Limited liability partnership
This query is : Resolved
22 May 2008
1. What is the differance between a partner and the designated partner?(w.r.t. liability and income)
2. Is the consent of all the partners or designated partners required for admission of a new partner or retirement of a partner(designated or otherwise)?
3.Why should one go for an Limited liability partnership and not for a company.
4.Extent of liabality of partners in various situations
Please help me as soon as you can. I need all. Mail at anuj4126@rediffmail.com.
Regards
Anuj
2. Is the consent of all the partners or designated partners required for admission of a new partner or retirement of a partner(designated or otherwise)?
3.Why should one go for an Limited liability partnership and not for a company.
4.Extent of liabality of partners in various situations
Please help me as soon as you can. I need all. Mail at anuj4126@rediffmail.com.
Regards
Anuj
23 May 2008
as per "limited liability partnersip bill 2006":
1) simply put, partner is like shareholder and designated partner is like director.
2) admission/retirement etc. of partners will be decided in accordance with "limited liability partnership agreement" (simply like partnership agreement) entered into by all the partners at the time of creation of limited liability partnership.
3) this bill is in place to give partnershp firms a chance to operate like corporate while keeping some benefits of partnership like entry of new partner will be as per agreement, not like company where anyone can become share holder.
if you want to know more, read "THE LIMITED LIABILITY PARTNERSHIP BILL 2006" on net.
1) simply put, partner is like shareholder and designated partner is like director.
2) admission/retirement etc. of partners will be decided in accordance with "limited liability partnership agreement" (simply like partnership agreement) entered into by all the partners at the time of creation of limited liability partnership.
3) this bill is in place to give partnershp firms a chance to operate like corporate while keeping some benefits of partnership like entry of new partner will be as per agreement, not like company where anyone can become share holder.
if you want to know more, read "THE LIMITED LIABILITY PARTNERSHIP BILL 2006" on net.
03 June 2008
replied
07 June 2008
Thanks.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
