Walter Chad

I always drop my boys off to school with a word of confidence and a kiss — even my older ones. They have come to expect it. Every time we pull around the school drop-off, they climb over the seats worn with shoe prints and smeared with granola bars and fruit snacks and make their way toward me.

Placing their little hands on either side of the driver's and the passenger seats, they wait. I reach up and touch their still-chubby cheeks and pull them in close.

“Have a great day!” I say, and press my lips to their face, breathing in one last smell of them (at this point, it’s still a good one) before they run into school for another adventure.

On a recent kindergarten drop-off, I had a full carload with me. My son had invited a few friends over to play before school, and so I had offered to take them all. As we pulled in, I suddenly wondered if he would be too embarrassed to have his mom smooching his face in front of his little buddies. So instead, I watched while they clamored to get out of the sliding car door with their ginormous back-packs bouncing on their tiny backs, and said, “Have a great day!” They all waved and hurried off.

Except my Beckham. “Oh!” He said, climbing back toward me. “I forgot my kiss!”

My heart swelled close to bursting as I wrapped my hands around his face and gently kissed him goodbye. He smiled.

“Those kisses,” he began, and I laughed because I assumed he was going to say, “are good luck,” something I always tell my boys so they won’t try to wipe them off when I plant one on them. But he didn’t say that.

“Those kisses always make me feel better.”

I melted into my seat. “Really?” I asked. “Oh, Beckham, that is so sweet.”

“Bye, Mom!” he said, and ran toward the school while I just sat there with my hand pressed over my heart, having a MOMent — a term I learned from author Jessica Poe — a precious, heavenly moment where I feel like I am actually doing a most sacred, holy, worthwhile work.

I read an article recently about a boy that was being severely bullied at a school fairly close to where we live. The images and sick feelings keep coming back to me, paralyzing me with fear for my own children. Sending them to school every day is something so common and habitual, yet I am still sending a piece of my heart away every time they leave. I think about them throughout the entire day. I feel constantly pulled and tugged by their little hearts, by a parental string that is strong as steel, keeping us spiritually connected. It’s the same connection I felt when I was pregnant with them.

After Beckham got home from school, I asked him why he told me my kisses “made him feel better.”

“I always get nervous before I go to school,” he said. “But when you kiss me, I feel better.”

Moms, don’t underestimate the power of your affection. Keep hugging them. Keep holding them. Keep loving them. Sometimes your kiss really can make their boo-boo go away.

In this article, we’ll discuss all about LLP.

LLP or Limited liability partnership is a type of business that allows the partners to administer their internal management on the basis of a mutually arrived agreement just as in the case of a partnership firm. But in an LLP no partner is liable on account of the independent or unauthorized actions of other partners, thus protecting the personal assets of individual partners.

A minimum of two partners are required to form an LLP whereas there is no maximum limit for the number of partners.

The concept of LLP was introduced in 2008 through the Limited Liability Partnership(LLP) Act.

In the eyes of the law, LLP is treated as a separate legal entity. It is a hybrid between a company and a partnership firm as it incorporates properties of both structures.

All partners of limited liability partnerships share the profits of business just as partners of regular firms. They are, however, free to decide the ratio in which they will share profits.

A partnership is a relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

The Partnership is governed by the Partnership Act of 1932.

All partners enter into a partnership deed which is the charter document of a partnership firm.

Every partner is liable, jointly with all the other partners for all acts of the firm while he is a partner. The maximum number of partners in a partnership firm is limited to 100 partners.

And the profits incurred will be shared between the partners in an agreed ratio.

In simpler terms, Liability is something a company or an individual owes, usually a sum of money.

If you’ve promised to pay someone a sum of money in the future and haven’t paid them yet, that’s a liability.

Basically, an unsettled debt.

Case 1: Meet Rahul and Vikram

They have partnered together to run a coffee shop. But they are unable to pay their loan due to a few bad months. This means both Rahul and Vikram are liable to pay off the loan not only from assets of the partnership business but from their personal assets as well in cases required.

This is a General Partnership.

Case 2: Meet Rahul and Vikram

They have partnered together to run a coffee shop. But they are unable to pay their loan due to a few bad months. This means both Rahul and Vikram are not liable to pay off the loan from their personal assets. Their liability is limited to their contribution to the LLP.

This is a Limited Liability Partnership(LLP)

The cost of forming an LLP is lesser in comparison to other business structures. Compliance to be followed by LLP is also low. Annual Returns and a Statement of Accounts and Solvency are the only two statements that the LLP needs to file annually.

The liability of the partners is limited to the contributions made by them. This means are not personally liable for any loss in the business and are liable to pay the number of contributions made by them. Only the LLP assets are liable for paying off its debts if the LLP decides on winding up.

The LLP can be formed without any requirement of a minimum capital contribution by partners.

Limited liability partnerships are treated as separate legal entities. This means that LLPs can own assets and incur liabilities in their own names. They can also enter into contracts and sue and be sued in their own names.

The concept of equity or shareholding like a company is not present in an LLP. Hence, angel investors, venture capital and private equity funds cannot invest in an LLP as shareholders. Hence most LLPs would have to rely on funding from promoters and debt funding.

The income tax rate for a company with a turnover of up to Rs.250 crores is 25%. However, LLPs are taxed at a 30% rate irrespective of the turnover.

Even if an LLP is dormant, it is required to file an income tax return and MCA annual return each year. In case an LLP fails to file Form 8 or Form 11( LLP annual filing), a penalty of Rs.100 per day, per form is applicable.

The process for registration of an LLP is as follows:

To register an LLP the first step is that the Designated Partners will apply for Digital signature as all the documents are filed online and are required to be signed digitally.

The next step is to obtain the Director Identification number of all the directors in the LLP.

Two proposed names for LLP can be filed after login to the MCA official website for name approval of the LLP. This will be processed by Central Registration Certificate.

For the Incorporation of LLP following documents shall be annexed:

LLP and partnership have similar business structures but differ in their method of dissolution, individual liability on partners, perpetual succession etc. Knowing the above-mentioned differences is essential, especially as a founder. This will help you choose a business type mindfully.

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Read More: Documents Needed to Open a Current Account

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