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If an LLP fails to file the annual income tax return and the Ministry of Corporate Affairs, then they need to pay a penalty of INR 100 per day, which can result in a major impact on the business activity of an LLP.
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An individual who is an Indian citizen and an Indian resident is eligible to apply or act as a One Person Company (OPC) member or nominee. In the above statement,...
A sole proprietorship is a simple business that is carried by a single individual. This is registered under an individual name, and the sole proprietorship is only responsible for all...
An S-Corp is a structure of business that allows small businesses to pass their deductions, incomes, and credits to the shareholders directly, avoiding any federal corporate tax with full liability...
Follow these steps to register for a one-person company. First, you need to get the Digital Signature Certificate (DSC), for which you need to gather some of the following documents:...
An LLC (limited Liability Company) is a business structure that provides legal protection to all of its owners. The number of the LLC members' liability is limited to their investments...
A C-corp is a company that provides stocks to the shareholders, and a C-corp is owned by the board of directors. A C-corp protects its shareholders from business-related liability, which...
Here are some of the differences between the LLC and LLP: An LLC is formed by the single or multiple owners, and an LLP is formed by multiple businesses. LLC...
According to section 44AE of the Income Tax Act, these businesses are eligible if they have engaged in hiring, leasing, or operating fewer than 10 goods and vehicles in a...
Yes, an LLP can give a loan to a company, which is subject to some rules and regulations: LLPs are known as legal entities, which gives them the authority for...
Section 194 M is applied to the HUFs and individuals who don't have to deduct TDS under other section of the Income Tax Act. This applies to the Individual and...
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Here are some of the major disadvantages of an LLP:
One of the major disadvantages of an LLP includes disclosure of the personal and financial records to the public domain.
I have applied for an LLP, which is a limited liability partnership in some states. LLPs' biggest challenge is the variability in state and regulation, and recognition.