Articles by CS Divesh Goyal
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Extension of AGM FY 2020-21
In this article, we shall discuss on clarification of circular no 02/2021 in respect of Extension of Annual General Meeting of f.y. 2020-21 till 31 December 2021.
Procedure for change in partners
A person can be admitted as a partner in LLP as per the provisions of the LLP agreement and section 22 of the LLP Act, 2008. If the agreement is silent then the partner shall be appointed as per Schedule I.
Process for Change in name of LLP
In case there is no clause in the limited liability partnership agreement relating to change in the name the same can be made with the consent of all the partners.
Procedure For Admission Of New Designated Partners
As per Section 7 of LLP, 2008 every LLP shall have at least two Designated Partners who are individuals and at least one of them shall be a Resident in India. Only an Individual can be appointed as a Designated Partner.
Procedure for Change in Registered Office
As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received.
Annual Compliance Calendar Of LLP
Even if LLP does not do any business, it has to comply with statutory requirements such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return etc. every year.
Process / Provision of Strike of LLP
The provision in relation to the closure of LLP has been mentioned u/s 75 of LLP Act, 2008. The name of defunct LLP can be struck off by the Registrar Suo-motto or on application by the LLP.
Conversion of partnership firm into LLP
Partnership firms are at a disadvantage when compared to the newly introduced LLP as they do not provide limited liability protection for the partners, separate legal entity status, and ease of ownership transfer etc.
Key Takeway from LLP (Amendment) Act, 2021
The objective of the de-criminalization exercise is to remove criminality of offences from business laws where no malafide intentions are involved.
Penalty / Fine - LLP (Amendment) Act, 2021
The LLP (Amendment) Act, 2021 got the approval of the President of India on 13th August 2021 and became the LLP Amendment Act, 2021. Let us discuss the changes in Fine / Penalty under the LLP Act, 2008.
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