Maintenance of books of account, other records, and audit Proper Books of account: The LLP shall maintain such proper books of account as may be prescribedrelating to its affairs for each year of its existenceon cash basis or accrual basis andaccording to double entry system of accounting andshall maintain the same at its registered...
Continue readingEXTENT AND LIMITATION OF LIABILITY OF LLP AND PARTNER
Extent of liability of LLP An LLP is not bound by anything done by a partner in dealing with a person if— the partner in fact has no authority to act for the LLP in doing a particular act; and the person knows that he has no authority or does not know or believe...
Continue readingCessation of partnership and Registration of changes in partners
Cessation of partnership: A person may cease to be a partner of an LLP in accordance with an agreement with the other partners or, in the absence of an agreement with the other partners as to the cessation of being a partner, by giving a notice in writing of not less than 30 days...
Continue readingAdvantages of incorporating a Limited Liability Partnership(LLP)
LLP is a body corporate: An LLP is a body corporate formed and incorporated under LLP Act and is a legal entity separate from that of its partners and shall have perpetual succession. Therefore, any change in the partners of an LLP shall not affect the existence, rights, or liabilities of the LLP. An...
Continue readingWinding Up of LLP – Closing an LLP
LLP is a new form of the concept introduced in India through the LLP act. LLP is exempt from audit if the annual turnover of the LLP is less than Rs.40 lakhs and/or the capital contribution is less than Rs.25 lakhs. So this characteristic has made LLP popular amongst many entrepreneurs. However, it may...
Continue readingLimited Liability Partnership (LLP form 11)
About LLP stands for a Limited Liability Partnership. … Like a traditional partnership, LLP also allows the partners to organize their internal structure. An LLP is a legal entity, liable for the full extent of its assets. However, the liability of the partners is limited. LLP Form 11 Annual Return LLP registered under the LLP act 2008. .It...
Continue readingDisqualification of Auditor
Who can be appointed as Auditor? 1) A person shall be eligible for appointment as an auditor of a company ● only if he is a chartered accountant or that a firm whereof ● majority of partners practicing in India are qualified for appointment as aforesaid may be appointed by its firm name to...
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