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The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act, 2013, The Limited Liability Partnership Act, 2008, The Company Secretaries Act, 1980 and The Chartered Accountants Act, 1949. These officers are from Indian Corporate Law Service cadre.
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
The Indian Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor, a person had to acquire a restricted certificate from ...
The Limited liability Partnership Act, 2008; In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. [2]
No requirement of compulsory audit: All the companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of Limited liability partnership (LLP), there is no such mandatory requirement. A limited liability partnership is required to get the audit done only if:
The service can be divided into officers looking after accounting and audit issues pertaining to the Union government and the state governments, and those manning the department's headquarters. The state accounts and audit offices are headed by Accountants General or Principal Accountants General.
The Limited Liability Partnerships Act 2000 (c.12) is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law. It created an LLP as a body with legal personality separate from its members (unlike a normal partnership) which is governed under a hybrid system of ...
A series LLC is a special form of a limited liability company that allows a single LLC to segregate its assets into separate series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.