It has been a while since I have considered / looked at LLP's. However, is it me but when you look at a Ltd company v LLP situation assuming all profits are extracted by shareholder via small salary ...
And not all PTPs are MLPs; some could be publicly traded limited liability companies (LLC) that have decided to be taxed as a partnership. Just as with ordinary shares, when investors sell shares ...
The National Financial Reporting Authority (NFRA) plans to apply auditing standards to Limited Liability Partnerships (LLPs). These standards, previously set for companies, await government approval.
But in case of LLP, there is no such mandatory requirement. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the ...
A partnership is a relationship between individuals who have agreed to share the profits of a business carried on by all or any one of them acting for all as stated in Section 4 of the Indian ...