LLP

Process of Conversion from LLP to Company under Companies Act, 2013

Company Law - Many start up entity in India commenced their business as a Limited Liability Partnership (LLP) and they might be interested to switch the mode of their entity from LLP into Private Limited Company to diversify the business or for infusing more funds and for many several reasons. The Companies Act, 2013, has given the provision […]...

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MCA removes anomaly in due date extension of Filing LLP Form 8

Company Law - MCA Issues Important Clarification to Rectify an Anomaly in Extension of LLP Settlement Scheme, 2020 & Due Date of Filing Form 8 for FY 2019-20. All Limited Liability Partnerships (LLPs) registered under Limited Liability Act, 2008, are required to file two statutory forms viz. Form 11 and Form 8, annually. The Annual Return in Fo...

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Filing Requirement For LLP

Company Law - INTRODUCTION In the year 2003, when Naresh Chandra committee, submitted its report entitling “Report of the Committee on Regulation of Private Companies and Partnerships” and subsequently in the year 2005 when Dr Jamshed J. Irani committee came up with its report on Company Law, they both felt the need for the development of some kind...

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Conundrum on Merger between Company and LLP

Company Law - The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]...

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LLP- 8 Due Date F.Y. 2019-20

Company Law - In this editorial author discusses due date of filling of LLP-8 with Registrar of Companies for financial year 2019-20 along with date of signing of Financial Statement of LLP-8. Lots of professionals has asked us about extension in filing of e-form LLP-8 for f.y. 2019-20. Provisions of Law: As per Section 34 read with rule […]...

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Rent Agreement of LLP

Company Law - RENT AGREEMENT This Rent agreement is executed at Place, on this XX day of September XXXX between Mr./Mrs./Ms. Name of Landlord R/o Residential Address of landlord hereinafter called “THE LESSOR” AND Name of Designated Partner R/o Residential Address of Designated Partner hereinafter Called “THE LESSEE” The Expression of the Lesso...

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Draft LLP Agreement

Company Law - LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008) This Agreement of LLP made at DELHI this 20th Day of September 2019 BETWEEN 1. Name of 1st Partner S/o Father’s Name , R/o Address which expression shall, unless it is repugnant to the subject or context thereof, include their legal heirs, successors, nominees and […]...

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MCA Extended duration of several Schemes till 31.12.2020

Company Law - MCA on 28.09.2020, vide various circulars and notification extended the date of various schemes to 31.12.2020 which were launched for ease of doing Business, Schemes extended are as follows:- 1. Companies Fresh Start Scheme, 2020 2. LLP Settlement Scheme, 2020 3. Scheme for relaxation of time for filing forms related to Creation or Modifi...

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Relaxation/concession provided to Companies/LLPs during Lockdown period to combat COVID-19

Company Law - The Ministry of Corporate Affairs has taken steps to provide several incentives/ relaxation/concession during Lockdown period so as to reduce the burden of companies/LLPs during COVID-19. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha...

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MCA stops displaying Residential Address of Directors, KMP & DPs

Company Law - MCA Removed ‘present Residential Address’ of Directors, KMP and Designated Partners (DPs) Till 18.08.2020, With the help of View Signatory Details tab given under the MCA Services Tab on the website of Ministry of Corporate Affairs (MCA), one can view the following information about Directors, KMP and Designated Partners (in c...

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LLP Settlement Scheme, 2020 benefit cannot be denied on Form uploaded pursuant to Court Order

Handoo & Handoo Legal Consultants & ANR. Vs. Union of India (Delhi High Court) - Handoo & Handoo Legal Consultants Vs. Union of India (Delhi High Court) The plea of the petitioner(s) in the present applications is that they have been denied the benefit of the Scheme only on the ground that they uploaded the forms pursuant to the order dated 06.12.2018 of this Court. The lear...

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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 (NCLT) - M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLT) 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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MCA permits documents due for filing till 30.11.2020 under LLP Settlement Scheme

General Circular No. 37/2020 - (09/11/2020) - Timeline for filing of belated documents has been extended upto 30th November, 2020 due to Extension of LLP Settlement Scheme, 2020. General Circular No. 37/2020– MCA permits Any ‘defaulting LLP’ to tile belated documents, which were due for filing till 30th November, 2020 in accor...

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LLP Settlement Scheme 2020 extended to 31.12.2020

General Circular No. 31/2020 - (28/09/2020) - MCA had introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults. General Circular No. 31/2020 F. No. 1...

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COVID-19 – Special relief Measures for Companies & LLP

General Circular No. 11/2020 - (24/03/2020) - In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it, the following measures have been implemented by the Ministry of Corporate Affairs to redu...

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FM relaxes Tax & Regulatory Compliance in view of COVID-19 outbreak

Release ID: 1607942 - (24/03/2020) - Extend last date for income tax returns for (FY 18-19) to 30th June, 2020. Aadhaar-PAN linking date to be extended to 30th June, 2020....

