Bloomsbury India Limited Liability Partnership A Comprehensive Resource Book by CA Pramod Jain
About the Book:
The Limited Liability Partnership were introduced in India vide the Limited Liability Partnership Act, 2008. LLP has combined the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. Limited Liability Partnership Law effective from 1st April 2009 is a new business vehicle that provides the benefits of limited liability of a company but allows its partners the flexibility of organizing their internal management on the basis of a mutually arrived agreement.
The new concept of LLP is gaining strength in India. Procedures for LLP compliances have changed since 2009. Taxation of LLP has been made clear by the provisions made in the Income-tax Act, 1961 through the Finance (No 2) Act 2009 and Finance Act, 2010.
An attempt has been made in this book to analyze the provisions of Limited Liability Partnership Act, Rules and its taxation keeping in mind the practical difficulties, which a business entity/professional could face while adhering to the provisions contained in laws. Tables, charts and examples have been used sparingly to make the provisions understand easily.
Book would be immensely useful for Company Secretaries, Law professionals, Chartered Accountants and everyone concerned with formation, incorporation, conversion, administration & management, accounting & audit and taxation of a LLP.
The book contains the following Chapters and Annexures:
SECTION I – GENERAL
1. Objects and Reasons for Limited Liability Partnership
3. Limited Liability Partnership background in India
4. Salient features of Limited Liability Partnership
5. Meaning and nature of Limited Liability Partnership
6. Importance of LLP after Companies Act, 2013
SECTION II – INCORPORATION
7. Incorporation of Limited Liability Partnership
8. Miscellaneous 9. Registered office/other office of a LLP and its change
10. Limited Liability Partnership Agreements 11. Partners of Limited Liability Partnership
12. Number of Partners in Limited Liability Partnership
13. Designated Partners
SECTION III – CONVERSION
14. Conversion of partnership firm into LLP
15. Conversion of Private Company into LLP
16. Conversion of unlisted Public Company into LLP
17. Conversion of Professional Firms into LLP
18. Conversion of LLP into Company
SECTION IV – ADMINISTRATION AND MANAGEMENT
19. Contribution 20. Foreign Direct Investment (FDI) in LLP
21. Extent of Liability
23. Compromise, Arrangement or Reconstruction
SECTION V – ACCOUNTS AND AUDIT
24. Accounts and Returns
25. Applicability of Accounting Standards
26. Assignment and transfer of partnership rights
27. Destruction of old records
28. Electronic filing of documents
29. Forms to be certified by professionals
30. Audit of LLP
SECTION VI – TAXATION
31. Basic taxation aspects of LLP
32. Residential status of LLP
33. Tax rates of LLP
34. Remuneration to partners
35. Interest on partners’ contribution
36. Taxation of introduction and withdrawal of capital assets by partners
37. Computation of taxable income of Limited Liability Partnership
38. Taxation of conversion of Firms into Limited Liability Partnership
39. Taxation of conversion of Companies into Limited Liability Partnership
40. Taxation of Conversion of Limited Liability Partnership into Company
41. Taxability of amounts received by partners from Limited Liability Partnership
42. Liability of partners for tax dues in case of liquidation
43. Other tax compliances
SECTION VII – WINDING UP & DISSOLUTION
44. Winding up and Dissolution
SECTION VIII – MISCELLANEOUS
45. Payment of Fees
46. Penalties and prosecution
47. Other matters related to LLP
48. Forms under LLP laws
49. Foreign Limited Liability Partnerships
50. Comparison of Limited Liability Partnership with Firm
51. Simultaneous comparison of Limited Liability Partnership with Company and Partnership firm
SECTION IX – ANNEXURES
Annexure 1 Draft Limited Liability Partnership Agreement – 1
Annexure 2 Draft LLP Agreement – 2 (As per Section 23(4) of LLP Act, 2008)
Annexure 3 Draft Limited Liability Partnership Agreement – 3
Annexure 4 Draft Limited Liability Partnership Agreement – 4
Annexure 5 Draft Limited Liability Partnership Agreement – 5
Annexure 6 Draft Limited Liability Partnership Agreement – 6
Annexure 7 Draft Limited Liability Partnership Agreement – 7
Annexure 8 Draft Limited Liability Partnership Agreement – 8
Annexure 9 Draft Limited Liability Partnership Agreement – 9
Annexure 10 Supplementary Limited Liability Partnership Agreement
About the Author:
CA Pramod Jain is a commerce graduate [B. Com (H)] from Shri Ram College of Commerce (SRCC). He is a fellow member of the Institute of the Institute of Companies Secretaries of India (FCS). He is a fellow member of the Institute of Cost Accountants of India (FCMA). He is a Bachelor of Law (LL.B). He has qualified Information System Auditor [DISA (ICAI)]. He is also a member of All India Management Association (MIMA). He is also an Insolvency Professional. He has passed certification course NCFM of National Stock Exchange of India (NSE). He has also done certification course CAAT of ICAI. He has also done post qualification certificate course on Valuation of ICAI.
He has been elected as Central Council Member of ICAI for the period 2019 – 2021. Apart from being member in more than 25 committees/ groups/directorates of ICAI, he is Chairman of Valuation Standards Board and CSR Committee of ICAI for year 2020-21, member of ICAI Disciplinary Committee Bench for year 2020-21 and Vice Chairman of Direct Tax Committee for year 2019-20 and 2020-21.
He is president, founder convener and member of various associations, circles, committees, etc. of ICAI, ICSI and other prestigious bodies and associations. He is a member of Financial Reporting Review Board, Audit and Assurance Standards Board, Accounting Standards Board, Taxations Audit Quality Review Board, Ethical Standards Board, Editorial Board, Valuations Standard Board and Internal Audit Standards Board of ICAI. He has been a Technical Reviewer with FFRB and Quality Review Board and Peer Reviewer with Peer Review Board.
He has authored books on “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, Limited liability Partnership – A Complete Resource Book”, “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, “Importance of LLP after Companies Act, 2013”, “Chartered Accountant’s Documentation and compliance under Companies Act 2013, Peer Review and Quality Review”, “Limited Liability Partnership – Law, Procedures and Taxation”, “Documentation for Chartered Accountants”, “Limited Liability Partnership – Law and Procedures with Ready Reckoner”, “Fringe Benefit Tax & Banking Cash Transaction Tax”, “Documentation for Audits” and “Accounting Standards and CARO”.
He is the conceptualizer of the portal www.expertspanel.in which is a one stop solution for all professional queries which has given more than 19,000 answers since its launch in mid of year 2018.
He has delivered more than 1,000 lectures, webcasts and articles on various topics of Income Tax, Corporate Laws, LLP, Audits, Peer Review, Quality Review etc. at more than 150 forums throughout the country. Most of his presentations and articles since 2013 are available for free download from www.lunawat.com and also from 2018 at www.expertspanel.in,
He has written various articles on taxation, company law and audit in various journals. He has a vast practical experience in taxation, audit and corporate laws field and he has been giving consultancy to various corporate and non-corporate entities on taxation matters.