Users questions 

What means fledgling?

Joe Ford

What means fledgling?

1 : a young bird just fledged (see fledge sense 1) a female bird feeding her fledglings. 2 : an immature or inexperienced person fledgling medical students. 3 : one that is new a fledgling company.

Who is not a full-fledged partner?

Answer: Therefore, strictly speaking, a minor cannot be a full-fledged partners. He is not personally liable to third parties for the debts of the firm, on attaining majority, if he continues as a partner, his liability will become unlimited with effect from the date of hi original admission into the firm.

What is a silent partner in a company?

What Is a Silent Partner? A silent partner is an individual whose involvement in a partnership is limited to providing capital to the business. A silent partner is seldom involved in the partnership’s daily operations and does not generally participate in management meetings.

How is salary calculated for partners?

The maximum amount of salary, bonus, commission or other remuneration to all the partners during the previous year should not exceed the limits given below:

  1. On first 3 lakhs of book profit or in case of loss – ₹ 1, 50,000 or 90% of book profits (whichever is higher).
  2. On the balance book profit 60% of book profit.

What is meant by a sleeping partner?

A sleeping partner is a person who provides some of the capital for a business but who does not take an active part in managing the business.

Who Cannot partner in LLP?

It is clarified that as per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. An HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become designated partner in LLP.

How much does it cost to form an LLP?

Register with your chosen state: To form an LLP, you must register with a state agency — usually the secretary of state’s office — and pay a filing fee, which varies by state. For example, in California, it costs $70 to register an LLP, plus a $15 service fee.