Podcast
Questions and Answers
What is excluded from the definition of 'Body Corporate'?
What is excluded from the definition of 'Body Corporate'?
What does 'Address' mean in relation to a partner of a limited liability partnership?
What does 'Address' mean in relation to a partner of a limited liability partnership?
What is the period defined as the 'Financial Year' of a LLP?
What is the period defined as the 'Financial Year' of a LLP?
What is meant by 'Business' under the Act?
What is meant by 'Business' under the Act?
Signup and view all the answers
What is an 'Entity' under the Act?
What is an 'Entity' under the Act?
Signup and view all the answers
What is the significance of 18 months in the context of LLP's first accounts?
What is the significance of 18 months in the context of LLP's first accounts?
Signup and view all the answers
What is the prescribed financial year for LLPs according to the Income Tax department?
What is the prescribed financial year for LLPs according to the Income Tax department?
Signup and view all the answers
What is meant by 'Limited Liability Partnership' as per Section 2(1)(n) of the Act?
What is meant by 'Limited Liability Partnership' as per Section 2(1)(n) of the Act?
Signup and view all the answers
Who appoints a Regional Director for the purpose of this Act or the Companies Act 2013?
Who appoints a Regional Director for the purpose of this Act or the Companies Act 2013?
Signup and view all the answers
What is meant by 'Name' in relation to a partner of a limited liability partnership?
What is meant by 'Name' in relation to a partner of a limited liability partnership?
Signup and view all the answers
Study Notes
Definitions in Limited Liability Partnership (LLP) Act
Address
- Refers to a partner's usual residential address if an individual, or the address of its registered office if a body corporate.
Body Corporate
- Means a company as defined in the Companies Act, 2013, and includes LLPs registered under this Act, LLPs incorporated outside India, and companies incorporated outside India.
- Excludes corporations sole, co-operative societies, and other bodies corporate specified by the Central Government.
Business
- Includes every trade, profession, service, and occupation, except activities excluded by the Central Government through notification.
Chartered Accountant
- Means a Chartered Accountant as defined in the Chartered Accountants Act, 1949, who has obtained a certificate of practice.
Designated Partner
- A partner designated as such under section 7 of the LLP Act.
Entity
- Means any body corporate, including firms set up under the Indian Partnership Act, 1932, for the purposes of certain sections of the LLP Act.
Financial Year
- The period from April 1st to March 31st of the following year for a LLP.
- Can be from the date of incorporation to March 31st of the following year for a LLP incorporated after September 30th.
- The first accounts of a LLP can be prepared for a period not exceeding 18 months.
Foreign LLP
- A LLP formed, incorporated, or registered outside India that establishes a place of business within India.
Limited Liability Partnership (LLP)
- A partnership formed and registered under the LLP Act.
Limited Liability Partnership Agreement
- A written agreement between partners or between the LLP and its partners that determines mutual rights and duties of partners and their rights and duties in relation to the LLP.
- The First Schedule applies for matters not covered by the agreement.
Name
- The forename, middle name, and surname of an individual partner, or the registered name of a body corporate partner.
Partner
- A person who becomes a partner in a LLP in accordance with the LLP agreement.
Regional Director
- A person appointed by the Central Government for the purpose of the LLP Act or the Companies Act, 2013.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Quiz on definitions related to Limited Liability Partnership, including address and body corporate. Test your knowledge of the Companies Act, 2013.
