https://www.taxtmi.com/news?id=689 The LLP is established as a body corporate and separate legal entity with perpetual succession; the LLP's assets alone meet its liabilities while partners' liability is limited to agreed contributions and partners are not liable for independent or unauthorised acts of co-partners. The Indian Partnership Act, 1932 will not apply; there is no upper limit on partners. LLPs must maintain annual accounts reflecting a true and fair view, taxation will be governed under the Income Tax Act, and provisions for mergers, amalgamations, winding up and dissolution are to be provided by the Act and its rules. en-us Sat, 13 Dec 2008 07:44:24 +0530 Sat, 13 Dec 2008 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=689 The LLP is established as a body corporate and separate legal entity with perpetual succession; the LLP's assets alone meet its liabilities while partners' liability is limited to agreed contributions and partners are not liable for independent or unauthorised acts of co-partners. The Indian Partnership Act, 1932 will not apply; there is no upper limit on partners. LLPs must maintain annual accounts reflecting a true and fair view, taxation will be governed under the Income Tax Act, and provisions for mergers, amalgamations, winding up and dissolution are to be provided by the Act and its rules. News - Sat, 13 Dec 2008 07:44:24 +0530 https://www.taxtmi.com/news?id=689