TAXATION OF LIMITED LIABILITY PARTNERSHIP (LLP) INDIA
Finance Bill 2009 has brought LIMITED LIABILITY PARTNERSHIP (LLP) in line with Firm. This will enable the LLP taxed as a Partnership.
LLP form of organization will get the advantages of a Company and taxation advantage of Partnership. The profit of LLP will be taxed at firm level. The profit distributed to the partners will be Tax Free.
To know more about LLP registration, Conversion of Partnership / Company to LLP logon to www.companiesinn.com
Revised definitions under Finance Bill 2009
• Firm has the same meaning given in the partnership act and includes a limited liability partnership as defined in the Limited Liability Partnership Act, 2008
• Partner have same meaning given in the partnership act and includes minters admitted to the benefits of partnership, a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008
• Partnership shall have the meaning assigned to it in the Indian Partnership Act, 1932, and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008
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