Taxation of LLP in Pakistan | Taxation of Limited Liability Partnership in Pakistan скачать в хорошем качестве

Taxation of LLP in Pakistan | Taxation of Limited Liability Partnership in Pakistan

A relatively new concept was introduced by SECP in May 2018, namely Limited Liability Partnership (LLP) is a form of business having status of a legal entity separate from its partners. LLP combines the flexibility of a general partnership and the advantages of limited liability of a company at a low compliance cost. In other words, it is an alternative corporate business vehicle that provides the benefits of limited liability of a company, but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a general/ conventional partnership firm. In Pakistan, conventionally general partnership firms are regulated through Partnership Act 1932 and such firms are not considered as juristic person (legal personality) and partners of firm have unlimited liability to fulfil the obligations and liabilities of the firm. There is no compulsory requirement for registration of a general partnership in Pakistan rather it is optional for the members to keep it formal or informal.