• Home
  • News
  • Tech
  • Lifestyle
  • Digital Marketing
  • Health
  • Education
  • Home Decor
  • Write for us
Sunday, June 26, 2022
  • Login
Get Fast
  • Home
  • News
    • All
    • Business
    • Loans
    • Politics
    • Science
    • World
    What is the nickname of the only U.S. president born on the 4th of July?

    What is the nickname of the only U.S. president born on the 4th of July?

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

    This message has been temporarily removed because the sender's account requires verification.

    This message has been temporarily removed because the sender’s account requires verification. – What does it mean?

    Nicholas Kyriacopoulos: Re-engineering for Growth – Strategy & Business

    payday loans

    Looking to Borrow Money? Keep These Tips in Mind

    Everything-you-need-to-know-about-LLP-in-India

    Everything you need to know about LLP in India

  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    how to crop screenshot on mac

    How to crop a screenshot on mac | How to take screenshot on mac

    Tools to manage money

    3 Digital Money Management Tools to Manage Your Finances

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

    This message has been temporarily removed because the sender's account requires verification.

    This message has been temporarily removed because the sender’s account requires verification. – What does it mean?

    Why is Cross-Platform Mobile App Development so popular

    Why is Cross-Platform Mobile App Development so popular?

    Facebook logo

    Instructions to Recover a Forgotten Password to Your Facebook Account

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    diamond rings

    Reasons to Buy Lab Grown Diamonds

    How many shots of whiskey to get drunk

    How many shots of whiskey to get drunk | How many shots to get drunk

    how to fix overlapping toes

    Non-Surgical Ways to Treat Overlapping Toes | How to fix overlapping toes

    Water

    What to Know Before Moving to Ontario?

    Keeping Your House Warm

    A Guide To Keeping Your House Warm This Winter

    Top 10 Islands In The World

    Top 10 Islands In The World

  • Digital Marketing
    • All
    • Content Marketing
    • PPC
    • SEO
    • SMO
    • YouTube
    How would you determine the clickthrough rate (ctr) for a client's search ads?

    How would you determine the clickthrough rate (ctr) for a client’s search ads?

    video ads

    How to Grow eCommerce Business via Video Ads

    Google Analytics

    SEO services continue to become more popular

    digital marketing

    How to Rank and Update your Website

    blog search

    15 Progressed Google Quest Tips for More brilliant Looking

    seo agency vs inhouse specialist

    Hiring SEO Agency vs In-house Hiring

  • Health
    • All
    • Tips
    How many shots of whiskey to get drunk

    How many shots of whiskey to get drunk | How many shots to get drunk

    how to fix overlapping toes

    Non-Surgical Ways to Treat Overlapping Toes | How to fix overlapping toes

    diabetic socks

    What are Diabetic Socks | What Do Diabetic Socks Do | Dr Scholl’s Diabetic Socks

    Yoga Retreat

    Harnessing the Power of a Customised Yoga Retreat | Is yoga retreat good for you

    Marijuana

    Marijuana VS Overweight?

    cord blood banking

    What Does Cord Blood Banking Do | What Are The Benefits of Banking Cord Blood

  • Education
    learn new skills

    Why do we need to learn multiple skills?

    how long does it take for water to freeze

    How long does it take for water to freeze | What temperature does water freeze

    What does a dot mean in math

    What does the dot mean in math – What does a dot mean in math ?

    What is the nickname of the only U.S. president born on the 4th of July?

    What is the nickname of the only U.S. president born on the 4th of July?

    What's the difference between peanut butter and jam joke

    What’s the difference between peanut butter and jam joke – What does it mean?

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

  • Home Decor
    • All
    • Home Improvement
    Contractor using cordless drill on wood during renovation

    A Guide to Home Renovation on a Budget

    crumbling basement floor

    How do you fix a crumbling basement floor?

    Canadian choice windw

    How to Renovate Your Doors and Windows like A Pro?

    Is it worth it to replace home windows?

    residential roofing professionals

    7 Key Benefits of Hiring Residential Roofing Professionals

    How to construct a brick wall Masonry contractor tips?

    How to construct a brick wall Masonry contractor tips?

  • Write for us
No Result
View All Result
  • Home
  • News
    • All
    • Business
    • Loans
    • Politics
    • Science
    • World
    What is the nickname of the only U.S. president born on the 4th of July?

    What is the nickname of the only U.S. president born on the 4th of July?

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

    This message has been temporarily removed because the sender's account requires verification.

    This message has been temporarily removed because the sender’s account requires verification. – What does it mean?