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LLP settlement Scheme, 2020- Important Points and Provisions

MCA Circular no. 6/2020 - LLP settlement Scheme, 2020 MCA vide its circular dated 4th March, 2020 has prescribed the LLP settlement Scheme, 2020 for those LLPs which have defaulted in filing of Form-3, Form-4, Form-8 and Form -11 (Details of Forms are mentioned below) by giving a one-time relaxation in additional fees to the...

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Recent Posts in "LLP"

Process of Conversion from LLP to Company under Companies Act, 2013

Many start up entity in India commenced their business as a Limited Liability Partnership (LLP) and they might be interested to switch the mode of their entity from LLP into Private Limited Company to diversify the business or for infusing more funds and for many several reasons. The Companies Act, 2013, has given the provision […]...

Read More
Posted Under: Company Law |

MCA removes anomaly in due date extension of Filing LLP Form 8

MCA Issues Important Clarification to Rectify an Anomaly in Extension of LLP Settlement Scheme, 2020 & Due Date of Filing Form 8 for FY 2019-20. All Limited Liability Partnerships (LLPs) registered under Limited Liability Act, 2008, are required to file two statutory forms viz. Form 11 and Form 8, annually. The Annual Return in Fo...

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Posted Under: Company Law |

MCA permits documents due for filing till 30.11.2020 under LLP Settlement Scheme

General Circular No. 37/2020 (09/11/2020)

Timeline for filing of belated documents has been extended upto 30th November, 2020 due to Extension of LLP Settlement Scheme, 2020. General Circular No. 37/2020– MCA permits Any ‘defaulting LLP’ to tile belated documents, which were due for filing till 30th November, 2020 in accordance with the provisions of LLP Settlem...

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Rent Agreement of LLP

RENT AGREEMENT This Rent agreement is executed at Place, on this XX day of September XXXX between Mr./Mrs./Ms. Name of Landlord R/o Residential Address of landlord hereinafter called “THE LESSOR” AND Name of Designated Partner R/o Residential Address of Designated Partner hereinafter Called “THE LESSEE” The Expression of the Lesso...

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Posted Under: Company Law |

Draft LLP Agreement

LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008) This Agreement of LLP made at DELHI this 20th Day of September 2019 BETWEEN 1. Name of 1st Partner S/o Father’s Name , R/o Address which expression shall, unless it is repugnant to the subject or context thereof, include their legal heirs, successors, nominees and […]...

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Posted Under: Company Law |

Filing Requirement For LLP

INTRODUCTION In the year 2003, when Naresh Chandra committee, submitted its report entitling “Report of the Committee on Regulation of Private Companies and Partnerships” and subsequently in the year 2005 when Dr Jamshed J. Irani committee came up with its report on Company Law, they both felt the need for the development of some kind...

Read More
Posted Under: Company Law |

Conundrum on Merger between Company and LLP

The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]...

Read More
Posted Under: Company Law |

LLP- 8 Due Date F.Y. 2019-20

In this editorial author discusses due date of filling of LLP-8 with Registrar of Companies for financial year 2019-20 along with date of signing of Financial Statement of LLP-8. Lots of professionals has asked us about extension in filing of e-form LLP-8 for f.y. 2019-20. Provisions of Law: As per Section 34 read with rule […]...

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Posted Under: Company Law |

Can A Foreign National Start A Business In India Without Being A Resident?

A Foreign National can start a business in India without being a Resident and one can setup up a new business in India in any of the following ways: A. Limited Company (Private Limited/Public Limited Company) B. Limited Liability Partnership (LLP) C. Branch Office or Liaison/Representative Office, Project Office A. LIMITED COMPANY A non-r...

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Posted Under: Company Law |

LLP Settlement Scheme, 2020 benefit cannot be denied on Form uploaded pursuant to Court Order

Handoo & Handoo Legal Consultants & ANR. Vs. Union of India (Delhi High Court)

Handoo & Handoo Legal Consultants Vs. Union of India (Delhi High Court) The plea of the petitioner(s) in the present applications is that they have been denied the benefit of the Scheme only on the ground that they uploaded the forms pursuant to the order dated 06.12.2018 of this Court. The learned counsel for the […]...

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Taxation of Limited Liability Partnership (LLP)

A new type of entity namely limited liability partnership (hereinafter referred to LLP) has come into existence by LLP Act, 2008. LLP is an alternate corporate business that offers the twin benefits of limited liability companies and the flexibility of partnership firms. Introduction of LLPs in India is a path breaking reform which is in ...

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Posted Under: Company Law |

Difference Between Private Limited Company & LLP – Analysis

When a layman wants to start business, it is commonly doubtful to choose the most suitable business form for new business entity. There are many business forms which an entrepreneur may choose, but the most commonly chosen business forms are private limited company and LLP. These are the common pillars for an entrepreneur to build [&helli...

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Posted Under: Company Law |

Extension of Various Compliances By Ministry of Corporate Affairs

The Ministry of Corporate Affairs has made a further effort to encourage a greater deal of “Ease of doing business”, the Ministry of Corporate Affairs has enhanced the timeline regarding the duration of several schemes till the end of the year 2020 in the wake of constant disturbance caused by the coronavirus pandemic in certain p...

