Contents I-7 Section Index I-21 CHAPTER 1 1 CHAPTER 2 25 CHAPTER 3 58 CHAPTER 4 84 CHAPTER 5 110 CHAPTER 6 116 CHAPTER 7 122 CHAPTER 8 135 CHAPTER 9 146 CHAPTER 10 151 CHAPTER 11 160 CHAPTER 12 178 CHAPTER 13 188 CHAPTER 14 196 CHAPTER 15 200 Chapter-Heads I-5
APPENDICES 207 265 306 SUBJECT INDEX 319 I-6
Chapter-heads I-5 Section Index I-21 1 OVERVIEW OF LLP ACT 1.1 1 1.1-1 2 1.1-2 3 1.1-3 3 1.1-4 4 1.1-5 5 1.1-6 6 1.1-7 6 1.1-8 6 1.1-9 7 1.1-10 7 1.1A 9 1.2 9 1.2-1 11 1.2-2 12 1.2-3 12 1.2-4 12 I-7
Contents
1.2-5 12 1.2-6 13 1.2-7 14 1.2-8 16 1.2-9 16 1.2-10 17 1.2-11 17 1.2-12 18 1.3 19 1.4 19 1.4-1 19 1.4-2 22 2 INCORPORATION OF LLP 2.1 25 2.1-1 25 2.1-2 26 2.1-3 - 26 2.1-4 26 2.2 27 2.2-1 27 2.2-2 28 2.2-2A 28 2.2-3 30 2.2-4 32 2.2-5 33 2.2-6 - 33 I-8
2.2-7 34 2.3 35 2.3-1 35 2.3-2 36 2.3-3 - 38 2.3-4 38 2.3A 39 2.3A-1 39 2.3A-2 40 2.3A-3 40 2.4 40 2.4-1 41 2.4-2 41 2.4-3 42 2.5 43 2.5-1 43 2.5-2 43 2.5-3 43 2.5-4 45 2.5-5 46 2.6 47 2.6-1 48 2.6-2 48 2.6-3 48 2.7 49 2.8 50 I-9
2.8-1 50 2.8-2 51 2.9 51 2.10 52 2.11 53 2.12 53 2.12-1 53 2.12-2 53 2.13 54 2.13-1 - 55 2.13-2 - 55 2.14 55 2.14-1 56 2.14-2 56 2.14-3 57 2.14-4 57 3 PARTNER AND DESIGNATED PARTNER 3.1 58 3.1-1 59 3.1-2 59 3.1-3 59 3.1-4 59 3.1-5 60 3.2 60 3.2-1 61 I-10
3.2-2 61 3.3 61 3.3-1 62 3.3-2 - 62 3.3-3 62 3.3-4 63 3.3-5 63 3.3-6 63 3.3-7 63 3.3-8 64 3.4 64 3.4-1 65 3.4-2 65 3.4-3 66 3.4-4 67 3.4-5 67 3.5 67 3.5-1 67 3.5-2 68 3.5-3 68 3.6 68 3.6-1 69 3.6-2 69 3.7 70 3.8 70 I-11
3.9 71 3.9-1 72 3.10 73 3.10-1 74 3.10-2 75 3.10-3 75 3.10-4 75 3.10-5 76 3.10-6 78 3.10-7 79 3.11 80 3.12 81 3.13 81 3.13-1 83A 3.13-2 - 83B 4 LLP AGREEMENT 4.1 84 4.1-1 84 4.1-2 85 4.1-3 85 4.2 86 4.3 87 4.3-1 87 4.4 88 4.4-1 88 4.4-2 89 4.4-3 89 4.5 89 I-12
4.5-1 89 4.5-2 89 4.5-3 89 Annex 4.1 90 Annex 4.2 108 5 ACCOUNTS, AUDIT AND ANNUAL RETURNS OF LLP 5.1 110 5.2 111 5.2-1 112 5.2-2 113 5.2-3 113 5.3 114 5.4 114 5.5 114 5.5-1 115 5.5-2 115 6 ROUTINE MANAGEMENT OF LLP 6.1 116 6.1-1 116 6.2 117 6.2-1 117 6.3 118 6.4 119 I-13
7 ADMINISTRATIVE CONTROL OVER LLP 7.1 122 7.2 123 7.3 123 7.3-1 124 7.3-2 125 7.3-3 125 7.3-4 126 7.4 126 7.4-1 126 7.4-2 127 7.4-3 127 7.4-4 128 7.5 128 7.5-1 129 7.5-2 129 7.5-3 129 7.5-4 130 7.5-5 130 7.5-6 130 7.5-7 131 7.5-8 131 7.6 131 7.7 132 7.8 132 I-14
8 COMPROMISE AND ARRANGEMENT 8.1 135 8.1-1 135 8.2 136 8.2-1 137 8.2-1A 138 8.2-2 138 8.2-3 138 8.3 140 8.4 142 8.5 - 142 8.5-1 - 143 8.5-2 - 143 8.5-3 144 8.5-4 144 8.5-5 144 8.6 145 9 WINDING UP AND STRIKE OFF DEFUNCT LLP 9.1 146 9.1-1 146 9.2 147 9.2-1 - 147 I-15
9.3 148 9.4 148 9.4-1 149 10 INVESTIGATION OF AFFAIRS OF LLP 10.1 151 10.1-1 - 152 10.1-2 152 10.2 152 10.2-1 152 10.2-2 153 10.2-3 153 10.2-4 Suo motu 153 10.3 154 10.4 - 154 10.4-1 155 10.4-2 155 10.4-3 156 10.5 156 10.6 157 10.7 157 10.8 157 10.9 158 10.10 158 10.11 159 I-16