    Nicholas Kyriacopoulos: Re-engineering for Growth – Strategy & Business

    payday loans

    Looking to Borrow Money? Keep These Tips in Mind

    Everything-you-need-to-know-about-LLP-in-India

    Everything you need to know about LLP in India

  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    how to crop screenshot on mac

    How to crop a screenshot on mac | How to take screenshot on mac

    Tools to manage money

    3 Digital Money Management Tools to Manage Your Finances

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

    This message has been temporarily removed because the sender's account requires verification.

    This message has been temporarily removed because the sender’s account requires verification. – What does it mean?

    Why is Cross-Platform Mobile App Development so popular

    Why is Cross-Platform Mobile App Development so popular?

    Facebook logo

    Instructions to Recover a Forgotten Password to Your Facebook Account

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    diamond rings

    Reasons to Buy Lab Grown Diamonds

    How many shots of whiskey to get drunk

    How many shots of whiskey to get drunk | How many shots to get drunk

    how to fix overlapping toes

    Non-Surgical Ways to Treat Overlapping Toes | How to fix overlapping toes

    Water

    What to Know Before Moving to Ontario?

    Keeping Your House Warm

    A Guide To Keeping Your House Warm This Winter

    Top 10 Islands In The World

    Top 10 Islands In The World

  • Digital Marketing
    • All
    • Content Marketing
    • PPC
    • SEO
    • SMO
    • YouTube
    How would you determine the clickthrough rate (ctr) for a client's search ads?

    How would you determine the clickthrough rate (ctr) for a client’s search ads?

    video ads

    How to Grow eCommerce Business via Video Ads

    Google Analytics

    SEO services continue to become more popular

    digital marketing

    How to Rank and Update your Website

    blog search

    15 Progressed Google Quest Tips for More brilliant Looking

    seo agency vs inhouse specialist

    Hiring SEO Agency vs In-house Hiring

  • Health
    • All
    • Tips
    How many shots of whiskey to get drunk

    How many shots of whiskey to get drunk | How many shots to get drunk

    how to fix overlapping toes

    Non-Surgical Ways to Treat Overlapping Toes | How to fix overlapping toes

    diabetic socks

    What are Diabetic Socks | What Do Diabetic Socks Do | Dr Scholl’s Diabetic Socks

    Yoga Retreat

    Harnessing the Power of a Customised Yoga Retreat | Is yoga retreat good for you

    Marijuana

    Marijuana VS Overweight?

    cord blood banking

    What Does Cord Blood Banking Do | What Are The Benefits of Banking Cord Blood

  • Education
    learn new skills

    Why do we need to learn multiple skills?

    how long does it take for water to freeze

    How long does it take for water to freeze | What temperature does water freeze

    What does a dot mean in math

    What does the dot mean in math – What does a dot mean in math ?

    What is the nickname of the only U.S. president born on the 4th of July?

    What is the nickname of the only U.S. president born on the 4th of July?

    What's the difference between peanut butter and jam joke

    What’s the difference between peanut butter and jam joke – What does it mean?

    Facebook this person isn't receiving messages

    This person isn’t receiving messages right now facebook messenger | Facebook this person isn’t available right now

  • Home Decor
    • All
    • Home Improvement
    Contractor using cordless drill on wood during renovation

    A Guide to Home Renovation on a Budget

    crumbling basement floor

    How do you fix a crumbling basement floor?

    Canadian choice windw

    How to Renovate Your Doors and Windows like A Pro?

    Is it worth it to replace home windows?

    residential roofing professionals

    7 Key Benefits of Hiring Residential Roofing Professionals

    How to construct a brick wall Masonry contractor tips?

    How to construct a brick wall Masonry contractor tips?

  • Write for us
No Result
View All Result
Get Fast
No Result
View All Result

Everything you need to know about LLP in India

by Johnson
April 13, 2021
in Business, News
Reading Time: 3min read
Everything-you-need-to-know-about-LLP-in-India

A new trend has been emerging among the entrepreneurs that have started opting for LLP. But what does LLP mean? Before going into that, we would explore the reasons behind the emergence of LLP. A few years back, there used to be two forms of organizations.

It becomes highly crucial to register LLP in India before initiating your business that can ensure the follow:

– Limited liability organizations such as companies.

– Unlimited liability partnership such as proprietorship or partnership.

Both of the above mentioned organizations have their advantages and disadvantages. There is limited liability of the company’s owners compared to proprietorship or partnerships that are easy to set up and operate. Still, small businesses and professionals generally tend to join the partnership as they are easy to establish and operate.

