Presentation on theme: "The Limited Liability Partnership Act, "— Introduction Partnership Firm Limited Liability Partnership Private Company or o Declaration to be filed or delivered should be in electronic form and in pdf format. Full text containing the act, Limited Liability Partnership Act, , with all the sections, schedules, short title, enactment date, and footnotes. Limited Liability Partnership Act - Free download as PDF File .pdf), Text File .txt) or With this background, Limited Liability Partnership Act, [LLP Act] was.
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5. THE LIMITED LIABILITY PARTNERSHIP ACT, ACT NO. 6 OF [7th January, ] An Act to make provisions for the formation and regulation of. The Limited Liability Partnership Act, was enacted by the Parliament of India to introduce "Section 74 of LLP Act, ". Indian Kanoon. Retrieved ^ echecs16.info A limited liability partnership (LLP) is a partnership in which some or all partners ( depending on . The Limited Liability Partnership Act was published in the official Gazette of India .. Archived from the original (PDF) on 10 October
A LLP is a new form of business entity with limited liability. It is hybrid of companies and partnership. Financial Year: The period from the 1st day of April of a year to the 31st day of March of the following year. In the case of a LLP incorporated after the 30th day of September of a year, the financial year may end on the 31st day of March of the next following year. In the absence of LLP agreement, the mutual rights of corporates, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners.
Such notices should be complete and clear enough for clients to understand the nature of the limitation on the liability of the firm. To the extent that lawyers may find it useful, a sample letter, appearing below, may be considered an example of a communication on disclosure.
Dear Client: The firm is now known as LLP. As the name suggests, the partnership carries on the practice of law with a degree of limited liability.
The partnership continues to be liable for the negligence of its partners, associates and employees, and accordingly there is no reduction or limitation on the liability of the partnership. All of the firm's assets remain at risk.
The Law Society has determined that the liability insurance coverage for an LLP is that maintained individually by the partners.
The limitation on liability is the only change to the partnership resulting from the legislative amendments and this change will not affect our firm's relationship with you as a client.
The newly introduced section exempts from Capital Gains, any transfer of a capital assets by private company or unlisted public company to a Limited Liability transfer or any transfer of shares held in the company by a share holder as a result of conversion of the company into a Limited Liability Partnership.
Under section of the Income-tax Act, , return of income of an LLP is to be signed by a designated partner. However, if for any unavoidable reason the designated partner is unable to sign or where there is no designated partner, any partner may sign the return. Under the new section C, each partner of an LLP is jointly and severally liable for tax due from an LLP if it cannot be recovered from the LLP unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the LLP.
This section is similar to section applicable to directors of a private company. It is materially different from section A already existing and applicable to partners of a partnership firm.
It consists of sections JC to JF. For details p.
The designated partners will be responsible for compliance with all the above conditions and also liable for all penalties imposed on the LLP for their contravention, if any. LLP are required to file following documents with the ROC Statement of Account and Solvency, within 30 days from the end of 6 months of the financial year; Annual return within 60 days from the end of the financial year.
However, such transfer of rights does not cause either disassociation of the partner or a dissolution and winding up of the LLP. Such transfer of right, shall not, by itself entitle, the assignee or the transferee to participate in the management or conduct of the activities of the LLP or access information concerning the transactions of the LLP.
Any alteration in the constitution documents, overseas principle office address and partner of foreign LLP are required to be filed with the ROC in the prescribed form within 60 days of the close of the financial year.
Any alteration in the certificate of registration of foreign LLP, authorized representative in India and principle place of business in India are required to be filed with the ROC in the prescribed form within 30 days of alteration.
Foreign LLP ceasing to have a place of business in India, are required to give notice to ROC in the prescribed form within 30 days of its intention to close the place of business and from the date of such notice, the obligation of Foreign LLP to file any document with the ROC shall cease, provided it has no other place of business in India and it has filed all the documents due for filing as on the date of the notice.
On receiving the documents for conversion, ROC shall register the documents and issue certificate of registration specifying the date of registration as LLP.
In case of a firm, every partner of a firm which is converted into a LLP shall continue to be personally liable jointly and severally with LLP for the liabilities and obligations of the firm incurred prior to the conversion or which arose from any contract entered into prior to the conversion. In case any such partner discharges any such liability or obligation he shall be entitled subject to any agreement with the LLP to the contrary to be fully indemnified by LLP in respect of such liability or obligation.