11 OFFENCES, PUNISHMENTS AND PENALTIES 11.1 160 11.2 160 11.2-1 161 11.2-2 161 11.2-3 161 11.2-4 162 11.2-5 162 11.2-6 162 11.2-7 166 11.2-8 166 11.2-9 169 11.2-10 169 11.3 169 11.3-1 169 11.3-2 - 171 11.3-3 171 11.3-4 171 11.3-5 171 11.3-6 172 11.3-7 172 11.3-8 172 I-17
11.3-9 172 11.4 173 11.4-1 173 11.4-2 174 11.4-3 174 11.4-4 174 11.4-5 174 11.4-6 175 11.4-7 176 11.4-8 176 11.4-9 176 11.4-10 177 12 OTHER PROVISIONS IN RESPECT OF LLP 12.1 179 12.2 179 12.3 181 12.4 181 12.4-1 - 182 12.4-2 182 12.4-3 183 12.4-4 183 I-18
12.4-5 184 12.4-6 184 12.4-7 186 12.5 186 12.6 187 13 TAXATION OF LLP 13.1 188 13.2 188 13.2-1 189 13.3 189 13.3-1 - 190 13.4 190 13.4-1 b 190 13.5 191 13.5-1 191 13.6 191 13.7 192 13.8 192 13.8-1 192 13.8-2 193 13.9 193 13.10 194 13.11 194 13.12 195 I-19
14 FOREIGN DIRECT INVESTMENT IN LLP 14.1 196 14.2 196 14.3 198 14.3-1 199 15 OVERSEAS INVESTMENT BY LLP 15.1 200 15.1-1 200 15.2 201 15.3 202 15.4 203 APPENDICES 207 265 306 SUBJECT INDEX 319 I-20
3.1 MANAGEMENT OF LLP Day to day management of LLP
3
CHAPTER
-
-
Decisions of LLP by majority
58
Minute book by LLP
Rights and duties of partner
Remuneration to partner
3.1-1 Partner can bind LLP but not other partners
Partner as agent -
3.1-2 Business transaction between partner and LLP
3.1-3 Business transactions of partner with limited liability partnership
3.1-4 Assignment and transfer of partnership rights
59 Para 3.1
3.1-5 Partner’s transferable interest
Partner continues to have full rights in LLP even if interest in LLP assigned
3.2 CONTRIBUTION AND LOANS BY EACH PARTNER
-
-Para 3.2 60
-
3.2-1 Contribution in money or in other form
3.2-2 Obligation to contribute
61 Para 3.3
3.3 PARTNER IN LLP
a
b c
Meaning of ‘partner’q
3.3-1 Minimum number of partners
Consequence if number of partners fall below two
3.3-2 Partner by subscription to incorporation document or later by admission -
3.3-3 Body corporate can be partner in LLP
d Para 3.3 62
3.3-4 Foreign LLP or foreign company can be partner 3.3-5 Company as member 3.3-6 Partnership firm or HUF cannot be partner karta 3.3-7 Registered Cooperative Society can be partnerEnfield India Co-operative Canteen 7Society registered under Societies Act cannot be partner63 Para 3.3
Illachi Devi
Jain Society
Board of Trustees State of Delhi
3.3-8 Trust cannot be a partner
Duil Chand Mahavir Prasad Charitable Trust
3.4 CHANGE IN PARTNER
All India Skins & Hides Tanners Assn CTO
-
-
3.4 64
Para
3.4-1 Admission of partner
Meaning of ‘Address’ i ii
3.4-2 Cessation as partner
Cessation by resignation
