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Jan 15, 2024 · Explore applicability of LLP audit under Section 34 (4) of the LLP Act, 2008. Delve into an interpretational issue and the impact of the Small LLP definition. Understand penalties for non-compliance.
Apr 18, 2015 · Rule 24 (8) exempt the LLP from the Audit of its accounts if its turnover does not exceed, in any financial year, Rs. 40 lakhs or its contribution does not exceed Rs. 25 Lakhs. Appointment of Auditors. LLPs have to appoint auditor within 30 days before the end of the financial year.
Limited liability partnership to be body corporate.—(1) A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners.
Limited Liability Partnership Act, 2008. 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.
How would compliance management (i.e. ensuring that LLPs file their documents with Registrars timely and otherwise comply with other procedural requirements under the Act) be ensured in the Act?
Sep 15, 2023 · Mandatory Requirement: Statutory audits for LLPs are mandatory as per the Limited Liability Partnership Act, 2008, and Rules made thereunder. All LLPs, regardless of their turnover, are required to undergo a statutory audit.
In accordance with the LLP Act 2008, the accounts of Limited Liability Partnership shall be audited in accordance with the Rules prescribed under LLP Rules 2009. The accounts of every LLP are required to be audited in accordance with Rule 24 of the LLP Rules 2009. Proviso of such rule provides that any LLP, whose turnover does
Mar 21, 2024 · Section 34 of the LLP Act, 2008 and Rule 24 of the LLP Rules, 2009 prescribe LLP Audit Requirements for Partnerships that have an annual turnover of more than Rs. 40 lakhs or capital contribution exceeding Rs. 25 lakhs in a financial year.
How would compliance management (i.e. ensuring that LLPs file their documents with Registrars timely and otherwise comply with other procedural requirements under the Act) be ensured in the Act?
Nov 11, 2021 · The account of every limited liability partnership is required to be audited in accordance with Rule 24 of Limited Liability Partnership Rules, 2009. Audit is compulsory under Limited Liability Partnership Act 2008, if the turnover exceeds Rs. 40 lakh and contribution by partners exceed Rs. 25 lakh.
