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

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

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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How Long Does It Take To Pack Up for a Move?

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Whether you’re looking for a fresh start, an upgrade in your surroundings, or a new climate, moving is a great way to do it. On top of providing a change of pace, moving can be a fun and exciting experience—after you pack up, that is.

Packing is often the most stressful part of moving prep, as you first have to decide what to pack, then how and when. And then you still have to find the time to do it all!

That’s why it’s so important to have a well-thought-out packing plan for your move. Read on to learn when to start packing, as well as a few tips for making the process easier.

When to Start Packing

As you might have guessed, there’s no one-size-fits-all answer to the question of when to start packing. After all, homes come in a variety of shapes and sizes and every household is different.

That said, you can make a rough estimate of how much time you’ll need to devote to packing depending on the number of rooms in your home.

  • Studio home/apartment: 1 day
  • One-bedroom home: 1-2 days
  • Two-bedroom home: 2-3 days
  • Three-bedroom home: 3-5 days
  • Four-bedroom home: 4-6 days
  • Five-bedroom home: 7 days

Keep in mind that this doesn’t mean you can pack a house with three bedrooms in three days in between work and other responsibilities. It means at least three days completely devoted to packing.

In addition, if you own a lot of fragile items that require extra care during the packing process, you’ll need to tack on an additional day or two.

How to Make Packing Faster and Easier

The best moving prep we can give to those short on free time is to set aside money for professional movers. Professional movers can handle the entire packing and transportation process for you, removing any packing stress you might have entirely.

If you don’t have the budget to hire removalists, don’t be afraid to reach out to friends and family to help you pack for a move. You can show your appreciation by providing lunch and snacks, and play music to make it a party!

Last, when it comes time to pack a home, one of the worst things you can do is overthink the project. Make a point to touch everything you own only once.

As you pick up each item, think about how it will serve you in your new home. If the answer is that it won’t, consider selling or donating it. Depending on the room, decluttering your home can be emotionally taxing, but a project well worth tackling nonetheless.

It’s Never Too Early to Pack Up For a Move

Living in a cluttered mess of packing materials and half-furnished rooms isn’t anyone’s dream scenario, but when it comes to moving, it truly is never too early to pack up.

As soon as you decide to move, you should at least start planning your packing strategy. It might seem like a hassle now, but you’ll thank yourself for thinking ahead when you’re packing process is smooth and stress-free.

Looking for more tips and tricks for making your next move as smooth as possible? Be sure to check out our blog!

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The Importance of Hiring Commercial Electrical Installation Services for Your Business

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The Importance of Hiring Commercial Electrical Installation Services for Your Business

Electric shock is a dangerous cause of injuries. And, for a business, it is very important to avoid these kinds of incidents as they entail serious liabilities. So, when the need arises, you should not hesitate to hire commercial electrical installation services, instead of doing the job on your own. They will have the appropriate solutions you need to keep your business running safely and efficiently at all times.

The Chief Benefits of Hiring Professional Electricians for Your Business

Whether you are constructing a new building that needs a new electrical system or need to repair or update an existing one, it is always a good decision to let the professionals do the job for you. Here are the reasons why you should hire commercial electrical installation services.

Safety

Of course, the main reason why you would decide to hire professional electricians is the safety of your establishment and everyone in it. If you work with electricity using the wrong approach, you will be creating long-term hazards that would entirely ruin your business sooner or later.

Work Quality

Licensed commercial electricians are trained in installing and maintaining business electrical systems. In fact, they undergo continuous training to keep themselves updated with current technologies used in the industry.

So, when choosing commercial electricians Brisbane businesses trust, you will be getting a team of individuals who…

  • Know the proper system your establishment should have.
  • Understand the current safety issues and know how to deal with them using ways that are compliant with government guidelines.
  • Know how to diagnose and correct a problem swiftly, and prevent them from reoccurring.

Furthermore, qualified electricians also have access to the right tools and equipment of the trade, reducing the time taken to complete your project as well as decreasing the possibility of damage.

Cost-Effectiveness

While it can be tempting to go the DIY route to save money, it could actually cost you more if you do it incorrectly. You will just end up calling the professionals after a failed installation or repair work. What’s worse, you could have caused damage that will make the project costlier.

You will be able to save a significant amount of money by getting the job right the first time with a certified electrician.

Guarantee

Work that is done by professional electricians is usually guaranteed, which means that if a problem arises on the system they installed, updated, or repaired, they will come back to fix the issue. When you hire electrical companies Brisbane businesses trust, you will have the peace of mind to enjoy a form of warranty for the electrical services you receive.

