Chapter-wise Marks Distribution I-9 Chapter-wise Comparison with Study Material I-11 PART A SETTING-UP OF BUSINESS (40 MARKS) CHAPTER 1 Choice of a Business Organization 1.3 CHAPTER 2 Types of Companies 2.1 CHAPTER 3 Charter Documents of Companies 3.1 CHAPTER 4 Legal Status of Registered Company 4.1 CHAPTER 5 Formation of LLP 5.1 Contents PAGE I-5
CHAPTER 6 Different Forms of Business Organizations & Registration sole proprietorship 6.1 CHAPTER 7 Formation & Registration of NGO’s 7.1 CHAPTER 8 Financial Services Organization & its Registration Process 8.1 CHAPTER 9 Startups & its Registration 9.1 CHAPTER 10 Business Collaboration 10.1 CHAPTER 11 Setting-up of business outside India and issues relating thereto 11.1 CHAPTER 12 Procedure of Conversion of Business Entities 12.1 PART B REGISTRATION, LICENSES & COMPLIANCES (35 MARKS) CHAPTER 13 Various Initial Registrations & Licenses 13.3 CHAPTER 14 Maintenance of Registers & Records 14.1 CHAPTER 15 Identifying laws applicable to various industries and their initial compliances 15.1 PAGE I-6
CHAPTER 16 Intellectual Property Laws 16.1 CHAPTER 17 Compliances under Labour Laws 17.1 CHAPTER 18 Compliances relating to Environmental Laws 18.1 PART C INSOLVENCY, WINDING UP & CLOSURE OF BUSINESS (25 MARKS) CHAPTER 19 Dormant Company 19.3 CHAPTER 20 Strike Off and Restoration of Name of the Company & LLP 20.1 CHAPTER 21 Corporate Insolvency Resolution Process, Liquidation & Winding-up: An Overview 21.1 SOLVED PAPER : CS EXECUTIVE - DEC. 2020 (NEW SYLLABUS) P.1 SOLVED PAPER : CS EXECUTIVE - JUNE 2021 (NEW SYLLABUS) P.21 SOLVED PAPER : CS EXECUTIVE - DEC. 2021 (NEW SYLLABUS) P.47 SOLVED PAPER : CS EXECUTIVE - JUNE 2022 (NEW SYLLABUS) P.71 PAGE I-7
TAXMANN® FEATURES OF THE LLP Q1. State the advantages of limited liability partnership form of business Ans.organization.Easytoform : Liability Perpetual: Succession : Management of the company : Easy transferability of ownership : Taxation : No compulsory audit required : ` ` Fewer compliance requirements : FORMATION OF LLP CHAPTER 5 5.1
®TAXMANN 5.2 Flexible agreement : Easy to wind-up : Q2. Distinguish between : Limited Liability Partnership (LLP) and Company Ans.Points Limited Liability Partnership Company MeaningGoverning Law Internal rules & BorrowingRemunerationBusinessregulationMeetingspower
TAXMANN® 5.3 Points Limited Liability Partnership Company AuditAccounts ` ` Cost Q3.CompanyAuditSecretaryWhatarethe salient features of the Limited Liability Partnership (LLP)? [June 2009 (8 Marks)], [Dec. 2009 (6 Marks)] Ans. inter se -
®TAXMANN 5.4Q4.
A Limited Liability Partnership can become member in a company incorporated under the provisions of the Companies Act, 2013. A Limited Liability Partnership can become member in a company incorporated under the provisions of the Companies Act, 2013.[June 2017 (5 Marks)] OF THE LLP ACT, 2008
Disqualification
Ans.
Ans. PROVISIONS
Q5. Who can become a partner in LLP? Also state the disqualification of partners in LLP. Partners [Section 5] : of partners in LLP :
TAXMANN® 5.5 Q6. Anuragh & Shailesh are interested to start a new business of real estate under LLP form of business organization. As a Practicing Company Secretary advise them regarding procedure to be followed for incorpora tion of LLP. Ans. Following is procedure for incorporation of LLP in India: Step 1 : Application for DIN or DPIN : Form DIR-3 Step 2 : Acquire/Register DSC : s Step 3 : Name reservation: iii Step 4 : Incorporate a LLP Form RUN-LLP Form FiLLip Step 5 : File LLP Agreement Form No.Q7.3Write a short note on : Annual Return of LLP Ans. Annual Return [Section 35] : 60 days i.e.,
®TAXMANN
Q8. There are no shareholders in limited liability partnership, instead there are partners. Comment. [June 2010 (5 Marks)]
Description5.6 of Annual Return -
Ans. Minimum number of partners [Section 6] :
Ans. Liabilities of designated partners [Section 8] : ba
Maximum number of partner : -
of Form:Form
Certificate from Designated Partner:- turn over ` 5 Crore contribution ` 50 lakh Certificate from Company Secretary:-
Conclusion:-Q9.Mohanhas been appointed as a passive partner in the Limited Liability Partnership (LLP). He seeks your advice on the responsibilities of the designated partner where the LLP has contravened the provisions of the LLP Act, 2008. Referring to the provisions of the LLP Act, 2008 advise him in the matter. [June 2018 (4 Marks)]
contravened the
TAXMANN® 5.7
Where
Comment.[June 2013 (5 Marks)]
Designated
of LLP
Q11. State any ten essential clauses to be included while drafting LLP Agreement.
