limited liability partnerships (llp) – an elucidation
DESCRIPTION
I presented on "Limited Liability Partnerships (LLPs) – An elucidation" in National Convention for CA students at Chennai on 27th November,2013. This is the PPT of it.TRANSCRIPT
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Limited Liability Partnerships Limited Liability Partnerships (LLPs) – An elucidation(LLPs) – An elucidation
by :Saurabh Wagle, Mumbai
WRO0378562
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What is LLPWhat is LLP Corporate business form
Introduction in India in 2009
Profit motive
Difference :- LLP vs. Partnership LLP vs. Company
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Features of LLPFeatures of LLP Separate legal entity
Minimum 2 partners for incorporation
LLP agreement
Acronym ‘LLP’
Preferable for ..
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Procedure for incorporationProcedure for incorporation Deciding Partner & Designated Partner
Obtaining DIN & Digital signature certificate
Checking name availability
Drafting ‘LLP agreement’
Filing incorporation documents
Obtaining Certificate of incorporation
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Compliances by LLPCompliances by LLP Accounts Maintenance of Books of Accounts Statement of Account & Solvency
Audit Mandatory for..
Appointment, Remuneration, Removal of Auditor
Annual return
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Conversion into LLPConversion into LLP
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Foreign LLP Foreign LLP
Definition as per section 2(1)(m)
Registration in Form 27 within 30 days
Winding up of LLP
FDI in LLP
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Taxation of LLPTaxation of LLP
Treatment same as that of ‘Partnership Firm’
Deduction u/s 40(b)
Profit in hands of Partner Exempt u/s 10(2A)
Provision of ‘Alternate Minimum Tax’
Conversion in LLP is not to be treated as ‘Transfer’
Recovery of tax u/s 167C
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Closing of LLPClosing of LLP
Declaring as ‘Defunct’
Winding up :-VoluntaryCompulsory
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Conclusion ….Conclusion ….
Good form of business organization
Many opportunities for professionals