LIMITED LIABILITY PARTNERSHIP. Presented By:- Poonam Bansal Damanpreet Kaur Chandan Kumar Gupta Ranjeet Singh. Contents. Introduction Features Governance Incorporation Requirements Procedure Conversion from/to LLP Administration Accounts & Returns Relationship of Partners
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Chandan Kumar Gupta
Private Limited Companies
Limited liability of partners.
Flexible form of organization.
Administration according to LLP agreement.
Required to register with ROC.
LLP agreement is the main incorporation document.
The economic rights of partners are freely transferrable.
Separate legal entity.
Every partner is an agent of the LLP but not liable for the wrongful acts of other partners.
In the absence of any provision for distribution of profits/ losses, partners are entitled to share profits and losses equally.
LLPs are not allowed to operate as Not for profit organization
File LLP Agreement in form 3
DP will apply for DIN
Once approved by ministry, LLP is registered
DSC to be applied by DP
Steps for Incorporation of LLP
File incorporation document & Subscriber’s Statement in form 2
Register DSC on MCA site
Apply for new user registration
File form 1 for name approval
1) Details of all receipts and payments.
2) Records of assets and liabilities.
3) Statements of stock.
4) Any other recordswhich the partners decide.
Remuneration to partners will be taxed as “Income from Business & Profession”