Salary to designated partner in LLP
This query is : Resolved
28 September 2019
Hi Professionals,
Please Clarify whether salary can be paid to a partner who invested 20% share in Limited Liability Partnership in addition to Remuneration. Means Both Salary and Remuneration to same person by treating him/her as an employee.
Give me suggestions with suitable case laws if any.
Please Clarify whether salary can be paid to a partner who invested 20% share in Limited Liability Partnership in addition to Remuneration. Means Both Salary and Remuneration to same person by treating him/her as an employee.
Give me suggestions with suitable case laws if any.
28 September 2019
Only remuneration to partners can be paid subject to limits as per LLP deed and as per the provisions of the Income tax Act.
28 September 2019
continutation to the previous query, if no remuneration is paid to designated partner whether salary can be paid to him/her as an employee in LLP.
28 September 2019
Yes, it will be considered as remuneration to partners and limits applicable.
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