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In this series of editorial, the author shall discuss the Quick bites on 'Extension of AGM for the FY 2020-21'.
One Person Company is a company that has only one person as its member. Being just one-member company, the OPC has lesser compliance requirement compared to Private Limited Company or Limited Liability Partnership.
In this article, we shall discuss on clarification of circular no 02/2021 in respect of Extension of Annual General Meeting of f.y. 2020-21 till 31 December 2021.
In this editorial, the author shall discuss the Process and provisions of extension of Due Date of Annual General Meeting (hereafter referred as "AGM").
Partnership firms are at a disadvantage when compared to the newly introduced LLP as they do not provide limited liability protection for the partners, separate legal entity status, and ease of ownership transfer etc.
The provision in relation to the closure of LLP has been mentioned u/s 75 of LLP Act, 2008. The name of defunct LLP can be struck off by the Registrar Suo-motto or on application by the LLP.
Even if LLP does not do any business, it has to comply with statutory requirements such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return etc. every year.
As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received.
As per Section 7 of LLP, 2008 every LLP shall have at least two Designated Partners who are individuals and at least one of them shall be a Resident in India. Only an Individual can be appointed as a Designated Partner.
In case there is no clause in the limited liability partnership agreement relating to change in the name the same can be made with the consent of all the partners.
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