{"id":86482,"date":"2020-03-05T14:46:56","date_gmt":"2020-03-05T09:16:56","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=14090"},"modified":"2020-03-05T14:46:56","modified_gmt":"2020-03-05T09:16:56","slug":"central-government-rolls-out-llp-settlement-scheme","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/central-government-rolls-out-llp-settlement-scheme\/","title":{"rendered":"Central Government rolls out LLP settlement scheme"},"content":{"rendered":"\n<p><strong>News:<\/strong>The Centre has introduced a new scheme named LLP Settlement Scheme 2020.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>About the Scheme:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It aims to help non-compliant Limited Liability Partnership(LLP) firms turn compliant and enable ease of doing business for such entities.<\/li><li>Under the Scheme,the Government provides a one-time relaxation in additional fee to the defaulting LLPs by allowing filing of pending documents and help them serve as a compliant LLP in future.<\/li><\/ul>\n\n\n\n<p><strong>About Limited Liability Partnership(LLP):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.<\/li><li>They are governed under the limited liability partnership act of 2008 with the Corporate Affairs Ministry implementing the Act.<\/li><\/ul>\n\n\n\n<p><strong>Difference between LLP vs Traditional partnership firm:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Under a traditional partnership firm, every partner is liable jointly with all the other partners and also severally for all acts of the firm done while he is a partner.<\/li><li>Under LLP structure, liability of the partner is limited to his agreed contribution.Thus,individual partners are shielded from joint liability created by another partner\u2019s wrongful acts or misconduct.<\/li><\/ul>\n\n\n\n<p><strong>Difference between LLP vs a Company:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The internal governance structure of a company is regulated under the Companies Act, 1956 whereas for an LLP it would be by a contractual agreement between partners.<\/li><li>The management-ownership divide inherent in a company is not there in a limited liability partnership.<\/li><li>LLP has more flexibility and lesser compliance requirements as compared to a company.<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:The Centre has introduced a new scheme named LLP Settlement Scheme 2020. Facts: About the Scheme: It aims to help non-compliant Limited Liability Partnership(LLP) firms turn compliant and enable ease of doing business for such entities. Under the Scheme,the Government provides a one-time relaxation in additional fee to the defaulting LLPs by allowing filing of&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/central-government-rolls-out-llp-settlement-scheme\/\">Continue reading <span class=\"screen-reader-text\">Central Government rolls out LLP settlement scheme<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[4045],"class_list":["post-86482","post","type-post","status-publish","format-standard","hentry","category-economy","tag-limited-liability-partnership","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704767963},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86482"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86482\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}