TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Penalties for LLPs Breaching Sections 7 and 9: Fines Up to 1 Lakh for LLPs, 50k for Partners.</h1> Under the Limited Liability Partnership Act, 2008, penalties are imposed for contravening sections 7 and 9. If a limited liability partnership (LLP) breaches section 7(1), it and its partners face a penalty of ten thousand rupees, with an additional one hundred rupees per day for ongoing violations, capped at one lakh rupees for the LLP and fifty thousand for each partner. For breaches of section 7(4), the penalty is five thousand rupees, with similar daily fines, capped at fifty thousand for the LLP and twenty-five thousand for each designated partner. Violations of section 7(5) or section 9 incur similar penalties as section 7(1).
TaxTMI 
TaxTMI 
