A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
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What is LLP?
A new trend that has been observed of-late is that more and more entreprenuers have started opting for Limited Liability Partnerships. LLP is the limited personal liability provided to each of the partners. Generally speaking, each partner’s personal liability for another partner’s acts is limited to the partnership’s assets. In most states, a partner can’t lose more than his or her investment for something another partner does.
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LLP is a unique form of legally recognized corporate entity, as it is a unique Hybrid Combination of both Company and Partnership, LLP is suitable for small to medium-sized business.
LLP is Ideal for –
Entrepreneurs who want a Separate Legal Entity with Limited Liability and Perpetual Succession.
Entrepreneurs who DO NOT wish to raise Venture Capital, Seed or Angel Funding.
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What is the validity period of the name approved for LLP?
The approved name of LLP shall be valid for a period of 3 months from the date of approval.
Can a LLP undertake Not-for-Profit activities?
No. One of the requisite of an LLP is to carry on business for profit.
Will the assets and liabilities of the firm be transferred automatically to LLP?
All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.
When is an LLP required to get its books audited?
If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited.
What are the compliance requirements for LLPs?
Every LLP is required to maintain annual accounts reflecting true and fair view of its state of affairs. A statement off accounts and solvency shall be filed by every LLP with the registrar of LLP every year.
Can the losses or unabsorbed depreciation of the proprietorship concern be carried to the LLP?
The accumulated loss and unabsorbed depreciation of firm is deemed to be loss/depreciation of the successor LLP for the previous year in which conversion was effected. Thus such loss can be carried for further eight years in the hands of the successor LLP.