Limited Liability

Partnership
SUB: Financial Accounting
Name: Mohil Pednekar
Roll No: 11
 Introduction
Limited liability partnership

Hybrid Between Private Ltd Company & Partnership Firm

Partnership Firm + Private Limited Company = Limited Liability Partnership
Indian government passed LLP Act on 09/01/2009.
LLP Act 2008 gets notified on March 31st 2009.
The First LLP was registered on April 2,2009.
 Partners
• Who can be a Partner?
a) Company incorporated in and outside India
b) LLP incorporated in and outside India
c) Individuals resident in and outside India
 Designated Partner
• Designated Partner means any partner designated as such pursuant to section 7
of Limited Liability Partnership Act 2008.
 LLP Agreement
• LLP Agreement means any written agreement between the partners of the
limited liability partnership or between the limited liability partnership
and its partners which is determines the mutual rights and duties of the
partners and their rights and duties in relation to that limited liability
partnership
 Formation

• Key incorporation requirements are as follows:

Partners
Contribution
Designated Partners
Designated Partners Identification Number
Digital signature certificate
LLP Name
LLP Agreement
Registered Office
 Audit
• Is it necessary for all LLPs?
 Audit is not Compulsory for all LLPs
 Contribution Exceed Rs. 25 Lakh
 Turnover Exceed Rs.40 Lakh
 Contribution
• Contribution means “Part or Share.”
• It is not compulsory that every partner must contribute.
• As per Section 32(1) of LLP Act 2008.
THANK
YOU