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What is excluded from the definition of 'Body Corporate'?
What is excluded from the definition of 'Body Corporate'?
- A LLP incorporated outside India and a corporation sole
- A company as defined in the Companies Act, 2013
- A company incorporated outside India and a LLP registered under this Act
- A corporation sole and a co-operative society registered under any law (correct)
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?
- The address of its registered office, if a body corporate, and usual residential address, if an individual (correct)
- The address of its head office
- The address of its branch office
- The address of its principal place of business
What is the period defined as the 'Financial Year' of a LLP?
What is the period defined as the 'Financial Year' of a LLP?
- The period from the 1st day of January to the 31st day of December
- The period from the 1st day of April to the 31st day of March of the following year (correct)
- The period from the 1st day of October to the 30th day of September of the following year
- The period from the 1st day of July to the 30th day of June of the following year
What is meant by 'Business' under the Act?
What is meant by 'Business' under the Act?
What is an 'Entity' under the Act?
What is an 'Entity' under the Act?
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?
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?
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?
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?
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?
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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.
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