https://www.taxtmi.com/article/detailed?id=1728 The Limited Liability Partnership (LLP) combines limited liability with partnership-style internal flexibility, constituting a separate corporate entity formed by registration; partners' liabilities are limited to agreed contributions except for fraudulent conduct. Formation requires subscription and filing with the Registrar, at least two partners and designated partners, annual accounts, solvency statements and conditional audit obligations. The Act permits conversion of firms and companies into LLPs with automatic vesting of assets and liabilities, grants investigatory powers to the Central Government, allows application of Companies Act provisions by notification, and prescribes voluntary and tribunal winding up with creditor protections. en-us Sat, 19 May 2012 19:25:41 +0530 Sat, 19 May 2012 19:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1728 The Limited Liability Partnership (LLP) combines limited liability with partnership-style internal flexibility, constituting a separate corporate entity formed by registration; partners' liabilities are limited to agreed contributions except for fraudulent conduct. Formation requires subscription and filing with the Registrar, at least two partners and designated partners, annual accounts, solvency statements and conditional audit obligations. The Act permits conversion of firms and companies into LLPs with automatic vesting of assets and liabilities, grants investigatory powers to the Central Government, allows application of Companies Act provisions by notification, and prescribes voluntary and tribunal winding up with creditor protections. Articles Limited Liability Partnership - LLP Sat, 19 May 2012 19:25:41 +0530 https://www.taxtmi.com/article/detailed?id=1728