Responsibilities of Partner - the LLP has provisions Act:
Q10. A limited liability partnership registered in Singapore is proposing to establish a place of business in Mumbai.
Ans. Foreign limited liability partnership [Section 59] : Rule 18(4) Form No. 27 LLP AGREEMENT
®TAXMANN Ans.5.8Essential clauses to be included in the LLP Agreement: Interpretation/Definitions : Designated Partners : Name of the LLP and changes to it : Registered Office of the LLP : Business of the LLP : Capital Contribution : Profit Sharing Ratio :
TAXMANN® 5.9 Rights & Duties of Designated Partners : Admission, Retirement, Resignation & Expulsion of Partners : Remuneration & interest to be paid to partners : s Bank Account : modus operandi Books of account and accounting year : VARIOUS COMPLIANCE TO BE MADE BY THE LLP Q12. As a Practicing Company Secretary, advise your client regarding annual compliance requirement to be followed by the LLP. [Dec. 2018 (5 Marks)] Ans.(1) Filing of Statement of Account and Solvency : 6 months Form No. 8
®TAXMANN 5.10(2) Audit of accounts : turnover` 40,00,000 contribution ` 25,00,000 (3) Filing of Annual Return : 60 days Form No. 11 turnover ` 5 Crore contribution ` 50 lakh (4) Filing of Income Tax Return : Q13. Financial Statements of the Limited Liability Partnership are not mandatorily required to be audited by a Chartered Accountant. Com ment. [June 2019 (5 Marks)] Ans.turnover ` 40 lakhs contribution ` 25 Q14.lakhsAryan & Aarav, an LLP having turnover of ` 45 lakh and contribution of the partners exceeding ` 30 lakh in F.Y. 2018-19 is seeking your advice in the following matters : (i) Is dividend distribution tax applicable on LLP ? (ii) Is LLP subjected to audit ? State the reason. (iii) Is LLP eligible to raise loan from ABC Ltd., a foreign bank ?
TAXMANN® 5.11 (iv) State Offences & Penalties for non-filing of financial statements under the LLP Act, 2008. [Dec. 2019(4 Marks)] Ans. i ii turnover ` 40,00,000 contribution ` 25,00,000 iiiiv `
Rs. : 450 | AUTHOR : N.S. Zad , Mayur Agarwal PUBLISHER : TAXMANN DATE OF PUBLICATION : July 2022 EDITION : 5th Edition ISBN NO : 9789356222908 NO. OF PAGES : 432 BINDING TYPE : PAPERBACK Setting Up of Business Entities & Closure (SUBEC) | CRACKER ORDER NOW Description USD : 37 This book is prepared exclusively for the Executive Level of Company Secretary Examination requirement. It covers the questions (topic-wise) & detailed answers strictly as per the syllabus of ICSI. The Present Publication is the 5th Edition & updated till 31st May 2022 for CS-Executive | New Syllabus | Dec. 2022/June 2023 exams. This book is authored by CS N.S. Zad & Mayur Agarwal, with the following noteworthy features: · Strictly as per the New Syllabus of ICSI · Coverage of this book includes: Fully-Solved Questions of Past Exams; Topic-wise Solved Paper: December 2020 | New Syllabus Solved Paper: June 2021 | New Syllabus Solved Paper: December 2021 | New Syllabus Solved Paper: June 2022 | New Syllabus Past Relevant Questions from other subjects · [Most Amended & Updated] This book covers the latest applicable provisions and amendments under the Companies Act, 2013 & other relevant laws · [Marks Distribution] Chapter-wise marks distribution from December 2014 onwards · [ICSI Study Material] Chapter-wise comparison
