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Cen be conerted into 1 P e
Can be comverted vto
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Forelgn natonal can be a

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 t

Partner of LLP

Partners are persons (whether natural or artificial) who have subscribed their
name to the incorporation document. Any new person can be admitted to the

LLP as per the provisions of LLP Agreement.

Following can become a partner in the LLP:

Company incorporated in and outside India
LLP incorporated in and outside India

Individuals resident in and outside India

The relation of principal and agent is only between the LLP and its partners and
not between the partners per se.

0OSenses
rartner of LLP

Liability of Partners
TheLiability of Partners in LLP unuKe partnership Firm is limited to the extent of
their contribution.
Any partner of the LLF wouid not be liable for the wrongful act or omission of
any other partner of the limited liability partnership
Partners are not personally liable for any obligation of LLP arising out of a
contract or otherwise solely by reason of being a partner of the limited liability
partnership
Partners shall be solely liable for all acts done without the authority ofthe LLP
For protecting the publicinterest, section 30 provides for unlimited liability of
the partners in case any fraudulent transaction has been carried out with the
intentionto defraud with the creditors or any other person dealing with Limited
Liability Partnership

o0senses
enated Partner of LLP
Designated partner" means any partner designated as such pursuant to
section 7 of Limited Liability Partnership Act 2008 Every limited liability
partnership shall have at least two designated partners whoare individuals
and at least oneof them shall be a residentin India. In case no partner is
designated as such, or it at any time there is only one designated partner, each
partner shall be deemed to be a designated partner of the LLP
However, in case of a limited liability partnership in which all the partners are
bodies corporate or in which one or more partners are individuals and bodies
Corporate, at least two individuals who are partners of such limited liability
partnership or nominees of such bodies corporate shall act as designated
partners
An individual cannot become a designated partner in anylimited liability
consent to act as such to the limited
partnership unless he has given his prior
prescribed and heis
liability partnership in such form and manner may be
as

also required to obtain a Designated Partnerldentification Number (DPIN).

Cosens5 .ee
Designated Partner of LLP
Role: The role of Designated Partners in case of LLP is
The Designated Partners as provided under similar to that of Directors in case of Company
Section 8 are directly responsible for the compliances of all
provisions provided under LLP Act, 2008 and the proisions specified in the LLP Agreement.

Rights:Rights of Designated Partner are same as of other Partners. Like other partners they are rnot
entitled to any remuneration for thcir particpation in management of LLP unless otherwise speciicaliy
provided in the LLP Agreement.

Duties
Notify any changes in the LLP's to Registrar of Companies.
Notify any changes in the Partner's names and residential addresses to Registrar of Companies
Notify any change in Registered Office Address to Registrar of Companies
Filing of any Annual return, Statement of Accounts and other documents specified under the
provisions of LLP Act with the Registrar of Companies
Statement of Accounts and Solvency to be signed by the Designated Partners of the Company
To preserve and to produce before an inspector or any person authorized by him in this behalf with
the previous approval of the Central Government, all books and papers ot,or relating to, thelimited
liability partnership or, as thecase may be, the other entity, which are in their custody or power
Responsible for signing all the e-forms filed with the Registrar of Cormpanies

CcOsenses ee
LLP Agreement

Registration
The LLP Agreement if executed is required to be registered with the RegIstrar of
Companies. However if LLP agreement is executed before registration of LLP, the
partners will have to ratity this agreement after incorporation of LLP and file
with Registrar of Companies.