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Posted Under: Company Law |

7 Due dates extended by MCA to 31st December, 2020

Extension of due dates for various Schemes, Registration as Independent Director, DIR-3 KYC, holding EGM, till 31st December, 2020 by the Government of India...

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Posted Under: Company Law |

Extension of timelines for various Company Law compliances under Companies Act, 2013

Keeping in view the practical difficulties being faced on account of Covid-19, MCA to facilitate Ease of doing business has granted following reliefs to Companies/LLPs by way of Circulars and Amendments to Rules dated 28.09.2020: 1. Extension of Companies Fresh Start Scheme, 2020 (CFSS): CFSS Scheme which was to end on 30.09.2020 Vide Gen...

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Posted Under: Company Law |

MCA Extended duration of several Schemes till 31.12.2020

MCA on 28.09.2020, vide various circulars and notification extended the date of various schemes to 31.12.2020 which were launched for ease of doing Business, Schemes extended are as follows:- 1. Companies Fresh Start Scheme, 2020 2. LLP Settlement Scheme, 2020 3. Scheme for relaxation of time for filing forms related to Creation or Modifi...

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Posted Under: Company Law |

Extension of CFSS, LLP Settlement & Various Schemes Till 31.12.2020

General Circular No. 30/2020, 31/2020, 32/2020, 33/2020 (28//0/9/20)

The Ministry of Corporate Affairs introduced several schemes {Companies Fresh Start Scheme, 2020 (CFSS) General Circular No. 30/2020, LLP settlement Scheme 2020 General Circular No. 31/2020, Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 General Circular No. 33/2...

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Posted Under: Company Law |

LLP Settlement Scheme 2020 extended to 31.12.2020

General Circular No. 31/2020 (28/09/2020)

MCA had introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults. General Circular No. 31/2020 F. No. 17/61/2016-CL-V-Pt.I Government of India ...

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Striking off The LLP: Easy Exit Scheme For LLP

INTRODUCTION To promote business in India, we need to promote ease of doing business in India, and ease of doing business does not only involve easy of incorporation of the Company and LLP but also to provide an easy exit option to the Company and LLP who failed to carry on their business without forcing […]...

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Posted Under: Company Law |

Incorporation of LLP – FiLLiP

Incorporation of LLP – FiLLiP Formation of New LLP and compliances of existing LLP Incorporation of LLP Steps FORM Purpose Fees (approx.) (COST of LLP incorporation). Approval Time from MCA Approval proof. 1 DSC For min 2 designated Partners 850/- per DSC DSC To be register on MCA. 2 RUN Apply for Name availability of […]...

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Posted Under: Company Law |

Conversion of Private Company Into LLP

Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013. The LLP is a separate legal entity, liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP. LLPs are preferred form of business as it is an […]...

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Posted Under: Company Law |

Limited Liability Partnership (LLP) Closure

So, if they are incorporated, lawfully they are also supposed to be closed, though reason may vary from LLP to LLP. A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an L...

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Posted Under: Company Law |

Relaxation/concession provided to Companies/LLPs during Lockdown period to combat COVID-19

The Ministry of Corporate Affairs has taken steps to provide several incentives/ relaxation/concession during Lockdown period so as to reduce the burden of companies/LLPs during COVID-19. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha...

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Posted Under: Company Law |

Limited Liability Partnership (LLP) Incorporation In India

Apart from doing business in form of company, there are other ways of doing business also like partnership which is most preferred. However, there are some demerits of partnership when business start going down. That is why a concept was introduced having the benefits of company as well as partnership and which is called Limited […...

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Posted Under: Company Law |

FAQs on Limited Liability Partnership (LLP)

Article contains FAQs On Nature Of Limited Liability Partnership (LLP), Applicability Of The LLP Act, Partners And Designated Partners, LLP Agreement, Registration, Change In Partners, Partners’ Contribution And Transactions Of Partners With LLP, Liability Of Partners, Disclosure, Audit And Filing Requirements, Investigation Of Affairs ...

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Posted Under: Company Law |

Merger Case Study- Private Limited Company with LLP

Recently there is judgment passed by the Chennai Bench of NCLT, on 11/06/2018 approving the scheme of Amalgamation where a merger was effected amongst an Indian company (private limited company) and a LLP (Limited Liability Partnership)....

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Posted Under: Company Law |

Procedure For Incorporation of LLP Through Fillip

Procedure For Incorporation of Limited Liability Partnership (LLP) Through Fillip A Limited Liability Partnership is a partnership firm registered under the Limited Liability Partnership Act, 2008 as a separate legal entity. LLP offers the partners to enjoy the benefits of limited liability at a low cost. PROCEDURE FOR INCORPORATION: Acqu...

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Posted Under: Company Law |

Annual Compliance to be done by LLP Through Out the Year

Annual Compliance To Be Done By Limited Liability Partnership (LLP) Through Out The Year LLP or Limited Liability Partnership is nothing but an alternative corporate form that provides benefits of ‘Limited Liability’ to the designated partners at reasonable costs of compliance. It is a legal entity. However, the liability of a...

