How to Select Limited Liability Parterneship (LLP) Status in Income tax

How to Select Limited Liability Parterneship (LLP) Status in Income tax

Introduction

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. Limited Liability Partnership is a legal entity formed under the Limited Liability Partnership Act, 2008. The partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company.

To select the LLP status in Income tax Auditor Software, please follow the steps provided below:

Step 1:

Open the Income Tax software - Go to Master→ Client master → New Client option given in the menu bar




Step 2:

Now select the status “Partnership firm” and put a check-mark on “Limited Liability Partnership”. The same process follows for new as well as existing clients.



Now enter all the required fields and save. The status for the entered master would then appear as Partnership Firm LLP.

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