LLP Agreement shall also be liable for stamp duty as per the Stamp Duty laws
prescribed by the related State Government, where the said agreement will be
executed

halng
Ine LLP Agreement entered into can be amended as per the terms and
once

conditions mentioned in the Agreement and any change therein, must be

intimated to the Registrar of Companies within 30 days of the change

oosensS
rompliances tor LLP
ead
Compliance Penalty for Non
Compliance
Minimum number of Every Limited Liability Partnership shall have at least The Limited Liability Partnership and its every
Desigriated Parthers partners who would be
2 designated partners and partner shall be punishabie with fine which shall
Section 7(1) out of which at least l partner shall be resident in not be less than 10.000 but which may extend

Indid 5,00,000.
Procuring Designated Every Designated Partner should obtain a Every individual or partnet, wh0 1S in detault shan

Partners ldentiticationDesignated Partner 1dentitication Number (DPIN)De punshaDie with tne wnich may exend to

Number tom the Cerntral Government and in respect of this,5,000 and where the contravention is continuing

Section 6) all the provISions ot sections 266A to 2666 of the one, with further fine, which may extend to 500

Companies Act,
1956 shall apply according for every day during which the defauit continues.

L o n s e n t and Fling of consent of Designated Partner to àct as The Limited Liability Partnership and ts every

such with the Registrar of Companies in e-form 4 partner shall be punishable witt fine which shat
Particulars
than 10,000 but which 1o
of Designated Partners within 30 days of the appointment as the designated not be less
may estend
Section 7(3)& 7(4) partner 1,00.000.
Basic Compliances for LLP
Head
Compliance Penalty tor Non compliance
Vacancy Ot
Designatedlng ot acancy in
Desigated Parther within S0 days ol
Limited liabilty Parthership and
he its every partner shall

Partherecuon tu) Vancy and intimatign 01 Sartie to Regstrar or companies arnd punighabie
De with tine which shai nat be less than
10,00
in case it no
designated parther being appoirted or W any tirne but which to 1.00.000
may extend
ee s only one designated partner, then each partner shal

De deemed to be the dewgnated partner,

ange o Hegstered i l e ot
any change in tegstered otlice with the The Limited Labulty Partnership and its
every prtnier shal

Oce Secton 1303)Regitar of Companies in e form and any such change thall br punshable with fene wh hal not be less than

Change ot Name L e d Lalty antnersup nay change n% tndne regstered Person guilty ot offence shal be punishabie & habe to a

Section 19 with the Regstrar by tiling with the Regstrar notice of s u c h u n e which may entend to S.00,000 but which shall not be

change in such form and manner and on payment of such fees fess than 5000 and with a further fne which may extend to

as may be prescribed 50 for everyday after the hrst day after which the detault

contnoe
s a l l be punsha0e wth
an invoices and otticial corfespondence of the Linited Liabilty
The Limited Liability Partnership
ame
o invoiceAl
Partnership shal bear its name, address and reg'stration ine whucth shall not De less tnan
and offica
with Limited but whith mayestend to 25.000
Lorrespondente. Section
n u m b e r and a statement that it s
regstered 2000

2111) LaDilty

senses
Basic Compliances tor LLP

ATeements hages rmited Labiity

Parthernhp Ageermernt and anY Person pulty of offence shal be punshable shall be
thete in. Section 23t2)
liabile to a
Chantes made therem shalt be hied with the
tedstrar lh e ehich may extend to S.00.000 but which shal not be inss
such form and mannet and accompanied y Such fees
as han s 0 and with a further fine which may extena to 0 f0
may be prescibed
everydiay atter the first day after which the default continies

Change in Partners a p P o n DedOnes or ceaes to be a parther or The Uimited Liability Partnerihip and every
desigmated partner
Section 2 e e there 5 any change n the name or address of a h e d hability partneriip shall be
punishabile with fine
partner, natice of thie same signed by the designated which shall not be less than 2000 but which may esterid to