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Posted Under: Company Law |

Registration of limited liability partnership

LLP or Limited Liability Partnership is nothing but an alternative corporate form that provides benefits of “Limited Liability” to the designated partners at reasonable costs of compliance. It is a legal entity. However, the liability of all Designated Partners is limited to the portion as contributed by the Designated Partner...

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Posted Under: Company Law |

LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

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Annual Compliance for LLP

Annual Compliance for LLP Relevant provisions : Limited Liability Partnership Act, 2008 and Limited Liability Partnership Rules, 2009 Partnership has been the most desirable form of business since ages. Just by adding a prefix i.e ‘Limited Liability’, A new form of business is created which is LIMITED LIABILITY PARTNERSHIP. The ulteri...

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Posted Under: Company Law |

MCA stops displaying Residential Address of Directors, KMP & DPs

MCA Removed ‘present Residential Address’ of Directors, KMP and Designated Partners (DPs) Till 18.08.2020, With the help of View Signatory Details tab given under the MCA Services Tab on the website of Ministry of Corporate Affairs (MCA), one can view the following information about Directors, KMP and Designated Partners (in c...

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Posted Under: Company Law |

Types of Partnerships

A partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses. They combine their funds and skills to carry on business together.  Types of partnership   There are mainly four types of partnership which are as follows:  1. General Partnership: In a [&hellip...

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Posted Under: Company Law |

Can LLP do investment activites

LLP Act: As per section 2(e) of the Limited Liability Act, 2008(LLP Act), “business” includes every trade, profession, service and occupation; In Form 2 for Incorporation Document and Subscriber’s Statement: Business activities to be carried out by the LLP on incorporation: (Note: In case business activities consists of bank...

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Posted Under: Company Law |

Strike-off of Limited Liability Partnership

In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLPs. E-Form […]...

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Posted Under: Company Law |

Income Tax Assessment of Firms & LLPs

1. PARTNERSHIP; Definition of ‘Firm’ – Section 2(23)(i) of the Income tax Act, 1961; As per Section 2(23)(i) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘firm’ shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability part...

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Posted Under: Company Law |

Shifting of registered office of Limited Liability Partnership

The registered office of an Limited Liability Partnership (LLP) is the official address of the principal place of business of the entity for all the official communications and notice. Further, it is mandatory for an LLP to maintain books of accounts at its registered office. There might be a situation when the LLP intends to […]...

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Posted Under: Company Law |

How to View Public Documents on MCA Website

In order to view the documents, Forms filed by the Company on MCA Portal service of “View Public Documents” is made available by the MCA. If user has to only view the Public Documents then the logging in on the MCA Portal is not required, however if user wants to download the Public Documents then […]...

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Posted Under: Company Law |

Difference between LLP and One Person Company

Difference between Limited Liability Partnership (LLP) and One Person Company (OPC) Choice of Business- An Important Decision Selection of the form of business entity is one of the most important decisions before starting a business. This decision is required to be revisited periodically as the business develops. In this Edition we the di...

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Posted Under: Company Law |

Incorporation of a LLP

Incorporation of a LLP What is LLP? LLP is a body corporate formed and incorporated under LLP Act, 2008. It is a legal and separate entity from that of its partners. Benefits of LLP: LLP has a benefit of being a separate Legal Entity and liability and responsibility of every partner are limited to the […]...

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Posted Under: Company Law |

Taxability of Dividend under new tax regime

A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even though dividend constituted income in the hands of the shareholders, the tax on such dividend was payable by the company which declared dividend, @ 15% of the gross dividend under section 115-O (plus surcharge a...

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Posted Under: Company Law |

Conversion of LLP Into Company- Legal Provisions

Article explains Conversion of LLP into Company under Companies Act, 2013 and explains about Companies capable of being registered Relevant Section 366, Resolution in General Meeting required to be passed Section 366(2), Rule 3(1) of the Companies (Authorized to Register) Rules 2014, Information and documents required to be filed with reg...

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Posted Under: Company Law |

LLP Form 3 & 4 – Cases of filing separate or together

As per LLP Act, 2008, for any change in constitution of LLP, basically there are two forms need to be filed i.e. Form 4 and Form 3. Form 3 is required to be filed for Information with regard to limited liability partnership agreement and changes, if any, made therein. Form 4 is required to be filed […]...

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Posted Under: Company Law |

Return of Income & ITR Forms

Return of Income Sec 139 (1) of the Income Tax Act, 1961 This Section provides the compulsory return filing, on or before the due date, for the following category of person:- ♣ Every Company OR a partnership Firm (PF) OR a Limited Liability Partnership Firm (LLP). As per 3rd Proviso, they have to mandatory file […]...

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Posted Under: Company Law |

How to change Registered Office Address of LLP?

