What are the disadvantages of LLP?
Cannot raise equity funding, higher tax rate (30%), compulsory compliance [...]
Can LLP take donations?
No, LLPs cannot accept donations like NGOs but can receive [...]
Can LLP take a loan from a bank?
Yes, LLP can take business loans based on financial documents [...]
Is a bank account mandatory for LLP?
Yes, a current bank account is necessary for business transactions.
Is GST mandatory for LLP?
GST registration is required if turnover exceeds ₹20 lakh (₹10 [...]
Can an LLP and a Pvt Ltd have the same name?
No, names must be unique as per MCA guidelines.
Which companies cannot be converted into LLP?
Companies engaged in finance, banking, insurance, and non-profit organizations cannot [...]
Can LLP be converted to Pvt Ltd?
Yes, an LLP can be converted into a Pvt Ltd [...]
Is salary from LLP taxable?
Yes, salary received by partners is taxable as “Income from [...]
Can partners withdraw profit from LLP?
Yes, partners can withdraw profit as per the LLP Agreement.