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
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.
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