LLP

LLP Compliance Calendar

Corporate Law - This article covers the Mandatory Compliances to be followed by a LLP under Registrar of Companies, Ministry of Corporate Affairs, mentioned under LLP Act, 2008 and Income Tax Act, 1961 including Tax audit provisions.  Some key points are also given regarding LLP ♦ Definition(s)   Define Limited Liability Partnership (LLP) u/s 2(n) o...

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Demystifying Capital Gain Tax on Conversion of a Company into Limited Liability Partnership (LLP)’

Corporate Law - The Income-tax Act, 1961 provides for specific exemption from capital gains on conversion of a company into Limited Liability Partnership. Limited Liability Partnership (LLP) is a hybrid entity combining advantages of both company and partnership firm. ...

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LLP incorporation – in just five easy steps…!!!

Corporate Law - Limited Liability Partnership (LLP) Incorporation – In Just Five Easy Steps In pursuance to the LLP (Second Amendment) Rules, 2018, Incorporation of LLP has become much easier than earlier. Filing of multiple forms for incorporation of LLP has been done away with. Limited Liability Partnership (Second Amendment) Rules 2018 containing th...

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Conversion of company into LLP – “Clear road” ahead?

Corporate Law - Recently ITAT Mumbai in the case of M/ s Celerity Power LLP has attempted to cover income tax implications arising on conversion of a private limited company into an LLP comprehensively. ...

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LLP-Incorporation related forms- Re-engineering

Corporate Law - Ministry of corporate affairs, after the initiative of ease of doing business (EODB), reforms through:- ♣ SPICe ( Simplified Performa for incorporating company electronically) ♣ RUN ( Reserve Unique Name) For starting new business, has now introduced another major reform by way of process reengineering of incorporation of Limited Liab...

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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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29,403 companies registered as LLP on all India basis in FY 2016-17

Corporate Law - In FY 2016-17, 29,403 companies registered as LLP on all India basis The Limited Liability Partnership Rules, 2009 have been in force since 01.04.2009. The Limited Liability Partnership Rules provide for effectuating/implementing the provisions of Limited Liability Partnership Act, 2008. The Rules, inter-alia include procedures on incorpo...

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ICSI Advisory to Company Secretaries regarding LLP formation

Corporate Law - Company Secretaries are to note that if the word `CS' or 'Company Secretary' or 'Company Secretaries' is used by a LLP as suffix, then a prior No Objection Certificate (NOC) is mandatorily required to be obtained from the ICSI by such proposed LLP....

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ICAI Request members to improve annual ROC filing compliance

Corporate Law - This is to mention here that to promote high standard of integrity and professionalism it is an essential part of the Professional duty of the Chartered Accountants to ensure compliance of various statutory and other regulatory requirements with regard to the relevant provisions of the Acts which regulate the functioning of Companies and ...

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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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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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ROC Gwalior proposes to striking off of names of 70 LLPs (List Attached)

Public Notice No. RoC/Gwalior/LLP/Sec.75/ 4286 - (31/07/2017) - Notice is hereby given that the Registrar of Gwalior, (MP) has a reasonable cause to believe that That the following LLPs in List' A "(List of 70 Nos. of LLP) have not been carrying on any business or operation for a period of two immediately preceding financial years."...

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ROC West Bengal issues notice to 75 LLP for striking off name

Public Notice No./ROCWB/LLP/S-75/Public/1 - (25/07/2017) - Registrar has reasonable cause to believe that the Limited Liability Partnership (LLPs), as per Annexure, are not carrying on any business or operation for a period of two years or more as the LLPs have not filed any financial statements for the last two financial years....

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Recent Posts in "LLP"

LLP Compliance Calendar

This article covers the Mandatory Compliances to be followed by a LLP under Registrar of Companies, Ministry of Corporate Affairs, mentioned under LLP Act, 2008 and Income Tax Act, 1961 including Tax audit provisions.  Some key points are also given regarding LLP ♦ Definition(s)   Define Limited Liability Partnership (LLP) u/s 2(n) o...

Read More
Posted Under: Income Tax |

Demystifying Capital Gain Tax on Conversion of a Company into Limited Liability Partnership (LLP)’

The Income-tax Act, 1961 provides for specific exemption from capital gains on conversion of a company into Limited Liability Partnership. Limited Liability Partnership (LLP) is a hybrid entity combining advantages of both company and partnership firm. ...

Read More
Posted Under: Income Tax |

LLP incorporation – in just five easy steps…!!!

Limited Liability Partnership (LLP) Incorporation – In Just Five Easy Steps In pursuance to the LLP (Second Amendment) Rules, 2018, Incorporation of LLP has become much easier than earlier. Filing of multiple forms for incorporation of LLP has been done away with. Limited Liability Partnership (Second Amendment) Rules 2018 containing th...

Read More
Posted Under: Income Tax |

Conversion of company into LLP – “Clear road” ahead?

Recently ITAT Mumbai in the case of M/ s Celerity Power LLP has attempted to cover income tax implications arising on conversion of a private limited company into an LLP comprehensively. ...

Read More
Posted Under: Income Tax |

LLP-Incorporation related forms- Re-engineering

Ministry of corporate affairs, after the initiative of ease of doing business (EODB), reforms through:- ♣ SPICe ( Simplified Performa for incorporating company electronically) ♣ RUN ( Reserve Unique Name) For starting new business, has now introduced another major reform by way of process reengineering of incorporation of Limited Liab...

Read More
Posted Under: Income Tax |

All aspects of conversion of Company into LLP

Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013 as it is a form of business entity, which allows individual partners to be free from the concept of joint liability of partners in a partnership firm. LLPs are preferred form of business as it is an alternative corporate business [&hel...

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Posted Under: Income Tax |

New Process for Limited Liability Partnership (LLP) Registration

In the wake of successfully initiating Ease of Doing Business (EoDB) reforms by introducing game changing, simplified and integrated procedures viz. SPICe (Simplified Proforma for Incorporating Company electronically), Reserve Unique Name (RUN) for starting a business in India, the Ministry of Corporate Affairs has now launched another ma...

Read More
Posted Under: Income Tax |

Incorporation of LLP through a complete online system made a reality 

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. ...

Read More
Posted Under: Income Tax |

Simplified Approach towards Limited Liability Partnership (LLP) Incorporation

Earlier, since January 2018; it was not possible to incorporate a Limited Liability Partnership (LLP) for persons not having DIN but the Ministry of Corporate Affairs has come up with the most awaited notification on 18th September, 2018 w.r.t. LLP incorporation in the same line as a Company vide Limited Liability Partnership (Second Amen...

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Posted Under: Income Tax |

LLP Incorporation related forms – Precautions to be taken

1. Process Re-engineering of LLP – Incorporation related forms – Precautions to be taken by professionals and users In the wake of successfully initiating Ease of Doing Business (EoDB) reforms by introducing game changing, simplified and integrated procedures viz. SPICe (Simplified Proforma for Incorporating Company electronically...

Read More
Posted Under: Income Tax |

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