Indian Partnership Act and LLP Definitions

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Can a listed company be converted into a Limited Liability Partnership (LLP)?

No

What is the minimum number of partners required to form a Limited Liability Partnership (LLP) in India?

2

What is the maximum period for which the approved name of an LLP is valid from the date of approval?

3 months

How is the name of a Limited Liability Partnership (LLP) ended?

Limited Liability Partnership or LLP Signup and view all the answers

Define 'Resident in India' for the purpose of an LLP under the LLP Act.

Person who has stayed in India for a period of not less than 182 days during the current year Signup and view all the answers

What is the significance of a Small LLP in terms of liability?

All partners have limited liability Signup and view all the answers

What is the definition of an 'Entity' as per the Limited Liability Partnership Act, 2008?

Any body corporate, including a firm under the Indian Partnership Act, 1932. Signup and view all the answers

When does the financial year start and end for a LLP incorporated after the 30th day of September?

Financial year may end on the 31st day of March of the year next following that year. Signup and view all the answers

What is the prescribed financial year period by the Income Tax department for a LLP?

From 1st April to 31st March of the next year. Signup and view all the answers

Define 'Foreign LLP' as per the Limited Liability Partnership Act, 2008.

A LLP formed, incorporated, or registered outside India that establishes a place of business within India. Signup and view all the answers

What is the meaning of 'Limited Liability Partnership' under the Act?

A partnership formed and registered under this Act. Signup and view all the answers

When is the financial year supposed to be for a LLP, in accordance with Income tax law?

From 1st April to 31st March each year. Signup and view all the answers

What are the requirements for a person to be considered a 'Resident in India' for the purposes of being a Designated Partner in an LLP?

According to the text, a 'Resident in India' for the purposes of being a Designated Partner in an LLP is a person who has stayed in India for a period of not less than 120 days during the immediately preceding one year. Signup and view all the answers

What are the requirements for an LLP to be considered a 'Small LLP'?

According to the text, an LLP is considered a 'Small LLP' if it has a contribution up to Rs. 25 Lakhs and a turnover for the immediately preceding financial year up to Rs. 40 Lakhs, or it fulfills other prescribed terms and conditions. Signup and view all the answers

What is the minimum number of partners required to form an LLP?

According to the text, the minimum number of partners required to form an LLP is two. Signup and view all the answers

What is the definition of a 'Foreign LLP' under the Indian LLP Act?

According to the text, a 'Foreign LLP' is an LLP formed, incorporated or registered outside India which establishes a place of business within India. Signup and view all the answers

How is the financial year of an LLP determined?

According to the text, the financial year of an LLP is from 1st April to 31st March. If the LLP is incorporated after 30th September, the financial year may end on the 31st day of March of the next following year. Signup and view all the answers

What is an 'LLP agreement' as defined in the text?

According to the text, an 'LLP agreement' is the written agreement between the partners of an LLP or between the LLP and its partners. Signup and view all the answers

Indian Partnership Act and LLP Definitions

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