Im new to LLP concept & currently doing freelance business (website developement).Recently was told that I could start an LLP due to increasing revenues.But I have the following doubts.It may be very basic, but am looking for clarification from CA`s like you so I can be doubly sure about the process.
1) LLP requires 2 people to setup.Does that mean that I & the partner will draw salary from LLP every month?
2) Is there a limit of the salary to be fixed?
3) Should i pay the 30% tax on LLP on the entire revenues earned in that year OR for the amount remaining in the account after salary+expenses?
CAclubindia