How to change Registered Office Address of LLP? A Limited Liability Partnership (LLP) is created as per the law, hence, it must regulate its day to day affairs according to the LLP Agreement, LLP Act, and the rules and regulations which are framed thereunder. In addition to the LLP Act, LLP is also subject to […]...

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Posted Under: Company Law |

Conversion of Partnership Firm/LLP into a Company

What is Partnership Firm/LLP? A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932. A […]...

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Posted Under: Company Law |

Updated Contact Number of MCA Helpdesk

MCA has released Updated Contact Number of  Helpdesk from 17/07/2020 onwards for queries related to Company Name Availability and Company Incorporation and for queries related to Company or LLP e-Filings, Payments or View Public Document (VPD). Updated Contact Number of Ministry of Corporate Affairs (MCA) Helpdesk from 17/07/2020 onwards...

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Posted Under: Company Law |

Conversion of LLP to Company- Process, Documents & Taxation

The assent of all the partners in the form of resolution must be taken by conducting a meeting having propaganda of conversion of LLP into company under section 366, of the Companies Act, 2013. Authorisation must be given to required partners for executing the steps papers, deeds, and documents required for registration....

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Posted Under: Company Law |

Shifting of registered office of LLP

The Limited Liability Partnership (LLP) may change its registered office from one place to another of following the procedure provided in its LLP agreement. Where the LLP agreement does not provide for such procedure, then, consent of all partners shall be required for shifting of the place of registered office of LLP to another place....

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Posted Under: Company Law |

Simplification in Incorporation process of LLP

Introduced by: LLP (Second Amendment) Rules, 2018. Relevant date : 18th September 2018 Purpose: -A initiative of ease of doing business -To simplified the procedure of the incorporation of the LLP -To launched another major reform by way of process re-engineering of Incorporation of LLP. Provisions of LLP(Second Amendment) Rules, 2018. Th...

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Posted Under: Company Law |

Process for LLP (Limited Liability Partnership) Incorporation

What is LLP? LLP is defined under LLP Act -2008 (Limited Liability Partnership Act-2008) which means partnership formed and registered under this Act and is a legal entity separate from that of its partners. In simple words when two or more persons associated for carrying on a lawful business with a view to profit incorporate […]...

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Posted Under: Company Law |

Step by Step Procedure to file LLP Annual Return (Form-11)

In this article, I am going to explain about how to file LLP annual return i.e. Form-11 of LLP. WHAT IS LLP FORM -11? Form-11 is an annual return of LLP, it is mandatory annual compliance for all LLPs, irrespective of turnover or profit or business activity. Annual return or Form-11 includes the details of […]...

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Posted Under: Company Law |

Post LLP Incorporation compliances overview

LLP (Limited Liability Partnership) a perfect blend of Company and Partnership Firm though having less compliances as compared to Company still needs to be taken care off. If Ignored, Penalty meter of late statutory fees will rise....

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Posted Under: Company Law |

Process of Incorporation of LLP as per LLP Act, 2008

PROCESS OF INCORPORATION OF LIMITED LIABILITY PARTNERSHIP AS PER LIMITED LIABILITY PARTNERSHIP ACT, 2008 and RULES MADE THEREUNDER. Article explains what is Limited Liability Partnership (LLP), Minimum number of partners required for formation of LLP, Requirement of DIN or DPIN / Digital Signature, Documents and Process for Incorporation ...

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Posted Under: Company Law |

Companies Fresh Start Scheme, 2020 & LLP Modified Settlement Scheme, 2020

In order to provide relief to law-abiding Companies and Limited Liability Partnerships (LLPs) from the COVID 19 impact, the Ministry of Corporate Affairs (MCA), has introduced the ‘Companies Fresh Start Scheme, 2020‘ and revised the ‘LLP Modified Settlement Scheme, 2020‘. Both schemes provide a one-time waiver o...

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Posted Under: Company Law |

Registration/Incorporation of LLP (Limited Liability Partnership)

Introduction With the emergence of ideas, more & more people are thinking to do something of their own like running a startup or business etc., for that having a separate legal entity is like “Cherry on the cake” these days. Many options are there to run a business like registering it as a Sole proprietorship, […]...

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Posted Under: Company Law |

Conversion of LLP into Private Limited Company

Any organization registered as Limited Liability Partnership (LLP) can be converted into Private Limited Company under Companies Act, 2013 (CA 2013). One of the main reasons to convert LLP into Private Limited Company is to avail the benefit of Tax as the percentage of tax is less in Company compared to LLP. Hence, organization who [&hell...

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Posted Under: Company Law |

Extension of due date of Form 11 LLP

What is Form 11 LLP? Form 11 is Form for filing Annual Return of Limited Liability Partnership (LLP) with the Registrar. When is Form 11 required to be filed? Form 11 is to be filed within 60 days of closure of its financial year. Therefore, the due date is 30th May. Is the due date […]...

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Posted Under: Company Law |

Big Relaxation For Defaulting LLP’s – LLP Settlement Scheme-2020

LLP Settlement Scheme 2020 is a one-time relaxation provided to LLP’s which have defaulted in filing the statutory documents within the required due dates. The LLP’s which opt for this scheme shall not be required to pay additional fees. This scheme has been implemented by the Central Government in exercise of its powers under Section...

