Loss of LLP

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90 Points Posted on 16 April 2021
can a Partner carry forward the loss of LLP. if possible please provide different between LLP and proprietor
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On 16 April 2021 at 17:44 Report
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This discussion clarifies whether partners can carry forward losses incurred by a Limited Liability Partnership (LLP). Generally, an LLP's losses can only be carried forward by the LLP itself, not by individual partners. However, there's an exception in cases of business succession, where specific conditions apply regarding the continuation of the business.

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Chartered Accountant
24588 Points Posted on 16 April 2021
Carry forward of loss of LLP can be carried forward by partner.. also in case of succeeding of business by partners.
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On 16 April 2021 at 18:29
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2742 Points Posted on 16 April 2021
Only in case of succession, if llp business is continue then Loss to be carried forward only By LLP , not by partner
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On 16 April 2021 at 18:34

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