Nonetheless, as businesses enriched, there was a requirement for a form of organization that was a hybrid betwixt two forms of organizations. The service sector’s rapid growth created an environment and a demand for a new form of organization. Hence, the concept of LLP came into place that incorporates the benefits of both partnerships and companies.

Defining LLP

As per the law, it is a corporate business body that allows professional skills and entrepreneurial initiative to operate and combine in an innovative, flexible and efficient manner, offering benefits of the limited liability while enabling its members to organize their internal structures as a partnership.

Characteristics of the LLP

– It is a separate legal entity as partners and LLP are both distinct from each other.

– Minimal two partners are needed to set up an LLP. Nonetheless, there is no bar on the maximum number of partners.

– No desideratum of minimum capital contribution.

– The LLP Act does not limit the benefits of LLP structure to certain classes of professionals only and will be available for usage by any enterprise.

Advantages of LLP

– Each partners’ liability will be limited to his/her share as mentioned in the agreement submitted at the time of establishing an LLP compared to partnership firms where the liability is unlimited.

– It can be formulated at low cost, easily.

– Partners will not be liable for each other’s’ acts and can be held liable only for their actions compared to partnerships wherein partners can be held liable for others’ acts.

– Minimal compliance and limitations are enforced on an LLP by the government compared to limitations on the company.

– As a juristic legal person, an LLP can sue in its name and be sued by others as well. Partners will not be liable to be sued for dues against the LLP.

Disadvantages of LLP

– LLP cannot launch its IPO and raise money from the public, which a company form of organization can easily do.

Distinction betwixt LLP and traditional partnership firm

The fundamental distinction starts with the liability of the partners. In a partnership firm, every partner will be liable, combined with all other partners and severally, for all the firm’s deeds or acts while he/she is a partner.

Nonetheless, under the LLP structure, the partner’s liability is restricted only to his/her agreed contribution. Also, no associate would be held liable on account of the unsanctioned or independent acts of other associates, hence enabling associates individually to be protected from combine liability formed by another associate’s unlawful acts or misconduct.

Distinction betwixt LLP and the company

The main difference between Private Limited Company and LLP is that there are minimal regulatory and other compliance regulations to follow for an LLP that makes it cost-effective and easy to manage.

Taxation on LLP in India

In India, the government has mandated that LLP would be taxed in the same manner as partnerships as tax will be levied on the LLP, and partners would be exempted from tax.

Also, LLP would be taxed in the same manner as partnership firms; no tax will be levied on converting partnership firms into the LLP.

The ITR should be signed and verified by the designated partner. For any inevitable reason, the designated partner cannot sign the ITR or where there is no designated partner; any other partner can do it.

Previous Post

Three Major Tricks to Pass CCNP 350-401 Exam | How to Get CCNP Certification Easily

Next Post

Common Waterproofing Problems And Solutions

Johnson

Johnson

Next Post
waterproofing problems

Common Waterproofing Problems And Solutions

No Result
View All Result

Recent Posts

  • Why Cryptocurrency Trading Volume Matters to Investors?
  • What types of wallets can you use to keep bitcoin?
  • Want To Invest Money In Bitcoin? Points To Consider!
  • What changes does crypto bring to the financial ecosystem?
  • A Guide to Home Renovation on a Budget

About GetFast

Get Fast is a fantastic platform for all our readers as we provide them with an ample of valuable information over a plethora of worldwide topics. It is a real honour for us to publish important news and current updates over matters like tech, business, travel, self-care on our page.

Categories

  • Apps
  • Business
  • Content Marketing
  • Dance
  • Digital Marketing
  • Education
  • Entertainment
  • Fashion
  • Food
  • Gadget
  • Gaming
  • General
  • Health
  • Home Improvement
  • Home Improvement
  • Lifestyle
  • Loans
  • Mobile
  • Movie
  • Music
  • News
  • Parenting
  • Politics
  • PPC
  • Review
  • Science
  • SEO
  • SMO
  • Sports
  • Startup
  • Tech
  • Tips
  • Travel
  • World
  • YouTube

Recent News

Volume in Bitcoin

Why Cryptocurrency Trading Volume Matters to Investors?

June 26, 2022
types of bitcoin wallets

What types of wallets can you use to keep bitcoin?

June 22, 2022
Want To Invest Money In Bitcoin? Points To Consider!

Want To Invest Money In Bitcoin? Points To Consider!

June 18, 2022

© 2020 Get Fast. All right reserved.

No Result
View All Result
  • Home
  • News
  • Tech
  • Lifestyle
  • Digital Marketing
  • Health
  • Education
  • Home Decor
  • Write for us

© 2020 Get Fast. All right reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In