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The Limited Liability Partnership Act, 2008
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP. Section 4. Non-applicability of the Indian Partnership Act, 1932.—Save as otherwise provided, the provisions of the Indian Partnership Act, 1932 (9 of 1932) shall not apply to a limited liability partnership. Overview LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. LLP is a legal entity par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of India
The Parliament of India (International Alphabet of Sanskrit Transliteration, IAST: ) is the supreme legislative body of the Republic of India. It is a bicameralism, bicameral legislature composed of the president of India and two houses: the Rajya Sabha (Council of States) and the Lok Sabha (House of the People). The president in his role as head of the legislature has full powers to summon and prorogue either house of Parliament or to dissolve the Lok Sabha. The president can exercise these powers only upon the advice of the prime minister of India, prime minister and his Union Council of Ministers. Those elected or nominated (by the president) to either house of Parliament are referred to as member of Parliament (India), members of Parliament (MPs). The member of Parliament, Lok Sabha, members of parliament of the Lok Sabha are direct election, directly elected by the Indian public voting in single-member districts and the member of Parliament, Rajya Sabha, members of parliam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Liability Partnership
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. This distinguishes an LLP from a traditional partnership under the UK Partnership Act 1890, in which each partner has joint (but not several) liability. In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the power to manage the business directly. In contrast, corporate shareholders must elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Body Corporate
In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is that some legal persons are not people: companies and corporations are "persons" legally speaking (they can legally do most of the things an ordinary person can do), but they are not people in a literal sense. There are therefore two kinds of legal entities: human and non-human. In law, a human person is called a ''natural person'' (sometimes also a ''physical person''), and a non-human person is called a ''juridical person'' (sometimes also a ''juridic'', ''juristic'', ''artificial'', ''legal'', or ''fictitious person'', la, persona ficta). Juridical persons are entities such as corporations, firms (in some jurisdictions), and many government agencies. They are treated in law as if they were persons. Whil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetual Succession
In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock, etc. Perpetual succession, along with the common seal, is one of the factors explaining a corporation's legal existence as separate from those of its owners. This principle states that: *any change in membership of a company does not affect the status of the company, *death, insolvency, insanity etc. of any member of a company does not affect the continuity of the company. Thus the life of the company does not depend upon the life of its members. *it shall continue forever irrespective of continuity of its members or directors, except in case of liquidation Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Indian Partnership Act, 1932
The Indian Partnership Act, 1932 was enacted in India in 1932. Provisions Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the partnership firm. THE INDIAN PARTNERSHIP ACT' 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:" Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.""Section 464 of the Companies Act, 2013 empowers the Central Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 50.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members". General duties of Partners The Partners shall run the business of the firm to the highest level of common advantage by being tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dividend Distribution Tax
Dividend distribution tax was a tax previously imposed by the Indian Government on Indian companies according to the dividend paid to a company's investors. The dividend distribution tax has been abolished since 2020 according to the Union Budget of India The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it coul .... The Finance Act, 2020 changed the method of dividend taxation. Now all dividend received on or after 1 April 2020 is taxable in the hands of the investor/shareholder. The DDT liability on companies and mutual funds stand withdrawn. Similarly, the tax of 10% on dividend receipts of resident individuals, HUF and firms in excess of Rs 10 lakh (Section 115BBDA) also stands withdrawn. The Finance Act, 2020 also imposes a TDS on dividend distribution by companies and mutual funds on or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Business Law
Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asian ethnic groups, referring to people of the Indian subcontinent, as well as the greater South Asia region prior to the 1947 partition of India * Anglo-Indians, people with mixed Indian and British ancestry, or people of British descent born or living in the Indian subcontinent * East Indians, a Christian community in India Europe * British Indians, British people of Indian origin The Americas * Indo-Canadians, Canadian people of Indian origin * Indian Americans, American people of Indian origin * Indigenous peoples of the Americas, the pre-Columbian inhabitants of the Americas and their descendants ** Plains Indians, the common name for the Native Americans who lived on the Great Plains of North America ** Native Americans in the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acts Of The Parliament Of India 2008
The Acts of the Apostles ( grc-koi, Πράξεις Ἀποστόλων, ''Práxeis Apostólōn''; la, Actūs Apostolōrum) is the fifth book of the New Testament; it tells of the founding of the Christian Church and the spread of its message to the Roman Empire. It gives an account of the ministry and activity of Christ's apostles in Jerusalem and other regions, after Christ's death, resurrection, and ascension. Acts and the Gospel of Luke make up a two-part work, Luke–Acts, by the same anonymous author. It is usually dated to around 80–90 AD, although some scholars suggest 90–110. The first part, the Gospel of Luke, tells how God fulfilled his plan for the world's salvation through the life, death, and resurrection of Jesus of Nazareth. Acts continues the story of Christianity in the 1st century, beginning with the ascension of Jesus to Heaven. The early chapters, set in Jerusalem, describe the Day of Pentecost (the coming of the Holy Spirit) and the growth of the ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partnerships
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. History Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant of Prato and Florence. The Covoni company (1336-40) and the Del Buono-Bencivenni company (1336-40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th centur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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