Darther to be filed within 30 days to the Registrar 25.000

Booksof Accounts Gimited Lability Partnership shall maintain proper Books of The Limited Liability Partnerhia shal be punishible with fine
Section 34(1 Accounts.for.each yearon cash basis whichshal not be less than 25.00 but Which mayeend to
oronacnual bisandaccordina tothe Doible knti 50.00d ervelienadpatierofuchimiteidlabilty
tem of Accounting.atits repistered office and shall get artnershio shall be punishable with fine which shall not be
them audited in accordancewth the rulea.mavbe ess than 10.000 but which may etend to 1.00.000
Brescribedotherwiseeempted by notification of the
etaaovenen

senses
Annual Compliances
Head Compliance Penalty for Non Compliance

Statement of Limited Liability Partnership shall The Limited Liability Partnersfhip

AcCounts & with in a period of six months from shali be punishable with fine which

Solvency Section the end of every financial year shall not be less than 25,000 but

34(2) prepare and file a Statement of which may extend to 5,00,000 and
Account and Solvency with the every designated partner of such

Registrar in such form and manner

limitedliabilitypartnership shall be
and accompanied by such fee as punishable with fine which shall

may be prescribed. not be less than 10,000 but which

may extend to 1,00,000.

ceSen6S
 CONVERSION OF
PARTNERSHIP/COMPANY INTO LLP
Step Deciding the
Patners and Designated Partners lor
Forming

Step OBt3iming
1 tC Designatcd Parther ldentification Number
(DPIN)
and
Digita Signatures Certificate

Step lim:
Checking Name availabiity for LLP

Step V: Drafting of
LLP Agreement
Sten
tep V:
V 1 or
Fng incorporation Documen

Step Vi:
Filing of Conversion Application

Step Vil: Cerifica I Registration

Step VIl: Information for Converslon lo the Registror of Flrms

0Sen6S
 Format and JE of LLP - Word

Dut References MailingsReviewView newihal you want to do..

Statement of Assets and Liabilities of (Period) (in Rupces

Particulars
Figures as at gures as at

the end of the the end of the

Current previous
reporting period reporting peiod

I.CONTRIBUTIONAND LIABILITIEs
( Partners Funds
uon received
Eserves and Supius Surplus being
he profnuioss made during the
year
(2) Liabilities
(a) Secured Loans
(6) Unsecured Loans
c) Short term Borrowings
(d) Creditors/Trade Payables
Advance from Customers
e ) Other Liabilities (to specity)
() Provisions
() for Taxation
(i) for Contingencies
(ii) for Insurance
other Provisions (f any)
TOTAL
(v)
. ASSETS
(a) Gross Fixed Assets (incl. Intangible Assets)
Less Depreciation and Amortization
Net Fixed Assets
(b) Investmente
(6) nves
Loans a n d Advances

(d) Invento
(e) Debtors/Trade Receivables

( Cash and Cash Equivalents

(9) Other Assets (to specity)
TOTAL

OSEnses
 of LLPWora
Layout Rererences Mailings Review
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(C) Short term Borrowings
(d) Creditors/Trade Payables
Advance from Customers
(e) Other Liabilities (to specity)
( Provisions
() for Taxation
(0) for Contingencies
(0) for Insurance
(V) Other Provisions (if any)
TOTAL
I1. ASSETS
(a) Gross Fixed Assets
(incl. Intangible Assets)
Less.: Depreciation and Amortization
Net Fixed Assets
(D) Investments
(c) Loans and Advances
(d) Inventories
(e) Debtors/Trade Receivables
ash Equivale
ASsets (to specity)
9tner
TOTAL

Notes
(a) Contingent liabilities not provided for
(b) The disclosures under provisions of section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006 may be added as attachment to this Form.
(c) Any other disclosures the LLP thinks proper to disclgse.

Signature of Designated Partners. of LLP-

or authorized representatives (AR) of a Foreign LLP DPINS

ed States)
 Fermat and of uP .

