340:. The income of an LLP is taxed at the flat rate of 30% (plus surcharge and cess, as applicable) on the total income. However, the partners of an LLP are not taxed on the income that is earned by the LLP. Instead, the income is taxed in the hands of the partners only when it is distributed as profits or remuneration. Another advantage of LLPs is that they are exempt from dividend distribution tax, which is a tax that is levied on companies when they distribute dividends to their shareholders.
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Any person guilty of an offence under this Act for which no punishment is expressly provided shall be liable to a fine which may extend to five lakh rupees but which shall not be less than five thousand rupees and which may extend to fifty thousand rupees for every day after the first day after which
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Form 8 - Statement of
Account and Solvency (Filed pursuant to Rule 24 of the LLP Rules 2009 (It contains financial figures (Balance Sheet and Profit and Loss account), statement that the LLP is solvent. Attachments include Dues to MSME disclosures and Audit Report if the turnover of LLP Crosses Rs.
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Form 11- Annual Return of LLP (Filed pursuant to Rules 25(1) of the LLP Rules, 2009 (It usually contains the details of partners at the year end, details of changes in partnership firm during the year like admission of new partners, retirement and death of partner etc.) It specifically asks if the
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Any written agreement between the partners of the LLP or between the LLP and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to that LLP. It is not necessary to enter into an LLP agreement as per LLP Act, 2008. In the absence of LLP
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LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility
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LLP is required to maintain books of accounts for each year on cash basis or on accrual basis. Accounts shall be audited by
Auditors appointed by the LLP. Audit of accounts is compulsory if turnover exceeds Rs. 40 lakhs in any financial year or contribution by partners exceed Rs. 25 lakhs.
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DIR 3 KYC - This is technically a requirement under the
Companies Act but since the 'Designated partners Identification Number' (DPIN) has been merged with Director Identification Number (DIN), hence the annual requirement of DIR KYC is not applicable even to designated partners of
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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 an 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.
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Earlier both Form 8 and Form 11 were pdf based forms where the forms were filled offline and uploaded after being digitally signed. However with the introduction of MCA -V3 in Feb 2022, all forms have been converted to web based
549:"G.S.R. 229 (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, namely..."
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An LLP formed, incorporated or registered outside India which establishes a place of business within India. A LLP is a new form of business entity with limited liability. It is hybrid of companies and partnership.
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Section 4. Non-applicability of the Indian
Partnership Act, 1932.—Save as otherwise provided, the provisions of the Indian Partnership Act, 1932 (9 of 1932) shall not apply to a limited liability partnership.
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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.
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An Act to make provision for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto.
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Both Form 8 and Form 11 are processed under STP mode i.e. Straight
Processing mode. They are approved automatically and are not manually processed.
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The
Statement of Accounts and Solvency for the year ended 31 March is required to be filed with the Registrar before 30 October in each year.
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The entire taxation of LLPs is similar to the existing taxation pattern applicable to
Partnerships registered and formed under
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Form 8 has to be filed within 30 days of passage of 6 months of closure of the financial year. Due date is usually 30 October.
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Late fees for LLPs can go upto 25 times the normal fees for 'Small LLPs' and 50 times for 'Other than Small LLPs'.
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and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
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680:"Instruction Kit for webform LLP Form No. 8 (Statement of Account & Solvency and Charge filing)"
652:"Instruction Kit for webform LLP Form No. 11 (Annual Return of Limited Liability Partnership (LLP))"
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Form 11 has to be filed within 60 days of closure of the financial year. Due date is usually 30 May.
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for organizing their internal structure as a partnership. LLP is a legal entity partnership act.
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Partner means any person who becomes a partner in the LLP in accordance with the LLP agreement.
521:"All About Limited Liability Partnership (LLP) in India: Formation, Advantages, and Compliance"
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423:"Ministry Of Corporate Affairs - The Limited Liability Partnership Act, 2008"
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Professional & Non-professional (Businessmen), both can set up LLP.
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Capital committed by each partner has been received by the LLP.
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in India. Unlike the general partnerships in India, LLP is a
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Continue its existence irrespective of changes in partners,
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577:"Annual MCA Compliance - Team Entrecap Business Services"
627:"MCA21 portal's third version to be rolled out in March"
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LLP has to complete the following compliance each year:
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LLP itself can enter into contracts and hold properties,
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Partners' Liability limited to the agreed contribution,
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234:and legal entity separate from its partners, have
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57:"The Limited Liability Partnership Act, 2008"
332:Taxation of a Limited Liability Partnership
220:The Limited Liability Partnership Act, 2008
108:Learn how and when to remove this message
711:Limited Liability Partnership Act, 2008
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123:Limited Liability Partnership Act, 2009
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277:Foreign Limited Liability Partnership:
365:Tax compliances are not listed here.
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736:Acts of the Parliament of India 2008
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46:adding citations to reliable sources
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599:"FAQs - MCA V3 5th March Go Live"
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470:"Section 74 of LLP Act, 2008"
448:"Section 34 of LLP Act, 2008"
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731:Indian business law
224:Parliament of India
222:was enacted by the
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138:Parliament of India
631:The Economic Times
525:mydigitalfiling.in
311:Accounts and audit
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31:This article
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741:Partnerships
690:. Retrieved
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40:Please help
35:verification
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476:21 November
454:21 November
432:21 November
407:21 November
272:Definitions
725:Categories
687:Mca.gov.in
659:Mca.gov.in
606:Mca.gov.in
556:Mca.gov.in
499:Mca.gov.in
427:Llp.gov.in
387:References
149:Long title
68:newspapers
202:Commenced
284:Partner:
246:Overview
213:In force
166:Citation
692:23 July
664:23 July
636:16 July
611:23 July
583:16 July
561:23 July
504:23 July
323:Penalty
211:Status:
186:Enacted
82:scholar
370:forms.
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683:(PDF)
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530:3 May
495:(PDF)
89:JSTOR
75:books
694:2022
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638:2022
613:2022
585:2022
563:2022
532:2024
506:2022
478:2015
456:2015
434:2015
409:2015
361:LLP.
61:news
228:LLP
44:by
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