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Emerging concepts and unique characteristics of LLP that you need to know Emerging concepts and unique characteristics of LLP that you need to know

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Emerging Concepts & Unique Characteristics Of LLP That You Need To Know

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Defining LLP

LLP is the organization’s form, which offers the benefits and flexibility to the partnership and the limited liability to the company based on the mutually agreed agreement.  LLP is an incorporated, formulated and registered under the LLP (limited liability partnership), act 2008 with the perpetual succession and limited liability.

It is remarkable to consider that the provisions of the Indian partnership act, 1932 will not apply to the businesses looking for LLP company registration in India

Unique features betwixt LLP and the partnership.

FeatureLLP Partnership
Governed by Limited liability partnership act, 2008Indian partnership act, 1932
Distinguished legal personality LLP possess distinct legal personality. It can sue and be sued in its own nameIt is not the distinct from the people who composes it
Registration Registration for LLP is compulsoryRegistration for partnership is not mandatory but optional
Principal documentLLP agreementPartnership deed
Liability Limited liability only to the extent decided by the partnersThe liability of the partners is infinite
Maximum number of partnersThere is no upper limit given for the maximum number of partnersMaximum of ten partners in case of banking and twenty in case of other businesses
Designated partnerEvery LLP must have at least twelve designated partners and of which one has to be Indian residentThere is no such designated partners but there can be one or more managing partners
DIN (director identification number) The designated partners should have DIN (director identification number). Earlier it was known as DPIN (designed partners identification number) which was integrated with DIN with effect to July, 2011There is no such requirement of DIN for managing partners
Perpetual succession The insolvency or demise of any or all of the partners does not dissolve the status of the LLP (limited liability partnership)The insolvency or demise of any or all of the partners would dissolve the partnership firm
Business transaction with the partnersA partner of the LLP (limited liability partnership) in his/her personal capacity is allowed to business with the LLP (limited liability partnership)A partner of a partnership firm is not allowed to carry out the business transaction with the firm in his/her personal capacity unless specified in the partnership deed

Here are some of the salient characteristics of the LLP (limited liability partnership).

LLP (limited liability partnership) is a corporate body and a legal entity distinct from its partners. Any two or more individuals associated with conducting a lawful business with a view in mind to share the profit might by subscribing their name to the incorporation document and submitting the same with the registrar can form the LLP (limited liability partnership).

LLP (limited liability partnership) has perpetual succession.

LLP agreement – it is an essential document in the LLP (limited liability partnership) such as AoA and MoA in the case of a company. The partners’ mutual duties and rights about the firm are determined in the LLP agreement. If there is no such agreement, then partners’ mutual rights will be determined by the provisions of the LLP act, 2008.

Partners – there has to be a minimum of two partners. There is no upper limit to the number of partners in the LLP (limited liability partnership).

Responsibilities of the partners – no partner will be personally liable either directly or indirectly for the acts of the LLP (limited liability partnership) and the other partners of the LLP (limited liability partnership).

Designated partners – any individual can become the partners in the LLP under LLPA. Every LLP (limited liability partnership) should at least have two partners as designated partners, and at least one of them has to be an Indian resident. Every designated partner should acquire DIN. The designated partner will be responsible for complying with provisions of the act; otherwise, he/she will be liable to all penalties imposed on the LLP (limited liability partnership) for infringement of provisions of the act.

Maintaining the books of account – every LLP should keep the books of account that are enough to show and explicate its transactions. It should have particulars of all sums of money received and expended, assets and liabilities, records concerning income and expenditure, inventories, statements of cost of goods purchased, work in progress and cost of goods sold. It has to be preserved for eight years from the date on which they are prepped. Every LLP is obliged to submit a statement of account and statement of solvency within one month from the end of six months of the previous year to which such statements relate.

LLP audit – LLP whose turnover is more than Rs. Forty lacs or contribution beyond Rs. Twenty-five lacs are obliged to fulfill audit requirements for an LLP.

Submitting annual returns – every LLP is obliged to submit an annual return along with a certificate from a practicing company secretary to the effect that he/she has examined and verified all the particulars from books or records of the LLP. Where LLP’s turnover is more than Rs. 5 crores or contribution beyond Rs. Fifty lacs then the annual return has to be accompanied by a certificate from a designated partner other than the signatory of annual return.

Even though LLP is a new concept, it is very suitable for most businesses in the market. That’s why you should take advice from professionals before going through it.

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Enhancing Team Productivity through Effective Feedback

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Enhancing Team Productivity through Effective Feedback

In today’s competitive work environment, enhancing team productivity is vital for any organization’s success. Effective feedback, a cornerstone of performance management, can significantly improve productivity by providing employees with clear guidance, motivation, and support. It fosters an environment where team members feel valued, understand their contributions, and know how to align with team goals. In this article, we explore the impact of effective feedback on productivity, strategies to deliver it well, and ways to embed it into performance management systems.

