What is LLPIN?
LLP means limited Liability Partnership. LLPIN is a 7-digit registration number. It consists of both alpha numeric and assigned to LLPs by the Ministry of Corporate Affairs, Government of India.
For example, AAA-20002 is the number allot by the Ministry of Corporate Affairs to Companies in Consulting Limited liability company, the first registered register in India.
Define Contribution in LLP
Contribution is the amount allocate by each partner in the LLP as per the LLP agreement. Contributions are the responsibility of each partner and the may recover the agreed contribution from the partner. The partner may contribute to the capital through cash, goods or services subject to appraisal.
Define designated partner
The designated partner of the Limited liability Partnership in Bangalore means the partner who is responsible for all the provisions and items require for the work of the limited liability company which provides for the filing of documents / compensation / statements under the Act. As specified in the LLP Agreement.
The Limited liability should contain at least two designated partners. They must be individuals and at least one of them should reside in India.
Difference between LLP and general partnership
A limited liability partnership is a legal entity separate from its partners and, therefore, provides limited liability to its partners, in which any debts and liabilities of the LLP registration in Bangalore will be borne by the LLP’s assets. In the case of a traditional partnership, the partners are jointly and liable for each debt and liability of the partnership firm.
Define foreign liability partnership
Pursuant to Section 2 (1) (m) of the Act, “foreign limited liability partnership” means a limited liability partnership formed, incorporated or registered outside India which establishes the location of the business within India.
How FLLP (Foreign Limited Liability Partnership) can establish its place of business in India?
Any Foreign Limited Liability Partnership [FLLP] may file Form 27 (Registration of Details through India Foreign Limited Liability Partnership) with the required documents, within thirty days in the Limited Liability Partnership Rules, 2009. Establishing a business location in India.
Conversion of multiple partnership firms to single is possible
On April 30, 2013, General Circular no. As per 09/2013, it has been clarified that the provisions of Sections 55 and of 58 of the Limited Liability Partnership Act, provided for inter-related, requirements read along with the second schedule there. Conversion of a partnership pay firm into a single LLP registration. The LLP Act, 2008 does not provide for the conversion of two or more companies into a single LLP. Thus, multiple partnership cannot be convert into multiple LLPs.
Does CA Act 1949allows to form LLP and Practice?
Yes, a chartered accountant can practice as a CA and create an LLP. However, in practice all ICAI members who wish to form a separate LLP are require to comply with the provisions of the Limited Liability Partnership Act, 2008.
How stamp duty for LLP be paid?
The stamp duty payable for the LLP agreement is subject to the state in which the LLP is include and the stamp duty applies to the stamp act of that state. Stamp duty for LLP contract should not be paid on MCA portal. As long as a specific stamp duty is specified in the relevant Stamp Act, the stamp duty on the LLP registration in Bangalore contract may be paid as per the stamp duty paid on the partnership agreement in view of the Financial Bill, 2009.
FDI is allow in LLP
Foreign direct investment is automatically allow under the route where 100% FDI is allow. Although 100% FDI is allowed in LLPs under the government route in the Electronic Systems Design and Manufacturing (ESDM) sector, investments in the manufacture of defense equipment and brownfields in the manufacture of medical devices are not allow. In the government way, applications are consider by the Foreign Investment Promotion Board (FIPB).
What are the compliances present with the appointment of designated partner?
In order to appoint a partner as a designer partner, the following compliance requirements must be followed:
At least one of the designated partners must be an Indian resident.
Each partner must give his or her consent to the partner being appointed as the designated partner.
The LLP must notify the ROC within 30 days of the appointment of the designated partner.
He must obtain the director’s identification number if he wishes to be appointed as a partner.
Define Audit requirement for LLP
If each LLP registration must have audited of its accounts if
Turnover Rs. 40 lack in a year
The contribution of the partner is Rs. Lack of 25 in any financial year.
Practice must be audit by CA.
LLP Agreement
The LLP Agreement is an HL that is implement by all partners after the incorporation of LLP registration in India. The agreement specifies all the clauses related to the business, including the rights, roles, duties and responsibilities of the partners in the LLP. The contract must be enter within 30 days of the issuance of the certificate of entry. Failure to do so will cost Rs. Will charge an additional fee of Rs. 100 per day till filing date.
What is the meaning of defaulting LLP?
Defaulting LLP registration in bangalore means registered under the Limited Liability Partnership Act, which has defaulted in filing documents on the due date (s) prescribed under the LLP Act and the rules under it.
What is statement of account and solvency?
Each limited liability company require to file a ‘Statement of Accounts and Solvency’ in the prescribed Form 8 which includes a declaration of the LLP’s liquidity status by the designated partners and a statement of assets and liabilities and a statement of income and expenditure. LLP’s. This form has to be fill by on an annual basis.
Attachments to form 8
The following documents should be attach to Form 8:
- Disclosure is a mandatory affiliation under the Micro, Small and Medium Enterprise (MSME) Development Act, 2006.
- Statement of Contingent Liabilities If there is a contingency liability, attach it.
- Any other related information may be provide as an optional attach.