Fewer Downtimes for Your Business

 

As a business owner, you definitely know how power interruptions can hurt your bottom line. Fortunately, you can prevent or, at least, reduce operational downtimes by having a reliable electrical system in place.

And, in the event that you need your system repaired or updated, a team of highly skilled electricians can perform the job quickly and efficiently.

Energy Efficiency

Not only do licensed electricians know how to install, update, and repair electrical systems properly, but they also advise you on which fixtures and appliances to use to achieve energy efficiency.

For example, they would recommend using energy-efficient lighting systems, such as motion-detected LED bulbs, light timers, dimmers, and thermostats. These components will definitely help cut your business’s monthly energy bills.   

Vetting a Commercial Electrical Installation Service

When hiring commercial electricians for your business, you should ensure you are having the right team for the job. Remember that electrical installations are a specialised industry, thus require skilled and knowledgeable individuals. So, how will you pick the best contractor for your business?

First and foremost, you should verify if the company has a licence. This ensures they have undergone proper training and are certified to offer commercial electrical services. So, when assessing electrical contractors Brisbane has today, check their licence information with the Queensland government’s Electrical Licence Register.

Also, you should also ask if the contractor is covered by insurance. This will protect you from financial liability in case any of their team members gets injured on the job or if damage has been incurred while the project commences. This will also give you coverage if the contractor were not able to complete the job.  

Apart from checking their licence and insurance, you should also validate the quality of their work by seeking out references. Try to speak with their previous clients to know the kind of experience they had with the company. Of course, you can also visit review sites to gather feedback and visit the contractor’s site itself to read some testimonials they might have.

Conclusion

The importance of hiring commercial electrical installation services for your business cannot be stressed enough. Not only that it ensures your establishment has a reliable electrical system in place, but it also eliminates potential fire hazards and saves you from the risk of doing dangerous tasks.

While you might feel that it will cost more than the DIY route, at first, it is actually not the case. Professional electricians will offer you high-quality work that ensures your system will stay up to date and will not get damaged any time soon. So, it saves you money in the long run.

For more tips and information that you can use in making your business more efficient, check out the other articles on our site!

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Why Hire a Local Moving Company?

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Did you know that most people consider moving more stressful than divorce? Moving doesn’t have to be a nightmare!

If you’re planning to move within the next few months, hiring a local moving company can make your transition significantly simpler.

Keep reading as we walk you through some of the biggest reasons why hiring local movers is the best move…for you and your community!

You’ll Save Money

Local movers tend to charge less than their national competitors. As such, you’ll get the same great moving help you’d receive with a big-name chain for a fraction of the price.

So what’s the reason for the more affordable price? Local movers tend to charge by the hour. Since larger brands have name recognition, they realize they can charge more and often at a flat rate. If you are moving within your current state, you still need to prepare for the same logistical concerns you would face with a long-distance move. It’s just as important to do your research and make sure you’re using reputable services that give you the best value for all moving services. What size truck(s) will you need? Are you packing your belongings, or do you want the movers to do that? Will you need to rent a storage facility upon arriving in your new location if your home doesn’t have enough space for all of your belongings?

That means more money to spend on furnishing and decorating your new place!

You’re Supporting a Local Business

By shopping close to home, you’ll be able to make a discernable impact on your local economy. Every penny that goes to a small business makes a difference in your community.

So not only are you making your life easier, but you’ll be doing a good deed, too!

What’s more, finding a local business to support is easy. Just type in your area followed by ‘movers’ and you’ll get dozens of results in seconds. Most businesses, like this Local Moving Company in Louisiana, use region-specific keywords on their website so they’re easier for locals like you to find.

They’ll Make the Move Easier

The last thing you need on moving day is the stress of trying to give your movers directions. You already have enough on your mind!

Since local movers know the area, you can rest assured that they’ll have no trouble getting to your destination quickly and safely. This consideration alone can save hours of time and countless headaches.

Movers Know How to Protect Your Belongings

Let’s face it, most people just grab a box and toss their stuff in it, tape it up, and call it a day. If they’re feeling really feisty, they may even label the box.

While that may shave time off of your packing, it’s going to make unpacking so much worse for two reasons.

First, tossing everything haphazardly into boxes is a surefire way to make sure your belongings end up destroyed. Even if you’re somewhat thoughtful with your packing, a sharp turn or a pothole in the road could send things tumbling.

Second, all you have to do is label your boxes, then let your movers pack up and load/unload your items. This makes the unpacking process an absolute cinch and takes the guesswork out of unboxing.

Hire a Local Moving Company for an Easy, Stress-Free Move

Whether you’re worried about your budget or you’re just looking to keep your cherished items safe, enlisting the help of a local moving company is a great choice. It’s a win-win scenario that can make your move an absolute breeze.

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