Partnership

Procedural checklist for conversion of Partnership Firm into Private Company

Company Law - Applicability of Law(s): Chapter XXI, Part A Section 366 to 374 of Companies Act 2013 The Companies (Authorized to Registered) Rules, 2014.  Mode(s) / Method(s) of Conversion: Form a New Company as per prescribed under Companies Act 2013 with Conversion form. Prepare Execution deed to transfer the business together with all the assets an...

Read More

Partnership Firm Registration and Draft Partnership Deed

Company Law - As per Section 4 of The Partnership Act, 1932: Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all....

Read More

All about Taxation of Partnership Firms / LLP

Company Law - Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis...

Read More

Interest & Remuneration to Partners: Section 40(b)

Company Law - Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

Read More

Procedure to convert partnership firm/LLP into Company

Company Law - Section 366 of the Companies Act, 2013 deals with Part I Companies that includes conversion of any partnership firm (Firm), limited liability partnership (LLP), cooperative society, society or any other business entity formed under any law for the time being in force....

Read More

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....

Read More

Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad) - CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

Read More

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...

Read More

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...

Read More

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...

Read More

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 :-...

Read More

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...

Read More

Recent Posts in "Partnership"

Procedural checklist for conversion of Partnership Firm into Private Company

Applicability of Law(s): Chapter XXI, Part A Section 366 to 374 of Companies Act 2013 The Companies (Authorized to Registered) Rules, 2014.  Mode(s) / Method(s) of Conversion: Form a New Company as per prescribed under Companies Act 2013 with Conversion form. Prepare Execution deed to transfer the business together with all the assets an...

Read More
Posted Under: Company Law |

Partnership Firm Registration and Draft Partnership Deed

As per Section 4 of The Partnership Act, 1932: Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all....

Read More
Posted Under: Company Law |

All about Taxation of Partnership Firms / LLP

Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis...

Read More

Interest & Remuneration to Partners: Section 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

Read More

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

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

Read More
Posted Under: Company Law |

Procedure to convert partnership firm/LLP into Company

Section 366 of the Companies Act, 2013 deals with Part I Companies that includes conversion of any partnership firm (Firm), limited liability partnership (LLP), cooperative society, society or any other business entity formed under any law for the time being in force....

Read More
Posted Under: Company Law |

U. S. Taxation: Partnership Firms– LLC & others– Series No. 1

It is a common debate among accounting professionals that Partnership firms in U.S.A. would solve all the problems and that they would recommend their clients to have the same structure for business. ...

Read More
Posted Under: Company Law |

Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad)

CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

Read More

Transfer of property between firm & partners –Taxation aspects

S. 45(3) and S. 45(4) were brought in to the statute book to deem pooling of assets by partners in to the firm and distribution of assets by the firm to partners on dissolution or otherwise, as transfers for tax purposes with a view to block certain escape routes for avoiding capital gains tax....

Read More
Posted Under: Company Law |

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

Read More
Posted Under: Company Law |

Browse All Categories

CA, CS, CMA (3,937)
Company Law (4,151)
Custom Duty (7,119)
DGFT (3,792)
Excise Duty (4,171)
Fema / RBI (3,549)
Finance (3,750)
Income Tax (28,363)
SEBI (2,989)
Service Tax (3,413)

Search Posts by Date

December 2018
M T W T F S S
« Nov    
 12
3456789
10111213141516
17181920212223
24252627282930
31