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LLP Act, 2008 - PDF of Ministry of Corporate Affairs. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
6 (f) "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (g) "company secretary" means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who has obtained a certificate of
Act ID: 200906: Act Number: 06: Enactment Date: 2009-01-07: Act Year: 2009: Short Title: The Limited Liability Partnership Act, 2008: Long Title: An Act to make provisions for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto.
May 29, 2023 · Limited Liability Partnership Act. Limited Liability Partnership (LLP) is an incorporated partnership formed and registered under the Limited Liability Partnership Act 2008 with limited liability and perpetual succession.. The Act came into force, for most part, on 31st March 2009 followed by its Rules on 1st April 2009 and the registration of the first LLP on 2nd April 2009.
Oct 2, 2022 · Limited liability partnership. Section 25 of the Indian Partnership Act, 1932 provides that every partner will be jointly and severally liable for the acts done by the other partners in their capacity as partners. Section 9 of the British Partnership Act, 1890 provides that every partner will be jointly liable for the firm’s contract and jointly and severally liable for the firm’s wrongs. Thus, we see that the position of liability of partners in India is quite different from the ...
Nov 15, 2021 · The concept of the Limited Liability Partnership (LLP) come to India in the year 2008. An LLP has the characteristics of both the partnership firm and company. It is the most preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization.
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.. Section 4. Non-applicability of the Indian Partnership Act, 1932.—Save as otherwise provided, the ...
India introduced The Limited Liability Partnership Act in 2008 to legally authorize the concept of Limited Liability Partnerships (LLP). A blend between a private company and a partnership LLP's have recently become a very popular form of business vehicle. Let us study them in some detail.
Created Date: 1/15/2009 11:52:47 AM
May 31, 2021 · Accordingly, A’s share of profit would be INR 4,12,800 whereas B’s share would be INR 275,200. When the partners withdraw their share of profits from LLP to their personal account, they need not pay tax on that amount as it is tax-exempt according to section 10(2A) of the Income-tax Act.
