Criteria for classification of Non-company Entities
This query is : Resolved
12 July 2021
Is new criteria for classification of Non-company Entities is applicable to LLP?
13 July 2021
Yes, it's applicable......
13 July 2021
but Sir, As per section 3 of LLP Act, LLP to be body corporate.
New criteria for classification is only for Non-company entities.
New criteria for classification is only for Non-company entities.
13 July 2021
Limited Liability Partnership is a partnership where some or all partners have limited liabilities which may depend on the jurisdiction. It is basically the combination of advantageous features of both partnership and company form of organisation. LLP has introduced in India via Limited Liability Partnership Act, 2008.
13 July 2021
Yes, LLP has introduced in India via Limited Liability Partnership Act, 2008.
As per section 3 of LLP Act, LLP is to be body corporate.
So i am saying New criteria for classification is only for Non-company entities so it should not be applicable to LLP, is it right?
As per section 3 of LLP Act, LLP is to be body corporate.
So i am saying New criteria for classification is only for Non-company entities so it should not be applicable to LLP, is it right?
13 July 2021
Not right, It's a partnership not a company.
It may be a body corporate but not a company.
The classification is non company.
All the entities not registered under companies act is non company.
It may be a body corporate but not a company.
The classification is non company.
All the entities not registered under companies act is non company.
20 July 2021
Completely Agree. LLP is never considered as Company. It is body corporate in form of Partnership Firm.
14 August 2021
Thank you CA R Seetharaman Sir & CS Divesh Sir for your reply.
Yes, the new criteria for classification are applicable to LLP.
Before the word was used as "Non-Corporate", they have now changed to "Non-Company".
Yes, the new criteria for classification are applicable to LLP.
Before the word was used as "Non-Corporate", they have now changed to "Non-Company".
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