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Partnership and LLP Accounts Video Lecture | Crash Course for CA Foundation
FAQs on Partnership and LLP Accounts Video Lecture - Crash Course for CA Foundation
| 1. What is the difference between a partnership and an LLP (Limited Liability Partnership)? |  |
Ans. A partnership is a business arrangement where two or more individuals manage and operate a business together, sharing profits and liabilities. In contrast, an LLP is a more formal structure that provides limited liability protection to its partners, meaning they are not personally liable for the debts of the LLP beyond their investment. This makes LLPs a preferred choice for professionals who want to limit their personal risk while still enjoying the benefits of a partnership.
| 2. How are profits shared among partners in a partnership and an LLP? | |
Ans. In a traditional partnership, profits are typically shared according to the terms set in the partnership agreement, which may be equal or based on each partner's contribution. In an LLP, the profit-sharing ratio is also determined by the partnership agreement, but it must comply with the regulations governing LLPs, ensuring transparency and fairness in profit distribution.
| 3. What are the advantages of forming an LLP over a traditional partnership? | |
Ans. The advantages of forming an LLP include limited liability for partners, which protects personal assets from business debts; greater credibility, as LLPs are often viewed as more formal and reliable; and flexible management structures that allow partners to define their roles and responsibilities clearly. Additionally, LLPs have perpetual succession, meaning they can continue to exist even if a partner leaves or dies.
| 4. What are the key legal requirements for registering an LLP? | |
Ans. To register an LLP, the partners must choose a unique name for the LLP, file an incorporation document with the relevant authorities, and create an LLP agreement that outlines the rights and duties of the partners. Additionally, partners must obtain a Digital Signature Certificate (DSC) and a Director Identification Number (DIN) for compliance, and they may need to provide proof of identity and address.
| 5. How is the taxation of an LLP different from that of a traditional partnership? | |
Ans. An LLP is taxed as a separate legal entity, meaning it pays tax on its profits at the corporate tax rate. The partners are then taxed individually on the income they receive from the LLP. In contrast, a traditional partnership is not taxed as a separate entity; instead, the profits are passed through to the partners, who report their share of the income on their personal tax returns. This can lead to different tax implications for partners depending on the structure chosen.
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Dec 22, 2024 Last updated |
Video Description: Partnership and LLP Accounts for CA Foundation 2024 is part of Crash Course for CA Foundation preparation.
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