LLP is a unique form of legally recognized corporate entity, as it is a unique Hybrid Combination of both Company and Partnership, LLP is suitable for small to medium-sized business.
Procedure for Conversion
Every LLP is required to maintain annual accounts reflecting true and fair view of its state of affairs. A statement off accounts and solvency shall be filed by every LLP with the registrar of LLP every year.
If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited.
The approved name of LLP shall be valid for a period of 3 months from the date of approval.
No. One of the requisite of an LLP is to carry on business for profit.
Contents of the LLP agreement should be
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