by Audit Analyst | Sep 8, 2025 | LLP
Limited but Continuous Legal Status • A dormant LLP retains its legal identity despite being inactive • It continues to exist under law and can hold property or assets • Liability remains limited to partner contributions even when dormant • Designated partners are...
by Audit Analyst | Sep 8, 2025 | LLP
Audit Planning and Scope Definition • Define the audit objective—general compliance, financial, or statutory • Scope includes filings under the LLP Act, tax laws, labor laws, and GST • Identify the period to be audited (usually the past financial year) • Auditor may...
by Audit Analyst | Sep 8, 2025 | LLP
Appointment of Liquidator • Partners or creditors must appoint an LLP liquidator for winding up • Appointment must be approved by the Tribunal or majority partners • Liquidator must be a registered insolvency professional in some cases • Registrar of Companies (RoC)...
by Audit Analyst | Sep 8, 2025 | LLP
Legal and Consulting Sector Lakshmikumaran & Sridharan LLP – Leading tax and legal advisory firm AZB & Partners LLP – Renowned in corporate legal services nationwide Khaitan & Co LLP – Prestigious law firm with PAN-India presence Desai & Diwanji LLP –...
by Audit Analyst | Sep 8, 2025 | LLP
Decriminalization of Offences • Minor and procedural lapses by LLPs are now treated as civil defaults • Penalties replaced imprisonment in many sections under LLP Act • Helps reduce fear of harsh punishment for non-serious violations • Encourages ease of doing...
