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Q. > Please Help: LLP related query
please read the following case study and answer:
A LLP is incorporated in the name of ABC LLP with two partners and works as a contractor . ABC LLP gets a new government contract (apart from its usual/exising govt contracts) but other third parties are also involved related to new contract.
Now, ABC LLP wants to form a new internal unit (for the purpose of new contract) by the name of "XYZ Agency" and wants to share the profits and expenses related to new contract with third parties in a pre-decided ratio.
50% M's share
25% ABC LLP's share
10% N's share
15 % P's share
Questions:
Can ABC LLP do so ?
If yes, what legal formalities are needed to be carried out ?
Will the turnover of such internal unit be included in turnover of ABC LLP ?
Please it is requested to members to share their views on urgent basis.
Thanks in advance
Experts Panelist
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