Cessation if partner dies, is insolvent or is of unsound mind a b c
Former partner will be treated as partner unless others know or details of cessation informed to Registrar
a b 65 Para 3.4
Partner continues to be liable for obligations prior to cessation
Former partner entitled to accumulated profit and capital contribution, after deducting losses
Former partner cannot interfere in management of LLP
3.4-3 Intimation of resignation as partner others and to Registrar
-
a b
Para 3.4 66
3.4-4 No restriction on partner on competing business after he retires, unless LLP agreement provides
3.4-5 Expulsion of partner
3.5 CHANGE IN NAME OR ADDRESS OF PARTNER
‘Name’ in relation to a partner
3.5-1 Notice of change in partners to Registrar
-
ii
i
a b a b c 67 Para 3.5
Partner himself can inform details of change to Registrar-
3.5-2 Procedure for filing of change with Registrar
3.5-3 Penalty for contravention of provisions relating to change of partner -
3.6 EXTENT OF LIABILITY OF LIMITED LIABILITY PARTNERSHIP FOR ACTS OF PARTNERS
Para 3.6 68
LLP liable even if partner exceeds his powers, unless other person knows that partner has no authority a b
LLP liable for wrongful acts of partner in course of business
Obligation of LLP is only of LLP and not its partners
3.6-1 Partner liable to other partners for his wrongful acts
3.6-2 Proper provision LLP Agreement for admission or cessation of partner
-
69 Para 3.6
LLP READY RECKONER
AUTHOR : V.S. DATEY
PUBLISHER : TAXMANN
DATE OF PUBLICATION : MARCH 2024
EDITION : 2024 EDITION
ISBN NO : 9789357787994
NO. OF PAGES : 360
BINDING TYPE : PAPERBACK
Description
This book is a subject-wise practical guide to the following laws:
Limited Liability Partnership Act, 2008 [LLP Act] ( as amended by the Limited Liability Partnership (Amendment) Act, 2021 )
Limited Liability Partnership Rules, 2009 [LLP Rules]
It comprehensively covers the analysis of all provisions of the LLP Act, and the Rules prescribed thereunder. It also provides answers for all practical issues faced by professionals.
The Present Publication is the 2024 Edition and has been amended until 29 th February 2024. This book is authored by Mr V.S. Datey, with the following coverage:
Overview of the LLP Act
Incorporation of LLP
Partner and Designated Partner
LLP Agreement
Accounts, Audit and Annual Returns of LLP
Routine Management of LLP
Administrative Control over LLP
Compromise and Arrangement
Winding-Up and Strike off Defunct LLP
Investigation of Affairs of LLP
Offences, Punishments and Penalties
Other Provisions in respect of LLP
Taxation of LLP
Foreign Direct Investment in LLP
Overseas Investment by LLP
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