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Posted Under: Company Law |

How Non-Compliant Company/LLP Will Get Benefit From CFSS Scheme & amended LLP Scheme

As a result of the receipt of multiple representations from various stakeholders for granting this time opportunity to make the default good, the Ministry of Corporate Affairs (MCA) vide circular no.12/20 has notified a scheme for the companies registered in India who have defaulted in filing necessary documents & returns in the pas...

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Posted Under: Company Law |

MCA Compliance Calendar for Year 2020-21 for Companies & LLP

MCA Compliance Calendar for the Year 2020-2021 For Private Limited Companies, Public Limited Companies & For Limited Liability Partnerships (LLPs) containing  charts for Half Yearly Compliances of Private & Public Limited Companies, Yearly Compliances of Private & Public Limited Companies, Compliances to Newly Incorporated Co...

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Posted Under: Company Law |

Insight on Conversion of A Company Into LLP

LLPs have gained its importance since the introduction of Companies Act 2013. The LLP is a separate legal entity, liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP. A limited liability partnership (LLP) is a partnership in which some or all […]...

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Posted Under: Company Law |

LLP Settlement Scheme, 2020 (Modified)

Good News for Defaulting LLPs by Central Government in the form of introduction of LLP Settlement Scheme, 2020 The Government of India through Ministry of Corporate Affairs (MCA) has taken several measures in the year 2020 to promote ease of doing business in India. One such measure is issuance of ‘LLP Settlement Scheme, 2020’...

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Posted Under: Company Law |

LLP- Taxation and other aspects

Today while we are in lockdown period, let us understand the structure of Limited Liability Partnership firm which is most favoured by the businesses in recent times. Limited Liability Partnerships (LLP) came into effect through The Limited Liability Partnership Act, 2008 (the LLP Act). The Rules made under the LLP Act have been notified ...

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Posted Under: Company Law |

Special measures by MCA to address COVID-19 threat to Companies & LLP

Special Measures by MCA to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat SPECIAL MEASURES TAKEN BY MINISTRY OF CORPORATE AFFAIRS UNDER COMPANIES ACT, 2013 (CA-13) AND LIMITED LIABILITY PARTNERSHIP ACT, 2008 We all are getting economicall...

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Posted Under: Company Law |

ROC Compliance List

List of Due Dates of F.Y 2019-20 to be complied: There are numerous compliance which the Companies and LLP’s have to do during and after COVID-19 pandemic with the Registrar of Companies for the period F.Y 2019-20. Following is the List of Forms which the Companies need to comply for the F.Y 2019-20 Sr. No […]...

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Posted Under: Company Law |

Special measures due to outbreak of covid-19 for Companies & LLP

Special measures due to outbreak of covid-19 under Companies act, 2013 (CA 2013) and Limited Liability Partnership Act, 2008 MCA vide its circular no. 11/2020 dated 24th March, 2020 clarified about the reliefs being provided to Companies and Limited Liability Partnerships (LLPs) due to outbreak of COVID-19 to lessen the burden of complian...

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Posted Under: Company Law |

Income Tax implications on conversion of a Company into LLP

The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. While some call it an era of greater transparency, others (particularly small corporates) feel that the new ...

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50 FAQs on CFSS 2020 & LLP Modified Settlement Scheme 2020

50 FAQs issued by MCA on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020 Thus, Ministry has launched a scheme known as ‘Companies Fresh Start Scheme, 2020‘ and ‘LLP Modified Settlement Scheme, 2020′ condoning the delaying filing the above mentioned documents with Registrar, it rel...

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Posted Under: Company Law |

Relaxations under Companies & LLP Act amid COVID-19 Outbreak

Relaxations Under Companies Act, 2013 (CA-2013) And Limited Liability Partnership Act, 2008 In View of COVID-19 Outbreak. MCA vide its General Circular 11/2020 dated March 24, 2020 issues some relaxations under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak. In order to support and e...

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Posted Under: Company Law |

Foreign Direct Investment in Limited Liability partnerships (FDI in LLPs)

Limited Liability Partnership are the best way other than companies where the investment made can be withdrawn by the Designated Partners/Investors which had been invested by them as Capital Contribution or by way of withdrawal of Profits. Since, in companies the capital contribution can be withdrawn by way of bye back of shares or by [&h...

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Posted Under: Company Law |

Incorporation / Formation of Limited Liability Partnership (LLP)

PROCEDURE FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP (LLP) / FORMATION OF LLP LLP is hybrid form which incorporates benefits of both Partnership and Companies. Revised Process for Incorporation of limited liability partnership (LLP) after considering Limited Liability Partnership (Second Amendment) Rules, 2018 as applicable from...

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Posted Under: Company Law |

List of Compliances For LLP

An LLP or Limited Liability Partnership is a company formed on partnerships wherein all the partners have limited liabilities. In this agreement, one partner cannot be held responsible for the mistakes of another. In other words, all the partners have a set jurisdiction. There are certain rules laid down by the Ministry of corporate affai...

