form a law firm

Querist : Anonymous (Querist) 17 January 2010 This query is : Resolved
sir,
i want to form a law firm,
is LLP is more beneficial than regular partnership? (on taxation point of view)
can i admit non-legal person as a partner in the law firm?
is registration of law firm required in bar council?

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A V Vishal (Expert) 17 January 2010
i want to form a law firm, is LLP is more beneficial than regular partnership? (on taxation point of view)

Ans. LLP & Traditional partnerships are more or less the same except the coloring of a corporate look in case of a LLP. On taxes, both are taxed at 30%, however, formation of a traditional partnership is very simple compared to a LLP. On other hand, there are too many procedural compliances under the LLP act whereas in case of a simple partnership, it is bare minimum.

can i admit non-legal person as a partner in the law firm?

Ans. No, you cannot enter into a partnership with a non legal person since the BCI rules bars sharing of income with a professional who is not an advocate.

N RAMESH. (Expert) 17 January 2010
I agree with Mr.Vishal

Raj Kumar Makkad (Expert) 17 January 2010
I also agree with vishal.

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