Changes In Limited Liability Partnership
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Changes In LLP (Limited Liability Partnership)
A Limited Liability Partnership (LLP) is governed under the Limited Liability Partnership Act's rules. All LLP should have at least two partners.
Agreement of the LLP is similar to Memorandum of Association and Articles of Association of a company. In the agreement, the nature of business activities, rights, duties are mentioned.
An LLP can be closed if it should not commence business or is not involved in business activity for the last year. The closing application needs to be listed with all the firm's mutual consent within 30 days of its passing.
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Every Company registered under the Companies Act must file individual returns with the registrar of companies annually, whether Private Limited Company / OPC or Limited Liability Partnership is required to register their returns annually.
Goods and services tax is a value-added tax on goods and services sold for in-house consumption. It is paid to the government by the firms selling the goods and services, and consumers pay Tax on their purchases.
A conversion is a filing done with the state of incorporation, allowing a company to change from one business model to another. A company can change its legal arrangement for many reasons and may reach a point where it must change its type to another entity type.