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LLP

The document discusses limited liability partnerships (LLPs) in India. It covers the advantages of LLPs such as limited liability, flexibility of ownership and management similar to a partnership, and separate legal identity. The basic obligations to form an LLP include having a minimum of 2 partners, one of whom must be a resident of India, and registering an LLP agreement. An LLP is governed by the Limited Liability Partnership Act 2008 and has perpetual succession. It can be dissolved voluntarily or compulsorily, and winding up procedures are outlined. Documents required for LLP registration are also listed. A case study of an active consulting LLP called Proex Advisors LLP is presented to illustrate concepts discussed.

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Manikandan Manohar
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366 views18 pages

LLP

The document discusses limited liability partnerships (LLPs) in India. It covers the advantages of LLPs such as limited liability, flexibility of ownership and management similar to a partnership, and separate legal identity. The basic obligations to form an LLP include having a minimum of 2 partners, one of whom must be a resident of India, and registering an LLP agreement. An LLP is governed by the Limited Liability Partnership Act 2008 and has perpetual succession. It can be dissolved voluntarily or compulsorily, and winding up procedures are outlined. Documents required for LLP registration are also listed. A case study of an active consulting LLP called Proex Advisors LLP is presented to illustrate concepts discussed.

Uploaded by

Manikandan Manohar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
You are on page 1/ 18

LIMITED LIABILITY

PARTNERSHIP
• Limitations of Partnership firm
and private limited company
Introduction of llp

COVERED Advantages
Obligations
Disadvabtages
TOPIC

llp govern by
Procedure
Perpentual succession
Dissolution and Winding up
Documents required
Case study
2
Limitations of partnership firm and private limited company

PARTNERSHIP FIRM PRIVATE LIMITED COMPANY

Partnership act 1932 Governing law Companies act 1956

Unlimited Liability of partners Shareholders have limited liability

Seperate legal entity Legality No separate legal entity

Not mandatory Registration Mandatory

Same Ownership and management Different

partnerships deed Government documents MOA,AOA, Shareholders agreement

Yes Joint liability No


3
LLP
Benefits of Flexibility of Limited liability
private limited partnership firm partnership
company

Limited liability partnership is a form of corporate structure where the


partners have limited liabilities. This means that you as partner of your firm
will not be personally responsible for business debts and obligations.
4
Minimum -2 partners BASIC
( corporate body or individual) OBLIGATIONS
maximum-no limit FOR GETTING
out of 2 partners atleast one should be LLP
REGISTERED
resident of india ARE
Registered office
Llp agreement

5
ADVANTAGES
▣ Liabilities are limited up to share in capital
▣ Ownership and management
▣ Minimum Comparies
▣ Easy Formation and flexibility

OF LLP
▣ No limited on numbers of partners
▣ Separate legal entity
▣ No minimum capital requirements
▣ Audit only if annual turnover is more than 40 lakhs or
contribution exceeds 25 lakhs
▣ Tax audit if turnover exceeds 60 lakhs

6
DISADVANTAGES ▣ Diffculty in raising capital
▣ Lack of recognition
▣ Huge penalties
OF LLP
▣ Higher tax rate
▣ Public disclosure

7
LLP IS GOVERNED BY-

Limited liabilities partnership act 2008


Enacted by: parliament of india
Enacted: 12 December 2008
Assented to: 7 january 2009
Commenced: 31 march 2009
Limited liabilities partnership rules 2008
Registrar of companies
Llp agreement between partners
8
Procedure

Step 1: Step 2:
Obtain a digital Apply for a Step 3:
signature director
Name approval
certificate. identification
number

9
Procedure

Step 5:
Step 4: File the limited
Incorporation liability
of llp partnership llp
agreement

10
PERPETUAL SUCCESSION
Perpetual succession is a continuation of a
corporations or other organisation existence
despite the death, bankruptcy, insanity, change in
membership or member or any transfer of stock,
etc its life span does not depend on its members.

11
WINDING UP AND DISSOLUTION

COMPULSORY
VOLUNTARY Llp decides that it is to be dissolved
by tribunal
Partner of llp mutually
decides. Number of partners falls below 2
for more than 6 months

If llp is unable to pay its debts

If llp has acted against its integrity

12
Documents required

▣ Latest passport sizePhotographs of all partners


▣ Pan
▣ Address proof of all partners
▣ Identity proof of each partner
▣ Bank statements of all partnere with
present address
▣ Registered office address proof
▣ Stamp paper of llp agreement of state
13
Case study

14
PROEX ADVISORS LLP
Current status – Active.
A leading llp offering consulting and
advisory services in Finance,
Management, IT and Marketing.

15
PROEX ADVISORS LLP

Proex Advisors Llp is a Limited Liability Partnership firm


incorporated on 28 June 2017. It is registered at Registrar
of Companies, Ahmedabad. Its total obligation of
contribution is Rs. 100,000.

Proex Advisors Llp’s LLP Identification Number is


(LLPIN)AAJ-8215

Designated Partners of Proex Advisors Llp are Yaman


Saluja DIN 07773205 and Ashish Jain DIN 07783857.
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PROEX ADVISORS LLP

Registered address is F-102,SIDDHRAJ ZOLD KH 0


ROAD,BEHIND SIDDHRAJ ZORI, GANDHINAGAR
AHMEDABAD, GJ 382421.

Mission
To help clients to grow their businesses, steer ahead of
the competition and achieve Professional Excellence.

17
Thanks!
Any questions?

Group number 8
Sonal kelaskar
Sonal kamble
Lavina suradkar
Harshad raut
Manas takle
Siddhita Kenny
Vrutika parmar
18

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