The Limited Liability Partnership Act, 2008

A set of flashcards focusing on key terms and definitions related to the Limited Liability Partnership Act, 2008, covering concepts, incorporation, and regulatory requirements.

Limited Liability Partnership (LLP)

A new form of legal business entity that combines the benefits of limited liability of a company with the flexibility of a partnership.

Body Corporate

A company as defined under the Companies Act, 2013, including a LLP and a foreign LLP.

Designated Partner

Any partner designated as such under section 7 of the LLP Act, 2008.

Incorporation Document

The main document required for registration of an LLP, containing essential details such as the name and business of the LLP.

Perpetual Succession

The ability of an LLP to continue its existence regardless of changes in partners.

Mutual Agency

A principle in LLPs where no partner can bind another partner through unauthorized actions.

Financial Year (LLP)

The period from 1st April to 31st March, but may vary for firms registered after 30th September.

Common Seal

An official seal that an LLP may decide to have, used for executing documents.

Small Limited Liability Partnership

An LLP with contributions not exceeding INR 25 lakhs and turnover not exceeding INR 40 lakhs.

Limited Liability

The liability of each partner in a LLP is limited to their agreed contribution, protecting personal assets from business liabilities.

LLP Agreement

The written agreement that governs the rights and duties of partners within a LLP.

Conversion into LLP

The process by which existing firms or companies can be transformed into a limited liability partnership.

Foreign LLP

A limited liability partnership formed outside India that establishes a place of business within India.

Incorporation by Registration

The process through which the Registrar certifies that the LLP is incorporated, granting it a separate legal entity.

E-filing of Documents

Requirement for all documents required under the LLP Act to be filed electronically with the Registrar.

Annual Filing

The mandatory submission of financial and compliance statements by LLPs every year.