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Limited Liability Partnership “Emerging Corporate Form” Winding up of LLP Alike Companies, LLP may be wound up either Voluntary or by the Order of Tribunal. The Rules for winding up is yet to be notified by C.G. Taxation LLP (as per the Finance Act, 2009) Profit will be taxed in hand of the LLP and not in the hands of Partners w.e.f assessment year 2010-11. Remuneration to partners will be taxed as their “income from business profession”. No Surcharge will be levied on income tax. No Minimum Alternate Tax and dividend distribution tax No Capital gain on conversion of partnership firm into LLP Designated partners will liable to sign and file Income Tax return Merits of LLP (as business model for SMEs and service providers) Separate legal entity body corporate. Low compliance burden cost. Limited Liability of partners. LLP is liable to the extent of its assets. More flexibility than company. Right of partners can be assigned to third party. Availability of solvency position in public domain increases the credit worthiness. Allows Multi-disciplinary professionals combination which provides level playing field against their international professional firm. Easy to exit/ winding up. Venture capital funds can combined with knowledge and expertise. Taxation benefits as compare to company. Thank You * * * * * * * * * * * * * * * * Overview of Limited Liability Partnership LLP Act, 2008 passed by Lok Sabha on 12th of December 2008 and the President gave assent to the Bill on 7th January 2009. LLP Rules, 2009 Notified on 01st of April 2009. Constituent of LLP Act, 2008 81 Section 4 Schedules 29 Forms Out of 81 Sections, 75 Sections were so far Notified (Except provisions on Winding up and dissolution). Out of Four Schedules, Schedule 1 defines the Mutual Rights and Liabilities of the Partner, in the absence of any matter in LLP Agreeme