How Feedback Improves Team Productivity

Feedback helps team members understand their strengths, identify improvement areas, and connect their work with team objectives. This clarity boosts productivity by encouraging employees to focus on tasks that truly matter and improving their skills along the way.

  1. Improving Clarity and Focus: When expectations are clear, employees have a better understanding of how to prioritize their tasks. Feedback clarifies these expectations, helping team members see the bigger picture and work toward common goals. This clarity not only improves individual performance but also aligns the entire team for better results.
  2. Building Confidence and Reducing Fear of Failure: Constructive feedback reinforces strengths and helps employees feel more confident in their roles. By framing feedback in a way that promotes growth, managers create a safe space for employees to take initiatives, make improvements, and focus on skill development. When employees feel empowered and unafraid of making mistakes, they are more likely to contribute to the team’s productivity.
  3. Increasing Accountability and Engagement: Regular feedback establishes a culture of accountability. Employees understand that their performance is observed and appreciated, motivating them to maintain or improve their efforts. It also increases engagement, as team members feel their work is valued and that their growth matters to the organization.

Characteristics of Effective Feedback

For feedback to truly enhance productivity, it must be structured and delivered effectively. Here are some qualities that make feedback productive:

  1. Specific and Actionable: Feedback should be clear, detailed, and actionable. General feedback like “good job” or “needs improvement” lacks guidance. Instead, feedback should include specific examples and suggestions on what to keep doing or change. For instance, saying, “Your presentation was engaging and well-organized, especially the visuals,” provides clear insight on strengths.
  2. Timely and Regular: Feedback should be given promptly, soon after the event or behavior it addresses. This ensures relevance and allows employees to make immediate improvements. Regular feedback sessions, whether through one-on-ones or check-ins, keep team members aligned and focused.
  3. Balanced and Constructive: Effective feedback includes a balance of positive reinforcement and constructive criticism. Acknowledging achievements and areas of strength builds confidence, while constructive criticism supports improvement without discouraging employees.
  4. Two-Way Communication: Feedback should be a dialogue, not a monologue. Encouraging employees to share their thoughts and ask questions helps create mutual understanding. When employees feel comfortable sharing their perspective, they are more open to feedback, fostering a culture of trust and respect.

Implementing Feedback in Performance Management

Integrating feedback into a performance management system provides structure and consistency, making it a continuous part of the team culture. Here’s how to embed feedback effectively within performance management:

  1. Set Clear Expectations: Clear expectations lay the groundwork for productive feedback. When team members know what is expected of them, feedback can be more targeted. Regular performance reviews, along with informal check-ins, provide an opportunity to reinforce these expectations and address any gaps.
  2. Create Continuous Feedback Loops: Annual reviews alone aren’t enough for modern work dynamics. Establishing continuous feedback loops—where feedback is given regularly—ensures that employees can adjust their actions promptly. This keeps the team on track toward their goals, fostering a culture of continuous improvement.
  3. Incorporate Peer-to-Peer Feedback: Feedback from peers can be just as valuable as feedback from managers. Peer feedback helps team members gain a well-rounded perspective, build camaraderie, and improve collaboration. It also distributes the responsibility of feedback, creating a supportive and communicative team culture that boosts overall productivity.
  4. Focus on Developmental Feedback: Feedback should not only address current performance but also encourage skill development. By focusing on growth areas that align with the employee’s career goals, managers can inspire improvement and commitment. Developmental feedback within performance management emphasizes growth, building a team that’s continually improving in skills that benefit the organization.
  5. Leverage Digital Tools for Real-Time Feedback: Performance management tools can help streamline the feedback process. Platforms that enable real-time feedback make it easier for managers and employees to track progress, set reminders for regular feedback, and maintain records of growth. With digital tools, feedback becomes an efficient and integral part of everyday team dynamics.

Conclusion

Effective feedback is a key driver of team productivity. By providing clarity, building confidence, and encouraging accountability, feedback empowers employees to perform at their best. When embedded within a performance management system, feedback transforms from occasional advice to a continuous improvement tool, fostering a positive, high-performance culture.

Organizations that prioritize effective feedback in their performance management strategies will see a more engaged, motivated, and productive workforce. In the end, when team members feel guided, valued, and aligned with organizational goals, they are more likely to go above and beyond, contributing to the success of the team and the organization as a whole.

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Home Office Haven: 6 Tips for Putting Together Your Perfect Home Office

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Home Office Haven

Working from home has become increasingly common, and having a well-designed home office can make a big difference in your productivity and job satisfaction. Whether you’re converting a spare room or carving out a corner of your living space, here are seven tips to help you create the perfect home office.

