by Audit Analyst | Sep 8, 2025 | LLP
Yes, Legally Permissible • LLP is a separate legal entity and can hold assets in its name • It can own movable and immovable property including land, vehicles, and shares • Ownership is independent of the individual partners’ personal names • Assets held by LLP are...
by Audit Analyst | Sep 8, 2025 | LLP
Legally Permissible • LLPs are legally allowed to engage in export-related activities • No restriction in the LLP Act, 2008 against doing international trade • LLP can be formed with export as its primary business objective • Activities must be lawful and declared in...
by Audit Analyst | Sep 8, 2025 | LLP
Mandatory Appointment Rule • Every LLP must have at least two designated partners at all times • At least one designated partner must be a resident in India • Designated partners are responsible for all legal and compliance duties • Failure to maintain this minimum is...
by Audit Analyst | Sep 8, 2025 | LLP
Separate Legal Framework • LLPs are governed by the Limited Liability Partnership Act, 2008 • The Companies Act, 2013 does not directly regulate LLPs • LLP Act is designed specifically for flexible business partnerships • Only certain procedural elements are inspired...
by Audit Analyst | Sep 8, 2025 | LLP
Based on Contribution Slab • LLPs with contribution up to ₹1 lakh pay ₹50 per form • Contribution between ₹1 lakh to ₹5 lakhs attracts ₹100 • For ₹5 lakhs to ₹10 lakhs the fee is ₹150 per form • Between ₹10 lakhs and ₹25 lakhs the fee is ₹200 • Above ₹25 lakhs...
