LMP Limited Liability Partnership A Comprehensive Resource Book By CA Pramod Jain Edition 2023

LMP Limited Liability Partnership By CA Pramod Jain

LMP Limited Liability Partnership By CA 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 – GENERAL

1.    Objects and Reasons for Limited Liability Partnership

2.    Miscellaneous

3.    Limited Liability Partnership background in India

4.    Salient features of Limited Liability Partnership

5.    Meaning and nature of Limited Liability Partnership

6.    Importance of LLP after Companies Act, 2013

SECTION II – INCORPORATION

7.    Incorporation of Limited Liability Partnership

8.    Miscellaneous

9.    Registered office/other office of a LLP and its change

10.  Limited Liability Partnership Agreements

11.  Partners of Limited Liability Partnership

12.  Number of Partners in Limited Liability Partnership

13.  Designated Partners

SECTION III – CONVERSION

14.  Conversion of partnership firm into LLP

15.  Conversion of Private Company into LLP

16.  Conversion of unlisted Public Company into LLP

17.  Conversion of Professional Firms into LLP

18.  Conversion of LLP into Company

SECTION IV – ADMINISTRATION AND MANAGEMENT

19.  Contribution

20.  Foreign Direct Investment (FDI) in LLP

21.  Extent of Liability

22.  Investigation

23.  Compromise, Arrangement or Reconstruction

SECTION V – ACCOUNTS AND AUDIT

24.  Accounts and Returns

25.  Applicability of Accounting Standards

26.  Assignment and transfer of partnership rights

27.  Destruction of old records

28.  Electronic filing of documents

29.  Forms to be certified by professionals

30.  Audit of LLP

SECTION VI – TAXATION

31.  Basic taxation aspects of LLP

32.  Residential status of LLP

33.  Tax rates of LLP

34.  Remuneration to partners

35.  Interest on partners’ contribution

36.  Taxation of introduction and withdrawal of capital assets by partners

37.  Computation of taxable income of Limited Liability Partnership

38.  Taxation of conversion of Firms into Limited Liability Partnership

39.  Taxation of conversion of Companies into Limited Liability Partnership

40.  Taxation of Conversion of Limited Liability Partnership into Company

41.  Taxability of amounts received by partners from Limited Liability Partnership

42.  Liability of partners for tax dues in case of liquidation

43.  Other tax compliances

SECTION VII – WINDING UP & DISSOLUTION

44.  Winding up and Dissolution

SECTION VIII – MISCELLANEOUS

45.  Payment of Fees

46.  Penalties and prosecution

47.  Other matters related to LLP

48.  Forms under LLP laws

49.  Foreign Limited Liability Partnerships

50.  Comparison of Limited Liability Partnership with Firm

51.  Simultaneous comparison of Limited Liability Partnership with Company and Partnership firm

SECTION IX – ANNEXURES

Annexure 1    Draft Limited Liability Partnership Agreement – 1

Annexure 2    Draft LLP Agreement – 2 (As per Section 23(4) of LLP Act, 2008)

Annexure 3    Draft Limited Liability Partnership Agreement – 3

Annexure 4    Draft Limited Liability Partnership Agreement – 4

Annexure 5    Draft Limited Liability Partnership Agreement – 5

Annexure 6    Draft Limited Liability Partnership Agreement – 6

Annexure 7    Draft Limited Liability Partnership Agreement – 7

Annexure 8    Draft Limited Liability Partnership Agreement – 8

Annexure 9    Draft Limited Liability Partnership Agreement – 9

Annexure 10  Supplementary Limited Liability Partnership Agreement