1. Choose the Right Location

The first step in setting up your home office is finding the right spot. Look for a quiet area with minimal distractions and plenty of natural light to keep the good vibes going. Consider using a spare bedroom, a section of your living room, or even a converted closet if space is tight.

If you’re in the process of buying a new home, take the time to explore display homes to get ideas for potential office spaces. This can help you envision how different layouts might work for your needs.

2. Invest in a Good Chair and Desk

Since you’ll be spending a lot of time in your office, it’s crucial to have comfortable, ergonomic furniture. Choose a chair that supports your back and allows you to keep your feet flat on the floor.

Don’t be afraid to try out different options before buying. A standing desk or a treadmill desk might be worth considering if you want to reduce the amount of time you spend sitting.

3. Organize Your Space

A clutter-free workspace can help you focus and be more productive. Use shelves, drawers, and storage containers to keep your supplies organized and easily accessible.

Consider using a filing cabinet for important documents and a cord management system to keep cables tidy. Make sure to label everything clearly so you can find what you need quickly. Remember, a place for everything and everything in its place.

4. Light It Right

Good lighting is essential to reduce eye strain and maintain your energy levels throughout the day. Bring in natural light whenever possible. For darker days or evening work, use a combination of overhead lighting and task lighting, such as a desk lamp.

Also, avoid placing your computer screen directly in front of or behind a window to prevent glare. If you can’t avoid this, consider using curtains or blinds to control the light.

5. Create a Background for Video Calls

With video calls becoming a regular part of many jobs, it’s important to have a professional-looking background. Choose a wall in your office to serve as your video call backdrop.

Keep it simple and uncluttered, but consider adding a few tasteful decorations or a bookshelf to make it visually interesting. If you don’t have a suitable wall, you can use a room divider or hang a curtain to create a makeshift background.

6. Think About Your Tech Needs

Finally, make sure your office is set up to meet your technology needs. This might include:

  • A second monitor if you often work with multiple windows open
  • A good quality webcam and microphone for video calls
  • A printer, if you frequently need hard copies of documents

Don’t forget about power needs – make sure you have enough outlets for all your devices, and consider using a surge protector to safeguard your equipment.

Create a Space That Works for You

Creating the perfect home office takes some thought and effort, but it’s worth it in the long run. A well-designed workspace can boost your productivity, reduce stress, and make working from home a more enjoyable experience.

Remember, your office should be tailored to your specific needs and work style, so feel free to adjust these tips to suit your situation.

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The Perfect Domain: What to Consider When Choosing Yours

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The Perfect Domain

The domain name may seem insignificant to business owners new to the online game. After all, it’s just a sequence of characters that contains your business name, right? How important could it be? The customers will figure it out in the end…

Well, you may be surprised to learn that it actually plays an integral role in your marketing strategy. For many customers, your web address is the first impression it has with your business, and therefore it must be easily-memorable and searchable.

Otherwise, they may give up on visiting your website before they’ve even really considered your awesome product offering!

With this in mind, here are some important considerations when choosing your web address:

  1. It should be simple

When it comes to domain name registration, nothing is more off-putting to a customer than a convoluted web address. They should be able to hear your web address from a friend or see it on a flyer before immediately searching it on their smartphone or, at the minimum, be able to remember it upon returning home.

Let’s say you run a technology repairs store called “Easy Technology Repairs”. Sure, you could include all of this in your web address and make it read something like “www.easytechnologyrepairs.com.au”. But it’s simply far too long and the customer will likely have a hard time remembering all that when it comes time to choose your service to fix their television.

Instead, you could choose something as simple as “www.easytech.com.au” and the customers will have little trouble remembering it when they jump on the train or get home to their laptops. A simple and easily-memorable web address makes it much easier for the customer to remember and this will help drive conversions.

  1. It should typically only contain letters

With the exception being if your actual business name actually has numbers in it. Let’s say you run a travelling tailor and dry cleaning company called “Tailors To You”. Sure, the web address “www.tailors2you.com.au” may look sleek, but it can also confuse the customer who has already seen your name spelled “Tailors To You”.

Therefore, when they go to type the web address “www.tailorstoyou.com.au” and find that it doesn’t come up with your website they will be immediately deterred and look for your product through a competitor. Therefore, you should only include numbers (and special characters for that matter) if they are actually included in your business name!

  1. It should pertain to your business

There is nothing wrong with including a special keyword in your web address if it actually pertains to your business. For example, you run a pool building company called “Sweet Summer” but don’t actually have the word “pools” in the business title.

One of the best things you can do here is include the keyword “pools” in your web address to make a web address like “www.sweetsummerpools.com” to ensure that both your clients and search engines like Google know what kind of content can be found on your website.
This will not only make it easier for prospects to remember your web address, but it also works well for Google, who absolutely loves knowing what kind of content can be found through a business’s web address. The search engine will have little trouble categorising your website and will therefore be likely to rank it higher in the search engine results pages!

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