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Posted Under: Company Law |

How To Convert An LLP To Private Limited Company?

Most companies that are cropping up today are private limited companies and despite the fact that LLPs have certain exemption, we often come across a business own who wants to switch his company into a private limited company. The procedure can be a tad difficult for business owners to understand. So here’s simplifying the process [&hel...

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Posted Under: Company Law |

Difference – Private Limited Company Vs Limited Liability Partnership

The most common question that confuses the start-ups is the type of company that they should start – a private limited company or an LLP as in Limited liability partnership. Having helped many entrepreneurs set up their business, I decided to help every aspiring entrepreneur understand the diversity of these two concepts. Formation ...

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Posted Under: Company Law |

10 FAQs on Modified LLP Settlement Scheme, 2020

FAQ on LLP Settlement Scheme, 2020 As Modified By MCA General Circular No. 13/2020 Dated 30.03.2020 With a view to deal with the current financial and economic fall-out, due to the outbreak of COVID-19, the Ministry of Corporate Affairs has come up with certain important reliefs for the Corporate Sector. On 4th March, 2020 the […]...

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Posted Under: Company Law |

DIN application for proposed Director / Designated Partner or Partner

DIN Application for proposed Director / Designated Partner or Partner in Existing Company / LLP DIN is a unique Identification Number allotted to an individual who is to be appointed as a Director / Designated Partner or Partner in an existing Company / LLP, upon making an Application is to be made in e-Form DIR-3. […]...

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Posted Under: Company Law |

Procedure to incorporate an LLP

It has almost been a decade that LLP Act came into existence. Those business owners who were forming Partnership before are now choosing LLP due to many benefits like a legal entity in the eyes of law, corporate structure and less compliance. Let us now understand how to incorporate an LLP? Applicable Forms RUN LLP: […]...

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Posted Under: Company Law |

LLPs and ECBs in India

Under the new framework, the definition of an ‘Indian entity’ specifically includes LLP registered under LLP Act, 2008. The erstwhile framework defined ‘Indian entity’ as a company or a body corporate or a firm in India....

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Posted Under: Company Law |

Revised LLP Settlement Scheme, 2020 – Why Introduced?

Meaning of LLP: As per Section 2(n) of Limited Liability Partnership Act, 2008, an LLP means a partnership formed and registered under this Act. As per Section 3 it’s: A body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. A limited liability partnership shall have […]...

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Posted Under: Company Law |

Revised LLP Settlement Scheme 2020–7 Key Take-Aways

Ministry of Corporate Affairs (MCA), regulatory body of corporate sector in India, vide its General Circular No 06/2020 dated March 04, 2020 and further modified vide General Circular No. 13/2020 dated 30th March, 2020, launched a one-time settlement scheme for the LLPs to grant one time immunity from additional fees and prosecution agai...

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Posted Under: Company Law |

Starting Business in India- Know the right structure & Tax Implications

There has always been a confusion among people when they want to start a business. I should go for Proprietorship, Partnership, LLP or Company. You definitely ask your friends, family members and co colleagues. You are very serious about your new venture, you have already validated your idea, done the right market research, but selection ...

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Posted Under: Company Law |

Income Tax audit / GST Audit / LLP Audit Criteria

Different Audit applicable to individuals, Companies and HUF. There are many tax compliances in India. Here I simplify the different audit applicable to entity and to whom. Tax audit: A tax payer having a turnover or gross receipts more than 1 Crore is liable for tax audit for that financial years. Please note that with […]...

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Posted Under: Company Law |

Recent updates Related to Companies Compliances that you Must Know

Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

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Posted Under: Company Law |

Analysis on LLP Settlement Scheme, 2020

The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of not only limited liability but also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. In order to give an opportunity to the long stand...

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Posted Under: Company Law |

Comparison of Modified LLP Settlement Scheme, 2020 with Original

MCA Modifies LLP Settlement Scheme, 2020 due to Corona Virus. A comparison between original and modified scheme Recently, the Ministry of Corporate Affairs which regulates the functioning of corporate sector in india had vide its General Circular No. 06/2020 dated March 04, 2020 launched a one time settlement scheme for the LLPs popularly...

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Posted Under: Company Law |

20 FAQs on Modified LLP Settlement Scheme, 2020

A large number of representations were received from various quarters for waiver of fee or condonation of delay and relaxations in additional fee on the ground of excessive financial burden. It is also noted that a large number of LLPs are not filing their due statutory documents which are required to be filed with the […]...

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Posted Under: Company Law |

Companies Fresh Start Scheme, 2020 for Non-Compliant Companies

WHAT WAS THE NEED TO INTRODUCE COMPANIES FRESH START SCHEME, 2020 (CFSS 2020) AND AMENDED THE LLP SETTLEMENT SCHEME, 2020 (LLP SCHEME 2020)? The Ministry of Corporate Affairs (MCA) vide its notification dated 30th March 2020 has given Companies Fresh Start Scheme, 2020 (CFSS 2020) and amended the LLP Settlement Scheme, 2020 (LLP Scheme...

