A well structured and drafted LLP agreement is very much required for the successful functioning of an LLP. The LLP agreement must address all corporate structure related issues in the LLP agreement.
As per the Income Tax law, an LLP is considered to be a 'firm'; therefore, tax provisions applicable to a firm are also applied to LLPs, provided the following criteria are satisfied:
Income tax is a direct tax collected by the Central Government and is levied on all income other than agricultural income on a person liable to pay such tax. Company / LLP is a separate person different from its owners and income of company is taxed ..
Intellectual Property Right (IPR) refers to creative outputs of mankind such as names and images, inventions, literary and artistic works, designs and symbols used in business. Intellectual Property Right is protected by Law.