This article covers the concept of conversion of private limited company into LLP. LLP is a body corporate and a legal entity being separate from its partners. It can continue its existence even after the retirement, insolvency or even death of one or more partners. LLP is an organization which acts as a hybrid between a company and a partnership firm. The concept of LLP was introduced in India by way of the Limited Liability Partnership Act, 2008. It is a form of a business that offers benefits of limited liability to partners. LLP is a legal body liable for full extent of its assets but the liability of partners is limited. It gives the freedom of a partnership firm as well as the limited liability feature of a company so that one partner is not liable for another partner’s misconduct or negligence.
CSR refers to practices & policies undertaken by corporations that are intended to have a positive influence on all aspects of the society including economic, social & environmental. It is important to both consumers & companies.
Discover the pros and cons of Corporate Social Responsibility (CSR) in this comprehensive analysis. Gain insights into the benefits and drawbacks of implementing CSR practices for businesses.
