Advocate D.P. MITTAL LAW AND PRACTICE OF LIMITED LIABILITY PARTNERSHIP With Comments on Companies and Partnership

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Part I – Limited Liability Partnership Act, 2008

• Introduction to LLP Concept – evolution, need for LLPs in India

• Salient Features of LLP vis-à-vis companies and partnerships

• Incorporation Process – name approval, incorporation document, registration procedures

• Partners & Designated Partners – rights, duties, liabilities, eligibility, DPIN requirements

• LLP Agreement – drafting essentials, model agreements, modifications

• Contribution and Accounts – nature of partner contributions, maintenance of books, Statement of Accounts & Solvency

• Audit & Compliance – applicability, filing requirements with MCA

• Conversion into LLP – from partnership firm, private company, or unlisted public company

• Foreign LLPs – registration, compliance with FEMA/FDI guidelines

• Winding Up & Dissolution – voluntary winding up, tribunal orders, striking off

Part II – Comparative Law

• Comparison with the Partnership Act, 1932 – liability, governance, continuity, taxation

• Comparison with the Companies Act, 2013 – incorporation, compliance burden, audit, winding up

• LLP vs. Private Company vs. Traditional Firm – tabular comparison for decision-making

Part III – Taxation of LLPs under Income Tax Act

• Status of LLP under Income Tax Act – treated as a partnership firm

• Tax Rates and Structure – 30% flat rate, surcharge, cess

• Remuneration & Interest to Partners – deductibility limits under Section 40(b)

• Tax on Profit Distribution – exemption for partners’ share of profit

• Carry Forward & Set-off of Losses – rules applicable to LLPs

• Presumptive Taxation Schemes – non-applicability of 44AD/44ADA to LLPs

• MAT/AMT Applicability – Alternate Minimum Tax provisions

• TDS Provisions relevant to LLPs

• Compliance Requirements – return filing, audit under Section 44AB

Part IV – Procedural & Practical Guidance

• Checklists for incorporation, compliance, and annual filing

• Ready Reckoner of Penalties under LLP Act & Income Tax Act

• Frequently Asked Questions (FAQs) on practical issues

• Specimen Drafts – LLP agreements, resolutions, notices, compliance forms

• Latest Notifications & Circulars – MCA, RBI, CBDT updates

Part V – Allied Laws Impacting LLPs

• Insolvency & Bankruptcy Code, 2016 – applicability to LLPs

• Foreign Direct Investment (FDI) Policy for LLPs

• Professional LLPs – for CAs, CS, Advocates, etc.