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Posted Under: Company Law |

Tax Implication on Conversion of Private Limited Company into LLP

There could be tax implications on the conversion of a Company into LLP (for transfer of business) in the hands of LLP and on its shareholders (for extinguishment of shares held in such Company). The Income-tax Act, 1961 (IT Act) contains specific provisions governing tax implications in case of conversion of a Private Limited Company [&h...

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Posted Under: Company Law |

ICAI FAQs on Modified LLP Settlement Scheme, 2020

Revised Frequently Asked Questions on LLP Settlement Scheme, 2020 issued by the Ministry of Corporate Affairs, Government of India on 4th March, 2020 and modified as on 30th March, 2020 The Ministry of Corporate Affairs has provided a one-time opportunity to the LLPs to make good their default by filing pending documents and to serve [&he...

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Posted Under: Company Law |

Revised LLP Settlement Scheme-2020

If the Defaulting LLP doesn’t take benefit of LLP Settlement Scheme – 2020, then the said LLPs have to file forms with additional fees as per Section 69 of Limited Liability Partnership Act, 2008 i.e. ₹ 100/- for each day of such delay in addition to any fee as is payable OR Registrar may Initiate Prosecution against Defaulting LLPs...

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Posted Under: Company Law |

Companies Fresh Start Scheme, 2020- Advantages, Immunity, Applicability

The Ministry of Corporate Affairs (‘MCA’) has introduced ‘COMPANIES FRESH START SCHEME 2020’ (CFSS-2020) to enable all companies registered in India to make good of any filing related defaults irrespective of the duration of default and make a fresh start as a fully compliant Indian entity. COMPANIES FRESH START SCHEME, 20...

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Posted Under: Company Law |

9 FAQs on Limited Liability Settlement Scheme 2020

AN INTRODUCTION Ministry of Corporate Affairs (MCA) introduced a scheme which gives an opportunity to the Limited Liability Partnership(LLP) to make all its pending compliances (including annual filing) without any additional fees. This means that the Limited Liability Partnership(LLP) can file the pending documents with only normal fees ...

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Posted Under: Company Law |

LLPs and FDI in India

The concept of LLP, introduced in India through the Limited Liability Partnership Act, 2008 has become a popular form of business entity in India owing to its simplified procedures for registration and maintenance. LLPs allow many of the small and medium-sized to enjoy a separate legal entity, improve transferability and provide its promo...

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Posted Under: Company Law |

Companies Fresh Start Scheme 2020: Golden Opportunity For Companies & LLP’s

Introduction & Brief Background: In line with its circular dated March 24, 2020, the Ministry of Corporate Affairs (‘MCA’) has introduced Companies Fresh Start Scheme,2020 (‘CFSS Scheme’) vide circular no. 12/2020 and 13/2020 dated March 30, 2020 under Section 460 of the Companies Act, 2013 (“Act”) read with Section 403. I...

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Posted Under: Company Law |

List of Forms Eligible for Additional Fee Waiver Under Company Fresh Start Scheme, 2020 and LLP Settlement Scheme, 2020

List of Forms Eligible for Additional Fee Waiver Under Company Fresh Start Scheme, 2020 and LLP Settlement Scheme, 2020 The MCA vide its circular dated 30th March 2020 has issued Companies Fresh Start Scheme, 2020 to promote defaulting companies to make a fresh start on a clean slate and waive the additional fee as charged under sect...

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Posted Under: Company Law |

List of 76 forms allowed to be filed under CFSS-2020 & LLPSS-2020

List of 76 forms which can be filed with MCA under Fresh Start Scheme, 2020 (CFSS -2020) and Modified LLP Settlement Scheme, 2020 (LLPSS-2020) and which are eligible for additional fees waiver. MCA has released a list of 76 forms which  will be allowed to be filed with MCA under Fresh Start Scheme, 2020 (CFSS […]...

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Posted Under: Company Law |

CFSS -2020 & LLPSS-2020- List of Forms, FAQs, Clarifications 

Fresh Start Scheme, 2020 (CFSS -2020) and Modified LLP Settlement Scheme, 2020 (LLPSS-2020)- Golden Opportunity to clean the slate. List of Forms and certain FAQs/ Clarifications  This Scheme is for Defaulting Companies who have failed to file the Forms, Returns, Statement or Documents with Ministry of Corporate Affairs. You may say that...

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Posted Under: Company Law |

Companies Fresh Start Scheme 2020 & LLP Settlement Scheme 2020

Companies Fresh Start Scheme 2020 and Modified LLP Settlement Scheme 2020 Launched by MCA From April 1, 2020 till Sept 30,2020 The ministry of corporate affairs has announced ‘Companies Fresh Start Scheme 2020’ and ‘LLP Settlement Scheme 2020’. Individually the schemes ought to release to make available a chance to...

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Posted Under: Company Law |

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