New Delhi: Limited liability partnerships (Llps) have started registering themselves on the government website, ‘www.llp.gov.in’.
“Till Sunday, seven Llps were registered Two more firms are expected to register today (Monday) as they have begun work,” said a person on Monday, who is closely associated
with the registration of Llps. He spoke on condition of anonymity.
The ministry of corporate affairs has devised a paperless system for Llps to register online.
An Llp is a corporate entity that comes between a company and a partnership firm. It enjoys the limited liability of a company as also the flexibility of a partnership firm.
The Llp Bill, which gives better business opportunities to entrepreneurs as also venture capitalists, lawyers and chartered accountants, was passed in Parliament last year.
Prem Chand Gupta, minister for corporate affairs, had then said that the first Llp firm will be registered on 1 April.
“Corporate Professionals on its website ‘www.llponline.in’ has created a model form where the registering firm has to give all details required by the government portal and on behalf of the firm, we (Corporate Professionals) fill up the details required by the government portal,” said Pavan Kumar Vijay, managing director of Corporate Professionals (India) Pvt. Ltd, a New Delhi-based consultancy firm that is helping firms register as Llps.
While all other provisions requiring a firm to register as an Llp are complete, the taxation structure (whether the tax liability of an Llp will fall on the firm or respective partners) will be decided by bringing about a change in the Income-tax Act, 1961. The taxation structure will be decided when the new government is formed. Sangeeta Singh