CA Intermediate Exam > CA Intermediate Videos > Corporate & Other Laws for CA Intermediate > Limited Liability Partnership LLP Act
Limited Liability Partnership LLP Act Video Lecture | Corporate & Other Laws for CA Intermediate
|
39 videos|62 docs
|
FAQs on Limited Liability Partnership LLP Act Video Lecture - Corporate & Other Laws for CA Intermediate
| 1. What is a Limited Liability Partnership (LLP) and how does it differ from a traditional partnership? |  |
Ans. A Limited Liability Partnership (LLP) is a business structure that combines the features of a corporation and a partnership. In an LLP, partners have limited liabilities, meaning they are not personally responsible for the debts of the business beyond their investment in the LLP. Unlike traditional partnerships, where partners can be held personally liable for the actions of their partners, LLPs protect individual partners' personal assets from business liabilities.
| 2. What are the key advantages of forming an LLP? | |
Ans. The key advantages of forming an LLP include limited liability protection for partners, flexible management structure, fewer compliance requirements compared to corporations, and the ability to raise capital easily. LLPs also allow for a mix of partnership and corporate characteristics, making them an attractive option for professionals like lawyers and accountants.
| 3. What are the requirements for incorporating an LLP under the LLP Act? | |
Ans. To incorporate an LLP under the LLP Act, the following requirements must be met: at least two designated partners (one must be a resident of India), a registered office address, and filing of the incorporation documents with the Registrar of Companies. It's also essential to draft an LLP agreement outlining the rights and duties of the partners.
| 4. How is the taxation of an LLP different from that of a partnership firm and a corporation? | |
Ans. An LLP is taxed as a separate legal entity, meaning it pays tax on its profits at the corporate tax rate. However, the partners are not taxed on the LLP's income until they withdraw profits as a salary or dividend. In contrast, a traditional partnership firm is not taxed at the entity level, but partners are taxed on their share of the income. Corporations are taxed at a different rate and face double taxation on profits and dividends.
| 5. Can an LLP have foreign partners, and what are the implications? | |
Ans. Yes, an LLP can have foreign partners. However, the foreign partners must comply with the regulations set by the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India. Foreign investment in an LLP is subject to certain conditions, including sectoral caps and guidelines. It's essential to consult legal and financial advisors to ensure compliance with all applicable laws.
Related Exams
About this Video
|
Nov 19, 2024 Last updated |
Video Description: Limited Liability Partnership LLP Act for CA Intermediate 2024 is part of Corporate & Other Laws for CA Intermediate preparation.
The notes and questions for Limited Liability Partnership LLP Act have been prepared according to the CA Intermediate exam syllabus.
Information about Limited Liability Partnership LLP Act covers all important topics for CA Intermediate 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Limited Liability Partnership LLP Act.
Introduction of Limited Liability Partnership LLP Act in English is available as part of our Corporate & Other Laws for CA Intermediate for CA Intermediate & Limited Liability Partnership LLP Act in
Hindi for Corporate & Other Laws for CA Intermediate course. Download more important topics related with notes, lectures and mock test series for
CA Intermediate Exam by signing up for free.
Description
Video Lecture & Questions for Limited Liability Partnership LLP Act Video Lecture | Corporate & Other Laws for CA Intermediate - CA Intermediate full syllabus preparation | Free video for CA Intermediate exam to prepare for Corporate & Other Laws for CA Intermediate.
Information about Limited Liability Partnership LLP Act
Here you can find the meaning of Limited Liability Partnership LLP Act defined & explained in the simplest way possible.
Besides explaining types of Limited Liability Partnership LLP Act theory, EduRev gives you an ample number of questions to practice Limited Liability Partnership LLP Act tests,
examples and also practice CA Intermediate tests.
|
39 videos|62 docs
|
|
Explore Courses for CA Intermediate exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Semester Notes
,shortcuts and tricks
,video lectures
,Sample Paper
,Free
,ppt
,Summary
,Extra Questions
,study material
,Limited Liability Partnership LLP Act Video Lecture | Corporate & Other Laws for CA Intermediate
,MCQs
,Objective type Questions
,practice quizzes
,Exam
,Limited Liability Partnership LLP Act Video Lecture | Corporate & Other Laws for CA Intermediate
,Important questions
,mock tests for examination
,Viva Questions
,Previous Year Questions with Solutions
,past year papers
,Limited Liability Partnership LLP Act Video Lecture | Corporate & Other Laws for CA Intermediate
;
Study Limited Liability Partnership LLP Act on the App
Students of CA Intermediate can study Limited Liability Partnership LLP Act alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Limited Liability Partnership LLP Act,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Limited Liability Partnership LLP Act is prepared as per the latest CA Intermediate syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup