REGISTRATION OF LIMITED LIABILITY PARTNERSHIP 1. What are the registration formalities relating to LLPs? LLPs shall be registered with the Registrar of Companies (ROC) (appointed under the Companies Act, 1956) after following the provisions specified in the LLP Act. Every LLP shall have a registered office. An Incorporation Document subscribed by at least two partners… Read More »
LIABILITY OF PARTNERS 1. Nature & extent of liability of a partner of an LLP? Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud… Read More »
MERGER AND WINDING UP OF LLP s 1. Whether two LLPs would be allowed to merge? Provisions of section 60 to 62 of the Act provide for the manner in which compromises or arrangements including mergers and amalgamations involving LLPs shall be allowed. 2. What is the date of implementation of these Guidelines? It is… Read More »
FAQ ON LLP AUDIT AND FILING, DISCLOSURE REQUIREMENT 1. Whether every LLP would be required to maintain and file accounts? An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with… Read More »
CONVERSION INTO LLP AND VICE VERSA 1. Whether other business entities like firm or company would be able to convert themselves into LLP? The LLP Act contains enabling provisions pursuant to which a firm (set up under Indian Partnership Act, 1932) and private company or unlisted public company (incorporated under Companies Act) would be able… Read More »
CHANGE IN PARTNERS 1. How can a person become a partner of an LLP? Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. 2. How can… Read More »
FRAUDS CLASSIFICATION AND REPORTING MASTER CIRCULAR DBS.CO.CFMC.BC.No.1/23.04.001/2015-16, DATED 1-7-2015 Please refer to our letter DBS.CO.CFMC.BC.No.1/23.04.001/2014-15 dated July 01, 2014 forwarding the Master Circular on ‘Frauds – Classification and Reporting’. It may be noted that the Master Circular consolidates and updates all the instructions issued during the year since the date of the last Master Circular… Read More »
ACQUISITION AND TRANSFER OF PROPERTY IN INDIA BY NRI NRI S/PIOS/FOREIGN NATIONALS OF NON-INDIAN ORIGIN MASTER CIRCULAR NO.4/2015-16, DATED 1-7-2015 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of Sub-sections (3), (4) and (5) of Section 6 of the Foreign Exchange Management Act, 1999 read with… Read More »
INTEREST RATES ON DEPOSITS HELD IN FCNR(B) ACCOUNTS MASTER CIRCULAR DBR.NO.DIR.BC.8/13.03.00/2015-16, DATED 1-7-2015 Please refer to the Master Circular DBOD No.Dir.BC.14/13.03.00/2014-15 dated July 1, 2014 consolidating the instructions/guidelines issued to banks till June 30, 2014 relating to deposits held in FCNR (B) Accounts. This Master Circular consolidates instructions on the above matter issued up… Read More »
GUARANTEES AND CO-ACCEPTANCES MASTER CIRCULAR DBR.No.DIR.BC.11/13.03.00/2015-16, DATED 1-7-2015 Please refer to the Master Circular DBOD.No.Dir.BC.17/13.03.00/2014-15 dated July 1, 2014 consolidating the instructions/guidelines issued to banks till June 30, 2014, relating to Guarantees and Co-acceptances. This Master Circular consolidates the instructions on the above matter issued up to June 30, 2015. A. Purpose This Master Circular… Read More »