Limited liability partnership is a legal corporate body and governs under the LLP Act, 2008. LLP Incorporation has a number of advantages that make them a better choice than basic partnership firms. It has a corporate structure. A partnership firm, on the other hand, is an old and outdated way to conduct business. Registration of …
Convert Partnership Firm into Limited Liability Company Read More »
Relation of Partners to one another The partnership Act contains various provisions regulating the relationship between partners. 1. General Duties of Partners Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other. To render true accounts and full information of all …
Rights and Duties of Partners Under The Partnership Act Read More »
A person who is a minor according to the law may not be a partner in a firm. But with the consent of all the partners, he may be admitted to the benefits of a partnership. Such minor has the right to share the property and profits of the firm as may be agreed upon. …
A Limited Liability Partnership is a new form of business entity with limited liability. It is an alternative corporate business vehicle that not only gives the benefits of limited liability at a low compliance cost but allows its partners the flexibility of organizing their internal structure as a traditional partnership. Characteristics 1. LLP is a …
Characteristics of Limited Liability Partnership Act 2008 Read More »
A partnership is a relationship between two or more persons who have agreed to share the profits of the business by all or any of them acting for all. People who have entered into a partnership with each other are called ‘Individual Partners‘ and collectively ‘a firm’ and the name under which their business is …
Partnership Act, 1932: Advantages and Disadvantages of a Partnership Firm Read More »
