers conferred upon the Central Government under Section 67 of the Limited Liability Partnership Act, 2008, Section 460 of the Companies Act, 2013 which provides for condonation of delay has now been e...

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Procedure For Change In Registered Office of LLP

Corporate Law - Procedure For Change In Registered Office of LLP- Section-13 of LLP Act- 2008, Rule 17 of LLP Rules- 2009 As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received. Address of initial registered office of a […]...

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Process and Provision for Strike off of LLP

Corporate Law - Provision in relation to closure of LLP has been mentioned u/s 75 of LLP Act, 2008 read with Rule 37 of LLP Rules, 2009. Name of defunct LLP can be struck off by the Registrar: Suo-motto; or On application by the LLP. Defunct: The generic meaning of the word ‘defunct’ is a state of being […]...

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Conversion of LLP into Company under Companies Act, 2013

Corporate Law - Ministry of Corporate Affairs has passed a notification on 31st May, 2016 in such notification its allowed conversion of LLP into Company. For such conversion there is need to prepare a list of documents and required to file the same with ROC in forms like URC-1, INC-7, DIR-12, INC-22 etc. ...

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MCA Updates on eForm DIR-3 KYC & LLP Forms

Corporate Law - 1. Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the […]...

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Restricting on formation of LLP for manufacturing activities withdrawn: MCA

Corporate Law - Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect. In its OM MCA has earlier said that incorporation of LLPs and conversion into LLPs with the proposed business...

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MCA Restricting Manufacturing Businesses to form an LLP: ICSI

Corporate Law - It has been noticed that in recent times the manufacturing businesses are being restricted from incorporating as LLP on the ground that manufacturing activities does not fall under the definition of `Business' as per the Limited Liability Partnership Act, 2008.Similarly the conversion of private and unlisted companies into LLP has been re...

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Incorporation of LLP through a complete online system made a reality 

Corporate Law - Today, one can start business by incorporating a company through an on-line process without visiting any Government office. This was achieved in January, 2016 by establishing Central Registry Centre (CRC) for on-line incorporation of the company and reserving its unique name. ...

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Allow Benefit of presumptive taxation U/s. 44AD to LLP: ICAI

Corporate Law - Section 44AD relating to presumptive taxation applies only to businesses run by residents Individual, HUF and Firms excluding LLP. Tax on presumptive basis should be extended to all assessees, including a LLP. Only section 44AD excludes LLP, for which there appears to be no cogent reason. Otherwise under the Act, a LLP and a Firm are tre...

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Conversion of Private Limited company into LLP to be treated as transfer or not

ACIT Vs Celerity Power LLP (ITAT Mumbai) - Assessee LLP had failed to satisfy clause (e) of the proviso of Sec. 47(xiiib), therefore, the ‘transfer‘of the capital assets on the conversion of the private limited company into a LLP was to be regarded as a ‘transfer‘within the meaning of Sec. 45 and also, there was no occasion for invok...

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No legal bar on merger of an Indian LLP with an Indian Company

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) - M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, bo...

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LLP Conversion: Capital gain to be computed on book value

Aravali Polymers LLP Vs Joint Commissioner of Income Tax (ITAT Kolkata) - A perusal of the provisions of section 45 of the Income Tax Act shows the levy of capital gains to be on the profits or gains arising from the transfer of capital asset effected in the previous year. Admittedly, the erstwhile Company Aravali Polymers Pvt. Ltd....

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Section 460 of Companies Act 2013 made applicable to LLP

G.S.R. 59(E) - (30/01/2020) - Government directs that provisions of section 460 of the Companies Act, 2013 (Condonation of Delay by Central Government in certain cases) shall apply to a limited liability partnership from the date of publication of this notification in the official Gazette. GOVERNMENT OF INDIA MINISTRY OF CORPORA...

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Object of LLP is Mainly for professional services & not for manufacturing activity: MCA

No. CRC/LLP/e-Forms - (06/03/2019) - It has been stated that 'object of LIP is Mainly for professional services and not manufacturing activity' Further, it has also been stated that 'conversion of company doing manufacturing activity into LLP should not be allowed' and other conversions of Company to LLP are not to be allowed easily an...

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Limited Liability Partnership (Second Amendment) Rules, 2018

G.S.R. (E) - (18/09/2018) - Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely Limited Liability Partnership (Second Amendment) Rules, 2018....

