Corporate Law : This guide explains LLP registration, eligibility, costs, annual compliance, and the latest 2025-26 changes, including the new Sec...
Company Law : Discover why LLPs convert into Private Limited Companies to attract investors, introduce ESOPs, and access Startup India benefits....
Company Law : The article explains how converting an LLP into a Private Limited Company can enhance credibility, improve governance, and unlock ...
Corporate Law : NCLT approved an LLP merger after finding that the scheme enhanced financial flexibility, operational efficiency, and partner valu...
Corporate Law : A comprehensive guide to LLP Agreement stamp duty across all Indian states and UTs. Learn applicable rates, filing requirements, p...
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...
Corporate Law : Although the Scheme was sanctioned, the Tribunal clarified that the Income Tax Department remained free to investigate any tax imp...
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 ...
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....
Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: 1. Requirement of Partners 2. Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if does not have; 3. Selection of name for […]
Limited Liability Partnership (LLP) is a corporate business vehicle, identifiable by entity’s name containing ‘Limited Liability Partnership’ or ‘LLP’ as suffix, a new business structure in Indian Corporate, that enables professional expertise and entrepreneurial initiative to combine, organize and operate in innovative, flexible and efficient manner,
– Meaning of Limited Liability Partnership Understanding Limited Liability Partnership in Brief. – Features of Limited Liability Partnership The Limited Liability Partnership Act 2008 Partners. – Designated Partners. – Limitation of Liability. – Forming a Limited Liability Partnership Forms and Fees. – Limited Liability Partnership Agreement Accounts and Audit. Taxation of Limited Liability Partnership Professional Opportunities.
The Income of LLP will be charged to tax in the hands of the LLP only and not in the hands of individual partners. Remuneration to partners will be taxed as “Income from Business & Profession” and share of profit in the hands of the partner is exempt from tax u/s 10(2A). The LLP is allowed to get deduction of remuneration paid to the partners subject to the maximum of limit prescribed u/s 40(b).
All LLPs registered upto 30-September-2011 have to mandatorily close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012. LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11 accordingly.Please note that if LLP fails to file Form-8 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing.
The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have been formed so far as per the records of the Ministry of Corporate Affairs.
These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 16th September, 2012.
Central Government hereby makes the following amendments in the notification number S.O. 891(E), dated the 31st March, 2009, namely:- 2. In the said notification,- (a) after serial number 5 and the entries relating thereto, the following serial number and entries shall be inserted, namely: 5A. Section 51
Partnership: Partnership (regulated by Partnership Act, 1932) is one of the preferred business vehicles by entrepreneurs in India. In-fact, India is one of a country which recognizes partnership as a taxable entity (assessee) under the Income Tax Act, 1961. Less stringent regulations, low compliance cost, ease, speed and flexibility of the structure are few of the attractions of the Partnership. Unlimited liability of partners, absence of incorporation status and perpetual succession are three significant drawbacks of the Partnership Structure.
Circular No. 15 /2012 In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from 30.06.2012.
