Tag Archives: #LLPLaw

Who is the Owner of LLP?

Who is the Owner of LLP   Here are some examples of who typically uses LLP Business Owners: 1.Professional Service Firms: LLPs are often chosen by professionals such as lawyers, accountants, architects, consultants, and doctors who want to operate their practices in a partnership structure while enjoying limited liability protection. This allows individual partners to… Read More »

When was LLP act 2008 implemented ?

LLP act 2008 implemented   The LLP Act 2008 was implemented in India on April 1, 2009. The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to provide a legal framework for the formation and operation of Limited Liability Partnerships (LLPs) in the country. The Act introduced the concept of LLPs… Read More »

TDS compliance for LLP?

TDS Compliance for LLP For a Limited Liability Partnership (LLP), compliance with TDS (Tax Deducted at Source) provisions is important to fulfill its tax obligations. Here are some key aspects of TDS compliance for an LLP: 1. TAN Registration: The LLP must obtain both valid Tax Deduction and Collection Account Number (TAN) from the tax… Read More »

Is an LLP Agreement mandatory for all LLP’s?

LLP Agreement Is an LLP Agreement mandatory for all LLP’s: Yes, an LLP (Limited Liability Partnership) Agreement is mandatory for all LLPs in most of the countries. The LLP Agreement is a legal document that sets out the rights and obligations of the partners, the profit-sharing ratio, the management structure, and other important details related to… Read More »

Is LLP a firm or a company?

 Is LLP a Firm or a Company? Introduction Limited Liability Partnership (LLP) is a common business structure, but there is often confusion regarding whether it is a firm or a company. Businesses and professionals must understand the differences between these structures to make informed decisions about their legal and operational frameworks. Definition An LLP is… Read More »

LLP reconstitution: What is process of reconstitution deed in LLP?

    Introduction A Limited Liability Partnership (LLP) is a popular business structure that offers flexibility and limited liability to its partners. Over time, an LLP may undergo changes in its structure due to the admission, resignation, or change in roles of partners. This process is called the reconstitution of an LLP. The reconstitution process… Read More »