Can a partnership firm become partner in a LLP ?
This query is : Resolved
23 November 2024
Hello everyone,
can a partnership firm registered under partnership act become partner in a LLP ?
can a partnership firm registered under partnership act become partner in a LLP ?
23 November 2024
Yes, a partnership firm registered under the Partnership Act can become a partner in a Limited Liability Partnership (LLP). Section 5 of the LLP Act specifies that any entity capable of entering into a contract (natural as well as legal persons), including a partnership firm, can become a partner in an LLP.
18 December 2024
But in Incorporation form in type of body corporate only following options are there : LLP, company, foreign LLP, foreign company, LLP incorporated outside India, Company incorporated outside India.
No option of partnership firm.
No option of partnership firm.
18 December 2024
Yes, based on the options provided for incorporation in the form of a body corporate in India, here are the choices:
LLP (Limited Liability Partnership): Suitable for businesses where partners seek the benefits of limited liability without the formalities of a company.
Company: This could refer to a private or public company limited by shares or guarantee, offering the structure of a traditional corporate entity with shareholders.
Foreign LLP: An LLP that has been incorporated outside India but wishes to operate within India.
Foreign Company: Similarly, this refers to a company incorporated outside India that wants to establish a presence or conduct business in India.
LLP Incorporated Outside India: Specifically for LLPs from foreign jurisdictions looking to operate in India, distinct from a foreign LLP in terms of specific legal recognition or requirements.
Company Incorporated Outside India: For companies from abroad setting up operations in India, this might involve different compliance requirements compared to a foreign company, often involving establishing a branch or subsidiary.
LLP (Limited Liability Partnership): Suitable for businesses where partners seek the benefits of limited liability without the formalities of a company.
Company: This could refer to a private or public company limited by shares or guarantee, offering the structure of a traditional corporate entity with shareholders.
Foreign LLP: An LLP that has been incorporated outside India but wishes to operate within India.
Foreign Company: Similarly, this refers to a company incorporated outside India that wants to establish a presence or conduct business in India.
LLP Incorporated Outside India: Specifically for LLPs from foreign jurisdictions looking to operate in India, distinct from a foreign LLP in terms of specific legal recognition or requirements.
Company Incorporated Outside India: For companies from abroad setting up operations in India, this might involve different compliance requirements compared to a foreign company, often involving establishing a branch or subsidiary.
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
- If ITC not claimed is there any issue
- USE THE BANK ACCOUNT OF WIFE
- Commission from nepal
- Deemed rent on house property
- FILLING OF 26QB FOR ONE SELLER AND 2 BUYERS-ONE BUYER REGISTERED AND OTHER ONE NOT REGISTERED
- REBATE UNDER SECTION 54 FOR SHORT TERM CAPITAL GAIN
- SALE OF RESIDENTIAL HOUSE PROPERTY PURCHASE AN AGRICULTURAL LAND
- 60 days significance in defining a resident
- Rental Agreement for Joint property holders
- TDS on payment to NRE account
- List of Exampted Allowance or head of income for salaried employees after 2025 budget
- Can we transfer or claim refund of Input tax credit of deceased proprietary business
- Place of supply or billing addres which applicable for tax
- The recent CBIC clarification via Circular No. 231/25/2024-GST dated 10.09.2024 itc Allowed demo car
- CSC centre individual bank transaction limit
- I need your guidance to register trademark in mumbai without help of agent
- Leaves on article ship
- Tax implications on withdrawal of EPF and NPS
- Misreporting of Input Credit of RCM as Normal ITC Year 20-21
- Relating to debt funds taxation
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert04 February 2025
CAclubindia
