Audit

+ Whether it is necessary to get the accounts of the llp audited?

+ Is there any requirement for appointment of Auditor?
+ Who can be appointed as the auditor of llp?

Activities of LLP

Whether LLP can carry on activities related to financing, accepting deposits &
+
other NBFC activities?
What sort of actvities cannot be carried by LLP?

Contribution by Partners

+ What do you mean by Contribution?

+ What can be the form of contribution?

+ Whether contribution can be increased?

+ How to work out the monetary value of contributions? If any rules prescribed
whether the same are in conformity with general principles of valuation?

+ Ownership of business and Profit & Loss sharing ratio- whether the two may be
different? If yes, how the ownership of business be determined -Whether by capital
contribution or otherwise?

+ Initial capital contribution to remain fixed or the same may keep on fluctuating
with the addition/ withdrawal of additional capital or with addition/ deletion of Profit
& Loss?

+ Whether partner can withdraw their contribution like drawings in case of

partnership?

+ Whether contribution can be reduced in LLP?

+ whether it is necessary for partners to contribute in the LLP?

Designated Partner Identification Number

+ What are the documents required to be filed for allotment of DPIN ?

+ What is the procedure of obtaining DPIN?

+ What are the additional information/ documents required in case of a foreign

national?

+ How much times it takes to get the DPIN approved?

+ What are the grounds for rejection of DPIN application ?

+ What is the validity of regular DPIN ?

+ Whether we need to have DSC for obtaining DPIN?

e-Filing

+ Do we need to register for efiling?

+ What are the requirement for registration as Business User?
+ Whether registration of DSC is necessary for efiling?
+ Whether eform can be saved?
+ Is there any software requirement for e-Filing?
+ What are the fee payment modes availiable for e-filing?
+ What precaution should we keep in mind while registering our DSC?
+ Who are required to register their DSC?
+ we are doing the e-filing but it is showing
Whether there is Registrar of LLP for each state, as in case of Registrar of
+
Companies?
+ Whether for generating DPIN, it is necessary to register as Business User?
Whether it is necessary to create a separate registration as business user for each
+
designated partner?
Investigation

What are the measures that can be taken against a LLP, which is engaged in
+
fraudulent activities?
What will be the role of Government in regulation of LLPs? How will the Act able
+
to prevent fly-by-night promoters or LLPs vanishing after incorporation?
Does the Inspector have the power to carry out investigation into affairs of related
+
entities?
+ Does the Inspector has power to seize the documents upon investigation?
+ Who shall bear the expenses on investigation?
+ What all documents shall be kept open for inspection by a LLP?

LLP Agreement

How the mutual rights and duties of partners inter-se and those of partners and
+
LLPs would be governed?
+ Whether LLP Agreement would be mandatory for all LLPs?
(b) Whether LLP Agreement can provide that a cessation of partner by giving 30
+ days notice as provided in Section 24(1) cannot be done or can be done in a
different manner?
+ What is the stamp duty payable on LLP Agreement?

Merger & Winding Up

+ Whether two LLPs would be allowed to merge?

+ What would be the provisions in respect of winding- up of LLPs?
Nature of Limited Liability Partnership

+ What is �Limited Liability Partnership�?

+ What are the benefits of forming an LLP?
+ What is/are the difference between LLP & �traditional partnership firm�?
+ What is/are the difference between LLP & a Company?
+ Whether LLP is required to have any Common Seal?
Whether an entity having �charitable or other not for profit objectives� would
+
be able to set up under LLP Act?
+ Whether it is necessary for all partners to participate in management of LLP?
+ Who will be more benefited with LLP form of business
+ Whether CA/CS/CWA can practice under LLP?
+ Why LLP is called a flexible organization?

Registered Office

whether it is possible to change the registered office of the LLP from one state to
+
another?
Whether LLP can give any other address (besides its registered office) for the
+
purpose of receiving communication from Registrar?
+ Can there be a single registered office for more than one llp?
+ Can I change my registered Office?

Applicability of Limited Liability Partnership Act

+ Whether provisions of Indian Partnership Act, 1932 would be applicable to LLPs?

Compliances by LLP

+ Whether every LLP would be required to maintain and file accounts?

+ What are the obligation with reference to the financial disclosures in the LLP?
Whether the Registrar would have any power to call for information from
+
LLPs?
+ Who is responsible for compliances under LLP?
+ Is there any requirement for appointment of a Company Secretary?
The LLP Act 2008 talks about procedure for change in name, registered office
of LLP, changes regarding name and address of partners and designated
+
partners has also been provided but nothing is provided regarding change in
proposed business of LLP.

Conversion into LLP

Click on the FAQ for detail

Whether other business entities like firm or company would be able to convert
+
themselves into LLP?
Whether LLP would be able to convert itself into company under the Companies
+
Act, 1956?
What are the requirements and consequence provided in the Act in respect of
+ licences, permits, approvals etc obtained by a firm, private company or an
unlisted public company, prior to its conversion into LLP?
+ What will be treatment of reserves in case of conversion to LLP?
+ Whether any capital gain is payable on conversion of partnership into LLP?
+ Whether any capital gain is payable on conversion of Company into LLP?
+ What will be the treatment of profit & losses in LLP on conversion?
+ What are benefits of conversion of company into LLP?
+ What are benefits of conversion of partnership into LLP?
Whether it is necessary for all partners/members to become partner of LLP post
+
conversion?
+ What are the basic conditions for conversion of company into LLP?
Whether any provision is required in the Companies Act 1956, for allowing
+
companies to convert into LLP?
+ Whether any stamp duty is payable on conversion of company into LLP?
+ Whether do we need to execute any instrument for transferring the assets &
 liabilities on conversion of company into LLP?
Whether LLP is required to register charge with Registrar of LLP, as in case of
+
Companies?
+ Whether MAT will be carry forwarded after conversion of Company into LLP?

