Criteria for classification of Non-company Entities

This query is : Resolved

Share Report Follow Query Ask a Query

Dinesh Prajapati

Dinesh Prajapati (Querist)
Follow

12 July 2021 Is new criteria for classification of Non-company Entities is applicable to LLP?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 July 2021 Yes, it's applicable......

Dinesh Prajapati

Dinesh Prajapati (Querist)
Follow

13 July 2021 but Sir, As per section 3 of LLP Act, LLP to be body corporate.
New criteria for classification is only for Non-company entities.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 July 2021 Limited Liability Partnership is a partnership where some or all partners have limited liabilities which may depend on the jurisdiction. It is basically the combination of advantageous features of both partnership and company form of organisation. LLP has introduced in India via Limited Liability Partnership Act, 2008.

Dinesh Prajapati

Dinesh Prajapati (Querist)
Follow

13 July 2021 Yes, LLP has introduced in India via Limited Liability Partnership Act, 2008.

As per section 3 of LLP Act, LLP is to be body corporate.

So i am saying New criteria for classification is only for Non-company entities so it should not be applicable to LLP, is it right?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 July 2021 Not right, It's a partnership not a company.
It may be a body corporate but not a company.
The classification is non company.
All the entities not registered under companies act is non company.

CS Divesh Goyal

CS Divesh Goyal (Expert)
Follow

20 July 2021 Completely Agree. LLP is never considered as Company. It is body corporate in form of Partnership Firm.

Dinesh Prajapati

Dinesh Prajapati (Querist)
Follow

14 August 2021 Thank you CA R Seetharaman Sir & CS Divesh Sir for your reply.

Yes, the new criteria for classification are applicable to LLP.

Before the word was used as "Non-Corporate", they have now changed to "Non-Company".

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASHOK KUMAR TEKURU

Sidhartha sankar pillai

Pritanu Chakraborty

bhagat ram goyal

GIRISH K SATTI

Subscribe Now

Criteria for classification of Non-company Entities

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA