Taxmann LLP Ready Reckoner By V S Datey Edition June 2025

Taxmann LLP Ready Reckoner By V S Datey Edition 2025

Taxmann LLP Ready Reckoner By V S Datey Edition 2025

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 20^th 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

The structure of the book is as follows:

• Chapter-heads & Contents – A front-section summary provides an at-a-glance view of each chapter’s topics
• Section Index – Cross-references sections of the LLP Act with corresponding discussion points, helping you pinpoint relevant commentary
• In-depth Chapters – Each chapter focuses on a major thematic area, beginning with an overview, followed by sub-topics, procedural guidance, illustrations, and relevant case law references
• Appendices – Full texts of statutes and rules are included for quick reference and to aid interpretation
• Subject Index – A back-of-the-book tool for fast navigation, ensuring readers can find specific topics quickly

About the author

Mr. V.S. Datey, based out of Pune (Maharashtra), has worked for close to 27 years in the corporate field at senior levels in leading listed companies like Kirloskar Tractors, Taparia Tools, as Company Secretary and General Manager (Finance), from 1966 to 1993.

He started his career as an author on books relating to indirect taxes in 1993. Presently, he is concentrating on writing books on topics relating to indirect taxes and corporate laws. Taxmann, publish all his books. His books have been prescribed for professional examinations like CA, CS and ICMA and are also widely referred by professionals and departmental officers. Mr. Datey conducts various training programmes on indirect tax-related topics