Practical Guide to Limited Liability Partnership Law, Practice & Procedures
This guide offers a thorough and practical understanding of the legal framework, registration process, compliance obligations, and operational procedures under the Limited Liability Partnership (LLP) Act, 2008. Designed for professionals, entrepreneurs, law students, and company secretaries, the book provides detailed insights into the formation, governance, and regulation of LLPs in India.
Covering statutory provisions, recent amendments, and judicial interpretations, the guide walks the reader through every stage of the LLP lifecycle—from incorporation and capital contribution to annual filings, conversion, and dissolution. With a strong focus on real-world application, the book includes practical checklists, step-by-step procedures, ready-to-use templates, and FAQs.
The book also serves as a valuable compliance tool, with dedicated sections on the LLP Settlement Scheme, penalty provisions, and the latest e-filing procedures through the MCA V3 portal.
Detailed commentary on the LLP Act, 2008
Step-by-step procedures for LLP incorporation and compliance
Comparison with traditional partnership and private limited companies
Practical guidance on drafting LLP agreements
Discussion of taxation, FEMA, and regulatory aspects
Updated with recent amendments and rules
Includes practical forms, resolutions, and FAQs
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Overview of LLP Structure
Evolution of LLP in India
Features and benefits of LLPs
LLP vs Partnership vs Company
Governing Laws and Regulatory Authorities
LLP Act, 2008
LLP Rules, 2009 (as amended)
Role of the Ministry of Corporate Affairs (MCA)
Incorporation of an LLP
Pre-incorporation checklist
Digital Signature Certificates (DSC) and Designated Partner Identification Number (DPIN)
Name approval process (RUN-LLP)
Filing Form FiLLiP
Certificate of incorporation
LLP Agreement
Importance and legal status
Key clauses and structure
Sample agreement template
Partners and Designated Partners
Roles, rights, and responsibilities
Admission, retirement, and change in partners
Register of partners and disclosures
Capital Contributions and Profit Sharing
Forms of contribution
Valuation and accounting treatment
Changing contribution ratio
Meetings and Decision-Making
Meetings of partners
Resolutions and voting procedures
Maintaining minutes and records
Annual Filings and Disclosures
Form 11 (Annual Return)
Form 8 (Statement of Account & Solvency)
Filing deadlines and penalties
Event-Based Filings and Changes
Change in LLP name, address, or object
Addition/removal of partners
Alteration in agreement
Audits and Financial Statements
Applicability of audit under LLP law
Accounting standards and reporting
Taxation of LLPs
Income Tax provisions applicable to LLPs
Comparison with partnership and company taxation
Filing ITR for LLPs
Conversion to LLP and from LLP
Conversion from partnership firm, company, or vice versa
Procedure, forms, and consequences
Striking Off and Winding Up
Voluntary closure
Compulsory winding up
Filing Form 24 and final compliance
LLP Settlement Schemes and Amnesty Programs
Past schemes by MCA
Benefits and eligibility
Common Errors and Best Practices
Practical issues faced in compliance
Tips for smooth LLP management
Checklists, Templates, and FAQs
Incorporation checklist
Annual compliance checklist
Resolutions, sample forms, and agreements
Frequently asked questions
Appendix A: Text of LLP Act, 2008 (Key Sections)
Appendix B: List of Forms under LLP Law (with purpose & timelines)
Appendix C: Fees Structure for LLP Services
Appendix D: Sample LLP Agreement
Appendix E: MCA Portal (V3) Filing Guide
| P L Subramanian Practical Guide to Limited Liability Partnership Law, Practice & Procedures |
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