Word
Home naern Design Lyoueferences Malings Reviw ew e l me what you
tor the period trom

Current Year Previ

Income
Gross Turnover
Less:GS
Nel Tunover Details
Domestic Turnover
(0) Sale of goods manutactured
(n) Sale of goods traded
ii) Sale or supply of services
Export Iurnover
Sale of goods manufactured
0
of goods traded
i) Sale
Sale or supply of services
Cim)
Other Income (to specify)
increase/(Decrease) inand
Stocks lincluding
finished
for raw materials,

Work-in-progress goods
TOTAL INCOME
-1

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2TC Haze G 0-12 30220
 omt -Wod
LUreCsenueueasejuL OtOukS uTCIuamg tUT Ta cteiraS
work-in-progress and finished
goods
TOTAL INCOME
Expenses
Raw Material consumed
made for re-sale
Purchases
Consumption ot Stores and Spare parts
Power and Fuel
Personnel Expenses
Administrative Expenses
Payment to Auditors
Selling Expenses
Insurance Expenses
Depreciation and Amortization

nterest
Other Expenses (to specify)
Net Profit or Net Loss before Taxes
Provision for Tax
Profit after Tax
transferred to Account
Profit Pariners

2rc Haze 0-12 2022

 Format and Eof
uP-Wond
o eerenceSMaings Revw iew Vtelme what you want to de
Sgn in w
Raw Material consumed
Purchases made for re-sale

Consumption of Stores and Spare parts

Power and Fuel
Personnel Expenses
Administrative Expenses
Fayment io Audilors

|Selling Expenses
Insurance Expensess
|Depreciation and Amortization
Interest
Other Expenses (to specify)
Net Profit or Net Loss before Taxes
Provision tor Tax
Profit after Tax
Profit transferred to Partners' Account
Profit transferred to Reserves and Surplus

g h u u t r i t sMatrst

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Home sert Design ao References Maliy Review Vee 9 te m uhut e
AJeAMACLALDuAU mcs

Adjustment R Account Balance Sheet

A. Errors
1. Sales Not Recorded Add to Sales
B as per T Add to Debtors as per T B.
2. Purchases Not Recorded Add to Purchases as per TB Add to Creditors as per TB
3. Goods On Salo or Return (a) Sold Deduct Sale Value (a) Sold: Deduct Sale
from Sales Value from Debtors
(b) Unsold Add Cost to Closing )Unsold Add Cost to
Stock Closing Stock
4. Revenue Expenses Add to Expense Ac Deduct from Asset Alc
Treated as Capital
Expenses
 5. Capital Expenses treated Deduct from Expense Alc AGU to ASset Alc
venue EXpenses
B.Gurront Expenses
6. Prepaid Expenses
Deduct trom Expense AlcC Show on Assets side under

7 Outstanding Expenses
LOns du sUvdtCes
Add to EXpense AC Show on Liability Side undor
rednor5/ 106 ayoi
8 Depreciation
nOw On Debit Side under Deduct trom Gross Cost of
Deprecaion and Amortisation Each As5et
9. Closing StockK on Credit
Show Side under Show on ASset Side under
Tncreaser(Oecrease)n stoCRS nventoris
10. Deferred Revernue Exp Amount written off
Show on Show Rermaining Balanca

WrittenOff Debit Side under EXpenses on Assets side

C. Curront Income
11.Income Due Not Add to Income Alc Show on Assets side under
Received Other Assets

senSES
.Curtrent income
11.fhcome Due Not
Acehiostieie Show on Assets Side under
QUner ASsets
12. Income Receved tn Deduct trom Income A
ACvance
D. Provisions/Reserves
13. Reserve for Doubttul Bad Debts Deduct New Reserve
Debts Add: New Reserve from Sundry Debtos
Less Old Reserve
Final Figure Note
14. Reserve for Discount Discount Deduct New Kesee
n Debtors Add New Reserve r o i i u r o y Deotos
Less: Old Resere
Final Figure [Note 21

E Losses/Gains
16. Goods Given Away (a) Deduct Cost from Purchas
as Samples (6) Show Cost on Dr. of P & L AC
as Selling Expenses

serses