Corporate Law : LLP Form 11 must be filed by every LLP, including inactive or non-operational entities, under the LLP Act, 2008. The guide explain...
Income Tax : The Finance Act, 2024 has inserted a new section, 194T, for TDS deduction by partnership firms/Limited Liability Partnerships (LLP...
Corporate Law : The amendment introduces a new category of IFSC-based LLPs with specific regulatory provisions. It enables foreign currency operat...
Corporate Law : The issue highlights mandatory annual return filing for LLPs. The key takeaway is that delayed filing attracts heavy daily penalti...
Corporate Law : Comparative analysis of Company, Partnership Firm, and Trust in India covering tax rates, deductions, compliance, and suitability ...
CA, CS, CMA : ICAI introduces phased applicability for new financial reporting guidance. Larger entities must comply first, followed by all enti...
Company Law : Authorities rejected several name reservation applications because they were phonetically or structurally similar to existing enti...
CA, CS, CMA : The draft policy proposes a detailed scoring framework to empanel CA firms and LLPs for government audits based on capacity, exper...
CA, CS, CMA : ICAI provides a one-year relaxation for two new Guidance Notes on financial statements for non-corporate entities and LLPs, making...
Company Law : The Ministry of Corporate Affairs' C-PACE initiative has reduced the time for voluntary company closures from over 2 years to unde...
Income Tax : The tribunal noted that the firm had no business activity and only earned interest income. It held that unexplained income cannot ...
Income Tax : The issue was taxation of LLP partner’s remuneration without applying Sections 28(v) and 40(b). The High Court set aside the ass...
Income Tax : The ITAT Chennai held that ₹1.98 crore received for reduction in profit-sharing ratio in CRCL LLP was not goodwill or taxable in...
Corporate Law : NCLT Ahmedabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency ...
Income Tax : ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Proj...
Company Law : The issue involved duplication of DIN due to ignorance during incorporation. The authority imposed penalty despite voluntary discl...
Company Law : The MCA has revised the list of Regional Directors authorized for LLP matters under Section 458 of the Companies Act. The amendmen...
Corporate Law : The Central Government has superseded the 2022 notification and reassigned state- and district-wise jurisdiction to specific Regis...
Corporate Law : The Government has deferred the commencement date of a notification issued under the LLP Act. The effective date now shifts from J...
Corporate Law : MCA amended its notification to postpone implementation of the reorganised Registrar of Companies framework for LLPs....
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 affairs […]
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 […]
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 A private […]
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 […]
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. […]
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: […]
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.
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 […]
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 against the defaulting LLPs. […]
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 […]
