Description
Legal Matrix Publication Limited Liability Partnership A Comprehensive Resource Book 6Th Edition by Pramod Jain
The Limited Liability Partnership were introduced in India vide the Limited Liability Partnership Act, 2008. LLP has combined the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. Limited Liability Partnership Law effective from 1st April 2009 is a new business vehicle that provides the benefits of limited liability of a company but allows its partners the flexibility of organizing their internal management on the basis of a mutually arrived agreement.The new concept of LLP is gaining strength in India. Procedures for LLP compliances have changed since 2009. Taxation of LLP has been made clear by the provisions made in the Income-tax Act, 1961 through the Finance (No 2) Act 2009 and Finance Act, 2010.An attempt has been made in this book to analyze the provisions of Limited Liability Partnership Act, Rules and its taxation keeping in mind the practical difficulties, which a business entity/professional could face while adhering to the provisions contained in laws. Tables, charts and examples have been used sparingly to make the provisions understand easily.Book would be immensely useful for Company Secretaries, Law professionals, Chartered Accountants and everyone concerned with formation, incorporation, conversion, administration & management, accounting & audit and taxation of a LLP.The book contains the following Chapters and Annexures:SECTION I – GENERAL1. Objects and Reasons for Limited Liability Partnership2. Miscellaneous3. Limited Liability Partnership background in India4. Salient features of Limited Liability Partnership5. Meaning and nature of Limited Liability Partnership6. Importance of LLP after Companies Act, 2013SECTION II – INCORPORATION7. Incorporation of Limited Liability Partnership8. Miscellaneous9. Registered office/other office of a LLP and its change10. Limited Liability Partnership Agreements11. Partners of Limited Liability Partnership12. Number of Partners in Limited Liability Partnership13. Designated PartnersSECTION III – CONVERSION14. Conversion of partnership firm into LLP15. Conversion of Private Company into LLP16. Conversion of unlisted Public Company into LLP17. Conversion of Professional Firms into LLP18. Conversion of LLP into CompanySECTION IV – ADMINISTRATION AND MANAGEMENT19. Contribution20. Foreign Direct Investment (FDI) in LLP21. Extent of Liability22. Investigation23. Compromise, Arrangement or ReconstructionSECTION V – ACCOUNTS AND AUDIT24. Accounts and Returns25. Applicability of Accounting Standards26. Assignment and transfer of partnership rights27. Destruction of old records28. Electronic filing of documents29. Forms to be certified by professionals30. Audit of LLPSECTION VI – TAXATION31. Basic taxation aspects of LLP32. Residential status of LLP33. Tax rates of LLP34. Remuneration to partners35. Interest on partners’ contribution36. Taxation of introduction and withdrawal of capital assets by partners37. Computation of taxable income of Limited Liability Partnership38. Taxation of conversion of Firms into Limited Liability Partnership39. Taxation of conversion of Companies into Limited Liability Partnership40. Taxation of Conversion of Limited Liability Partnership into Company41. Taxability of amounts received by partners from Limited Liability Partnership42. Liability of partners for tax dues in case of liquidation43. Other tax compliancesSECTION VII – WINDING UP & DISSOLUTION44. Winding up and DissolutionSECTION VIII – MISCELLANEOUS45. Payment of Fees46. Penalties and prosecution47. Other matters related to LLP48. Forms under LLP laws49. Foreign Limited Liability Partnerships50. Comparison of Limited Liability Partnership with Firm51. Simultaneous comparison of Limited Liability Partnership with Company and Partnership firmSECTION IX – ANNEXURESAnnexure 1 Draft Limited Liability Partnership Agreement – 1Annexure 2 Draft LLP Agreement – 2 (As per Section 23(4) of LLP Act, 2008)Annexure 3 Draft Limited Liability Partnership Agreement – 3Annexure 4 Draft Limited Liability Partnership Agreement – 4Annexure 5 Draft Limited Liability Partnership Agreement – 5Annexure 6 Draft Limited Liability Partnership Agreement – 6Annexure 7 Draft Limited Liability Partnership Agreement – 7Annexure 8 Draft Limited Liability Partnership Agreement – 8Annexure 9 Draft Limited Liability Partnership Agreement – 9Annexure 10 Supplementary Limited Liability Partnership Agreement