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LLP Designated partners to Intimate Changes in DIN / DPIN Details

G.S.R. 557(E). - (12/06/2018) - Limited Liability Partnership (Amendment) Rules, 2018- Every individual who has been allotted a DPIN or DIN under these rules, shall in the event of any change in his particulars, make an application in Form DIR-6 under Companies (Appointment and Qualifications of Directors) Rules, 2014 to intimate ...

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MCA proposes to strike off the name of 1171 LLPs (Read List)

Public Notice No. ROC-DELHI / LLP/SM/PHASE-II/2385 - (30/06/2018) - Registrar has a reasonable cause to believe that following 1171 LLPs have not been carrying on any business or operation for a period of two immediately preceding financial years....

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Recent Posts in "LLP"

Company Conversion into LLP

Article gives Overview of Limited Liability Partnership, Explains Benefits of LLP and also clarifies that Who can create the LLP and Procedure for conversion of Company into LLP. Overview of Limited Liability Partnership:- As per the LLP Act 2008 an “LLP is defined as that business entity where having two Designated Partners is mini...

Read More
Posted Under: Corporate Law |

Lifting of Corporate Veil of LLP – Recent Amendment -Section 460 – Companies Act, 2013

Limited Liability Partnerships (LLPs) can no longer escape from late filing of information with Registrar of Companies (ROC). As per the powers conferred upon the Central Government under Section 67 of the Limited Liability Partnership Act, 2008, Section 460 of the Companies Act, 2013 which provides for condonation of delay has now been e...

Read More
Posted Under: Corporate Law |

Procedure For Change In Registered Office of LLP

Procedure For Change In Registered Office of LLP- Section-13 of LLP Act- 2008, Rule 17 of LLP Rules- 2009 As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received. Address of initial registered office of a […]...

Read More
Posted Under: Corporate Law |

Process and Provision for Strike off of LLP

Provision in relation to closure of LLP has been mentioned u/s 75 of LLP Act, 2008 read with Rule 37 of LLP Rules, 2009. Name of defunct LLP can be struck off by the Registrar: Suo-motto; or On application by the LLP. Defunct: The generic meaning of the word ‘defunct’ is a state of being […]...

Read More
Posted Under: Corporate Law |

Conversion of LLP into Company under Companies Act, 2013

Ministry of Corporate Affairs has passed a notification on 31st May, 2016 in such notification its allowed conversion of LLP into Company. For such conversion there is need to prepare a list of documents and required to file the same with ROC in forms like URC-1, INC-7, DIR-12, INC-22 etc. ...

Read More
Posted Under: Corporate Law |

Procedure For Change In Partners of LLP

As per Section 22 of LLP Act, 2008 on the incorporation of a LLP, the persons who subscribed their names to the incorporation document shall become its partners. A person can be admitted as partner in LLP as per the provisions of LLP agreement of the LLP and section 22 of LLP Act, 2008. If […]...

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Posted Under: Corporate Law |

Conversion of Partnership Firm Into Limited Liability Partnership (LLP)

Article explains Background for Conversion of Partnership Firm Into LLP, Important Terms under LLP Act, Condition for Conversion of Partnership Firm Into LLP, Key Requirements for Conversion of Partnership Firm Into LLP, Why LLP is better than Partnership Firm, Procedure for Conversion of Partnership Firm into LLP, Effect of Conversion of...

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Posted Under: Corporate Law |

Process for Conversion of Private Limited Company into LLP in India

PROCESS FOR CONVERSION OF COMPANY INTO LLP Section-56 of LLP Act- 2008, Third Schedule A Private Limited Company may convert into a Limited Liability Partnership in accordance with the provisions of Section 56 and the Third Schedule of LLP Act, 2008. A. Conversion Of Private Limited Company Into LLP: As all of us are aware […]...

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Posted Under: Corporate Law |

Procedure for Admission of New Designated Partners in LLP

As per Section 7 of LLP, 2008 every LLP shall have at least Two Designated Partners (DP) who are individual and at least one of them shall be resident in India. Only an Individual can be appointed as Designated Partner. Note: As per LLP Act on Designated partner must be Resident of India. ** In […]...

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Posted Under: Corporate Law |

Annual Compliance Calendar of Limited Liability Partnership (LLP)

Post incorporation requirements are obligations which LLP are supposed to fulfill subsequent to incorporation. These include filing of annual returns, Financial Statement, change of Partners/Designated Partners, alteration in Contribution, and change of registered office. All LLPs shall be under obligation to maintain annual accounts refl...

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Posted Under: Corporate Law |

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