Partnership

Convert Partnership Firm into Private Limited Company

Company Law - Conversion of Partnership firm into a Private Limited Company is a good option for anyone who wishes to expand small and medium scale enterprises to a large scale one, or for infusion of equity capital. Benefits of Conversion ♦ Limited liability as compare to partnership firm ♦ Easy access to funds i.e. Borrowing for expansion [&helli...

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Conversion of Partnership into Limited Liability Partnership (LLP)

Company Law - Initially, people tend to form a partnership firm as it can be easily formed with minimum compliances and cost. Then, when the business grows or any dispute arises between the partners, they generally intend to convert their existing partnership firms into a Limited Liability Partnership (LLP) in order to formalise the business. The same ...

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All about ROF registration in India- Everything you should know about Firm Registration

Company Law - A Partnership Firm is the old yet the most preferred business structure. It is a business form that is easiest to incorporate and has very less compliance compared to other business structures. Moreover, it is optional for a Partnership Firm to get registered. In this article we will find answers for what is Partnership Firm? […]...

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Concept Note on Proprietorship, Partnership Firm & LLP

Company Law - In India, when a common man thinks about incorporate any business entity, at the same time, too much options click in his mind with different entity structure; like Proprietorship, Partnership, LLP and Company etc. All structures have their pros & cons and legal requirements. His first decision impacts the future of the organization. ...

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Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure

Company Law - Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, ...

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Inviting Expression of Interest -Study Group: RoF Related Issues In Maharashtra

Company Law - ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues In Maharashtra....

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There is No Provision of Service Between Partners & Partnership Firm

Cadila Healthcare Limited Vs C.S.T.-Service Tax (CESTAT Ahmedabad) - • In a partnership firm, partner‘s capital can be in the form of cash/asset. It can also be in the form of contribution of skill and labour alone without contribution in cash. The appellant is a partner performing some duties for which he has an expertise, skill in the marketing and distribution...

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HC directs ICAI to recognise & record retirement of CA from Partnership Firm

Joshi John Vs Institute of Chartered Accountants of India (Kerala High Court) - Joshi John Vs Institute of Chartered Accountants of India (Kerala High Court) It is not disputed that ‘M/s. R. Menon and Associates’ is a partnership at will. Section 43 of the Indian Partnership Act, 1932 provides that when a partnership is ‘at will’, the firm may be dissolv...

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Partnership cannot be treated as AOP merely for execution of deed on inadequate stamp paper

Kachhi Heritage Vs ACIT (ITAT Pune) - Kachhi Heritage Vs ACIT (ITAT Pune) Grounds of Appeal 1. On the facts and in the circumstances of the case and in law the Learned Assessing Officer erred in treating the status of the partnership firm as AOP for the reason that partnership deed is executed on an inadequate stamp paper. Your appellan...

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Compensation to Retiring Partners as Goodwill is Eligible for Depreciation

PCIT Vs Swastik Industries (Gujarat High Court) - Whether the ITAT was right in treating the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?...

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Section 14A applies to share of profit from partnership firm

Minal Industries Limited Vs DCIT (ITAT Mumbai) - The issue under consideration is whether Section 14A will be applicable on Profit sharing from Partnership Firm, which is exempt in the hands of partners?...

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HUF or its Karta cannot become partner or designated partner in LLP

General Circular No. 2/2016 - (15/01/2016) - General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified that 'as per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corpo...

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Limited Liability Partnership (Amendment) Rules, 2015

G.S.R. 785 (E) - (15/10/2015) - For the purposes of the proviso to sub-section (1) of section 58 of the Act, where the firm has been converted into limited liability partnership, an intimation of such conversion to the concerned Registrar of Firms shall be given in Form 14 within fifteen days of the date of registration of the Lim...

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Trust/trustee as a partner in LLP – Clarification

File No. 2/3/2014 CL-V - (14/10/2014) - Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust" (REIT) or "Infrastructure Investment Trust" (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 199...