Digital Signature Certificate

Click on the FAQ for detail

+ What is a Digital Signature Certificate?
+ For what other purposes I can use Digital Signature Certificates for?
Why is Digital Signature Certificate (DSC) required for Limited Liability
+
Partnerships ?
Is LLP required to obtain a Digital Signature Certificate in its own name for
+
efiling?
+ Are all Designated Partners of a company required to obtain DSC?
Is Designated Partner Identification Number (DPIN) a pre-requisite to apply for
+
DSC?
+ How is a Digital Signature affixed to an e-form?
+ Can I do e-filing of documents if I do not possess a DSC?
How can I carry a Digital Signatures Certificate to the Physical Front Office
+
(PFO)?
+ What safety precautions should one take while using a Digital Signature?
+ What is the difference between digital signatures and electronic signatures?
+ Who issues the Digital Signature Certificate?
+ What is a Certifying Authority (CA)?
+ What are the different types of Digital Signature Certificates?
What type of Digital Signature Certificate (DSC) is to be obtained for eFiling on
+
the MCA Portal?
+ What is the cost of obtaining a Digital Signature Certificate?
+ How much time do CAs take to issue a DSC?
+ What is the validity period of a Digital Signature Certificate?
+ What is the legal status of a Digital Signature?
+ Can I procure Digital Signatures from outside India?
What are the documents which are required to be submitted for obtaining Digital
+
Signature Certificates?

Incorporation of LLP
Click on the FAQ for detail
+ What are the incorporation formalities relating to LLPs?
+ Whether LLP requires a registered office?
What is the treatment for stamp duty issues, both in terms of original
+ incorporation and conversion from other business structures? Would there be any
stamp duty exemption in case of conversion?
+ Whether foreigners can incorporate LLP ?
+ What are the baisc requirements for incorporating a LLP in India?

Liability of Partner

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What is the liability of a Partner upon reduction of minimum number of members
+
in an LLP?
+ Whether a partner by holding out will be liable under the Act?

LLP Name

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+ Can the name of LLP be reserved?
+ How can I change the name of my LLP?
+ Can i choose any name i want for my llp?
+ What does �same as� or �identical� means
+ Which names need approval?
+ Whether my choice of name can be rejected?

Miscellaneous

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What are the provisions being proposed in the Act for striking off defunct LLPs?
+ Whether LLPs would be allowed a less stringent framework for closing of
business?
+ Whether provisions of the Companies Act, 1956 would be applicable to LLPs?

Partners and Designated Partners

Click on the FAQ for detail

What are the restrictions in respect of minimum and maximum number of
+
partners in an LLP?
 + Whether a body corporate may be a partner of an LLP?
+ What are the qualifications for becoming a partner?
+ Is there any residency requirement for becoming partner?
+ What are the requirements in respect of ’Designated Partners’?
+ Who can be a ’Designated Partner’?
+ How can a Designated Partner be nominated?
Whether it is necessary to have more resident in India designated partners than
+
outsiders?
+ What is Designated Partner Identification Number (DPIN) ?
+ How can a person become a partner of an LLP?
+ How can an existing partner cease to be a partner of an LLP?
+ What will be the obligation of a partner in case he changes his name or address?
Is a partner ceased from his liability on his cessation of being the partner of the
+
LLP?
+ What shall be the rights of the partner on his cessation to become a partner?
+ Can partners be prosecuted?
+ Whether a Foreign National can be appointed as Designated Partner?
+ Who is responsible for compliance?
+ Whether it is necessary for all the partners to participate in the management?
+ Can partners be prosecuted?
+ Who is a Designated Partner?
2. Designated Partners are responsible for matters in respect of compliance of
provisions of LLP Act. It does not mean that Designated Partners shall be the
+
managing partners. Designated Partners may be from only view of legal
compliance, managing partner
3. As per Section 8(a), Designated Partner is responsible for all compliances and
+ filing of documents pursuant to the provisions of this Act and as may be specified
in LLP Agreement. Who shall be responsible for compliances under other Acts?
When both the rights are transferred and the partner is non-managing partner, in
what capacity can he remain associated with the LLP? As subsection (2) provides
+
that transfer of such rights does not by itself cause the disassociation of the
partner.
What is the status of transferee after getting the rights to share profit or loss from
+
another partner in the LLP?
Whether LLP Agreement can provide that Economic Rights of partners cannot be
+
transferred in the manner provided in Section 42?

Tax on LLP
Click on the FAQ for detail
+ What is the tax treatment being provided for LLPs?
+ Who will be responsible for signing the Income tax return
Whether interest on contribution is allowed under LLP? If yes, whether deduction
+
of such interest would be allowed to LLP
+ Whether is there any limit on payment of remuneration to partners?
+ Whether MAT or Dividend Distribution tax will be applicable on LLP?
+ What is pass through taxation system?
What will be the treatment of remuneration in the hands of the partners under
+
Income Tax?
Whether assignment/transfer/gift of the interest of partner to third person will be
+
subject to income/capital gain tax?
Whether assignment of interest in LLP by any partner to other , shall be subject
+
to tax liability?
+ Whether introduction of intangible contribution in LLP will be taxable?