limited liability partnership

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2011 MY quires are:
(1) In LLP whether company can act as working partner and if yes, whether salary received by working partner(company) taxable in hand of compamy ?

(2) whether profit received by company as a partner is exempt?

plz its urgent

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 February 2011 1. No company cannot act as working partner in any case as there is no physical person.

2. Since LLP will pay tax on net profit profit received by company as a partner is exempt

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2011 thanks 4 reply.
i would like to know weather is it possible to appoint nominee/representative of company as w.p? bcoz when in LLP all partner are body corporate than what to do? somebody must be manage affair of LLP?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 February 2011 No one is appointed as W. P. The companies would be designated partners and the directors of the companies will govern the functioning.