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Maharashtra Govt doubled Partnership Fees w.e.f. 25/10/2013

Notification No. No IPA. 2012/329/CR - (23/10/2013) - Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnership related issues. Revised rates are as follows :-...

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HUF or its karta can not be designated partner in LLP

General Circular No. 13/2013 - (29/07/2013) - It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs) / Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation wit...

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Partnership’s Popular Posts

Recent Posts in "Partnership"

Convert Partnership Firm into Private Limited Company

Conversion of Partnership firm into a Private Limited Company is a good option for anyone who wishes to expand small and medium scale enterprises to a large scale one, or for infusion of equity capital. Benefits of Conversion ♦ Limited liability as compare to partnership firm ♦ Easy access to funds i.e. Borrowing for expansion [&helli...

Read More
Posted Under: Corporate Law |

Conversion of Partnership into Limited Liability Partnership (LLP)

Initially, people tend to form a partnership firm as it can be easily formed with minimum compliances and cost. Then, when the business grows or any dispute arises between the partners, they generally intend to convert their existing partnership firms into a Limited Liability Partnership (LLP) in order to formalise the business. The same ...

Read More
Posted Under: Corporate Law |

All about ROF registration in India- Everything you should know about Firm Registration

A Partnership Firm is the old yet the most preferred business structure. It is a business form that is easiest to incorporate and has very less compliance compared to other business structures. Moreover, it is optional for a Partnership Firm to get registered. In this article we will find answers for what is Partnership Firm? […]...

Read More
Posted Under: Corporate Law |

Concept Note on Proprietorship, Partnership Firm & LLP

In India, when a common man thinks about incorporate any business entity, at the same time, too much options click in his mind with different entity structure; like Proprietorship, Partnership, LLP and Company etc. All structures have their pros & cons and legal requirements. His first decision impacts the future of the organization. ...

Read More
Posted Under: Corporate Law |

Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure

Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, ...

Read More
Posted Under: Corporate Law |

Conversion of Partnership firm into Limited Liability Partnership

Section 55 of the LLP Act, 2008 deals with conversion of Partnership Firm into Limited Liability Partnership. As per the relevant provisions of the LLP Act, a partnership firm shall make an application for conversion of firm into a Limited Liability Partnership by filling web Form LLP RUN (Reserve Unique Name). Documents required for the ...

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Posted Under: Corporate Law |

Conversion of Partnership Firm into Limited Liability Firm

 Pre- requisite for Conversion of Partnership Firm into Limited Liability Firm -All the partners of the partnership  firm shall be the partners of the LLP, which means there shall be no new partners or the existing partners cannot cease to be partners while making the application. -It is mandatory for all partners of the partnership  [...

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Posted Under: Corporate Law |

‘Unregistered Partnership Firm’ Supplier – A Risk prove Area

With rising scale of business and decreasing in-person meetings and delegation of job responsibilities, there are increasing challenges for organizations in ensuring control over the abuse of authority and committing Frauds through Collusion. As we are aware that in MNC’s and big size Organizations, the job profiles are defined and Empl...

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Posted Under: Corporate Law |

There is No Provision of Service Between Partners & Partnership Firm

Cadila Healthcare Limited Vs C.S.T.-Service Tax (CESTAT Ahmedabad)

• In a partnership firm, partner‘s capital can be in the form of cash/asset. It can also be in the form of contribution of skill and labour alone without contribution in cash. The appellant is a partner performing some duties for which he has an expertise, skill in the marketing and distribution of the goods manufactured by partnershi...

Read More

HC directs ICAI to recognise & record retirement of CA from Partnership Firm

Joshi John Vs Institute of Chartered Accountants of India (Kerala High Court)

Joshi John Vs Institute of Chartered Accountants of India (Kerala High Court) It is not disputed that ‘M/s. R. Menon and Associates’ is a partnership at will. Section 43 of the Indian Partnership Act, 1932 provides that when a partnership is ‘at will’, the firm may be dissolved by any partner giving notice in writi...

Read More

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