Questions and Answers
What is excluded from the definition of 'Body Corporate'?
A corporation sole and a co-operative society registered under any law
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
What is the period defined as the 'Financial Year' of a LLP?
The period from the 1st day of April to the 31st day of March of the following year
What is meant by 'Business' under the Act?
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What is an 'Entity' under the Act?
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What is the significance of 18 months in the context of LLP's first accounts?
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What is the prescribed financial year for LLPs according to the Income Tax department?
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What is meant by 'Limited Liability Partnership' as per Section 2(1)(n) of the Act?
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Who appoints a Regional Director for the purpose of this Act or the Companies Act 2013?
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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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Description
Quiz on definitions related to Limited Liability Partnership, including address and body corporate. Test your knowledge of the Companies Act, 2013.
