Taxmann’s LLP Ready Reckoner by V.S. Datey

Description

The LLP Ready Reckoner is a comprehensive guide to the legal and practical aspects of Limited Liability Partnerships (LLPs) in India. Updated to incorporate the latest amendments to the LLP Act and Rules, this book provides a detailed analysis, step-by-step procedures, illustrative examples, and comprehensive coverage of key topics, including incorporation, roles of partners and designated partners, administrative compliance, taxation, and foreign investments. Built on the premise that LLPs strike a balance between the flexibility of partnerships and the structured framework of companies, this book synthesises legal provisions, best practices, and practical scenarios, making it an essential resource for anyone involved with LLPs.

This book is intended for the following audience:

Chartered Accountants, Company Secretaries, Cost Accountants, and Other Professionals – For guidance in advising clients on LLP formation, governance, accounting, and compliance
Legal Practitioners and Law Firms – For detailed reference on procedural aspects, recent amendments, and intricacies of LLP regulations
Entrepreneurs and Business Owners – For understanding the nuanced benefits and obligations of operating a business through an LLP structure
Students and Academics – For learning about LLP law and practice through a structured, topic-wise analysis and updated legislative references
Regulatory Authorities and Corporate Decision-Makers – As a ready reference for administrative guidelines, compliance requirements, and best practices
The Present Publication is the 2025 Edition and has been amended up to 20th May 2025. This book is authored by Mr V.S. Datey, with the following noteworthy features:

[Latest Amendments] Incorporates all recent legislative updates, including provisions from the Limited Liability Partnership (Amendment) Act 2021
[Practical Insights] Detailed procedures for incorporation, drafting of LLP agreements, admission and cessation of partners, maintaining accounts, and filing returns
[Administrative Guidance] Step-by-step compliance checklists, sample forms, and filing guidelines, including instructions for e-filing on the MCA portal
[Taxation & FDI] Covers taxation of LLP under Income-tax laws, Alternate Minimum Tax (AMT), start-up recognition, foreign direct investment guidelines, and overseas investments by LLPs
[Illustrative Drafts & Model Agreements] Includes sample LLP Agreement formats, resolutions, and step-wise instructions for conversions (firm to LLP/company to LLP)
[Easy Cross-referencing] Contains a comprehensive Section Index and Subject Index to locate specific provisions quickly
[Coverage of Allied Laws] Explains interplay with the Companies Act and other relevant legislations that apply to LLPs, such as FEMA (for foreign and overseas investments)
[User-friendly Layout] The book employs tables, flowcharts, and bullet points for clarity
[Sample Documentation] Model agreements, sample resolutions, and illustrative forms help readers implement theoretical knowledge in practical scenarios
[Practical Checklists] Each chapter includes compliance checklists, deadlines, and practical ‘dos and don’ts’ to minimise errors and default
The coverage of the book is as follows:

Incorporation of LLP
Incorporation document & procedure
Naming guidelines & reservation of name
Registered office requirements
Post-incorporation compliance
Partner & Designated Partner
Minimum and maximum limits
Liabilities, duties, and disqualifications
Changes in partners (admission, cessation, expulsion)
Designated partner responsibilities
LLP Agreement
Essential clauses & standard provisions
Drafting tips & model drafts
Amendments to agreement
Accounts, Audit, and Annual Returns
Maintenance of financial records
Appointment/removal of auditors
Filing of annual returns & penalties
Routine Management & Administrative Control
Meetings, resolutions, and day-to-day oversight
Role of the Ministry of Corporate Affairs (MCA), Registrar, and Regional Directors
E-filing procedures & additional fees
Compromise, Arrangement, and Winding Up
Schemes of amalgamation and reconstruction
Strike off & dissolution of defunct LLPs
Tribunal powers
Investigation & Penalties
Powers of inspectors, production of documents, seizure
Penalties for non-compliance and adjudication process
Compounding of offences & proceedings before Special Courts
Other Critical Areas
Taxation of LLP, including partner remuneration, interest, AMT
Foreign Direct Investment (FDI) in LLP
Overseas Investment by LLP
Conversion provisions (from firm/company to LLP, and vice versa)
Appendices
Full text of the Limited Liability Partnership Act 2008
LLP Rules 2009
LLP (Amendment) Act 2021
Subject Index for quick reference