Chapter 7

LLP NOTES

Notes

YƵĞƐƟŽŶƐ ?
ŶƐǁĞƌƐ
 Amit Bachhawat

LIMITED LIABILITY PARTNERSHIP

LLP Act 2008

,LJďƌŝĚ WĂƌƚŶĞƌƐŚŝƉнŽŵƉĂŶLJ
>>WŝƐĂ>ĞŐĂůƐĞƉĂƌĂƚĞĞŶƟƚLJ͘/Ŷ>>WůŝĂďŝůŝƚLJŽĨƉĂƌƚŶĞƌƐůŝŵŝƚĞĚƚŽƚŚĞŝƌĂŐƌĞĞĚĐŽŶƚƌŝďƵƟŽŶŝŶ>>W
/Ŷ>>WƚŚĞƌĞŝƐŶŽĐŽŶĐĞƉƚŽĨDƵƚƵĂůŐĞŶĐLJĂĐŚƉĂƌƚŶĞƌŝŶ>>WŝƐĂŐĞŶƚŽĨ>>WĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨďƵƐŝŶĞƐƐŽĨ
>>W͘
,ĞƌĞƉĂƌƚŶĞƌŝƐŶŽƚĂŐĞŶƚŽĨŽƚŚĞƌƉĂƌƚŶĞƌƐ
   ŽŶƚƌŝďƵƟŽŶ dĂŶŐŝďůĞ/ŶƚĂŶŐŝďůĞ

   ƐƉĞƌ>>WŐƌĞĞŵĞŶƚ ĂƐŚ
Disadvantage of LLP
Any act of the partner
¾ tŝƚŚŽƵƚƚŚĞŬŶŽǁůĞĚŐĞŽĨŽƚŚĞƌƉĂƌƚŶĞƌƐŵĂLJďŝŶĚƚŚĞ>>W
¾ EŽƐĞƉĂƌĂƟŽŶŽĨŵĂŶĂŐĞŵĞŶƚĨƌŽŵŽǁŶĞƌƐ
¾ >>WĐĂŶŶŽƚƌĂŝƐĞĨƵŶĚƐĨƌŽŵƉƵďůŝĐ

Advantage
ϭ͘ >ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJ
Ϯ͘ ŽĚLJŽƌƉŽƌĂƚĞ
ϯ͘ WĞƌƉĞƚƵĂů^ƵĐĐĞƐƐŝŽŶ
ϰ͘ EŽƌĞƐƚƌŝĐƟŽŶŽŶDĂdž͘EŽŽĨƉĂƌƚŶĞƌƐ
ϱ͘ ŽƐƚŽĨĨŽƌŵĂƟŽŶŝƐůŽǁĐŽŵƉĂƌĞĚƚŽŽŵƉĂŶLJ
ϲ͘ >ĞŐĂůĨŽƌŵĂůŝƟĞƐĂƌĞůĞƐƐ

Any individual/Body Corporate may be a partnership LLP

¾ ƵƚƚŚĞŝŶĚŝǀŝĚƵĂůŚĂƐŶŽƚĨŽƵŶĚďĞŽĨƵŶƐŽƵŶĚŵŝŶĚ
¾ /ƐŶŽƚĂŶƵŶĚŝƐĐŚĂƌŐĞĚŝŶƐŽůǀĞŶƚ
¾ ,ĂƐŶŽƚĂƉƉůŝĞĚƚŽďĞĚĞĐůĂƌĞĚĂƐŝŶƐŽůǀĞŶƚĂŶĚĂƉƉůŝĐĂƟŽŶŝƐƉĞŶĚŝŶŐ
¾ DŝŶϮƉĂƌƚŶĞƌƐ

Very Important:
ǀĞƌLJ>>WŵƵƐƚŚĂǀĞĂƚůĞĂƐƚϮĚĞƐŝŐŶĂƚĞĚƉĂƌƚŶĞƌƐǁŚŽůŽŽŬĂŌĞƌĚĂLJƚŽĚĂLJĂīĂŝƌƐΘůĞŐĂůĐŽŵƉůŝĂŶĐĞƐϭŽƵƚ
ŽĨϮǁŝůůďĞƌĞƐŝĚĞŶƚŝŶ/ŶĚŝĂ͘/ŶĐĂƐĞŽĚLJŽƌƉŽƌĂƚĞŝƐƉĂƌƚŶĞƌŽĨ>>W͕ƚŚĞŝƌŶŽŵŝŶĞĞǁŚŽŝƐĂŶŝŶĚŝǀŝĚƵĂůŵĂLJ
ďĞĐŽŵĞW͘

CA FOUNDATION
78
 Amit Bachhawat

ǀĞƌLJ>>WƐŚĂůůŚĂǀĞƚŚĞǁŽƌĚƐ͞>ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJWĂƌƚŶĞƌƐŚŝƉ͟ĂƐƚŚĞůĂƐƚǁŽƌĚƐŝŶŝƚƐŶĂŵĞ
>>WZĞŐŝƐƚƌĂƟŽŶ

MCA ROC
hŶůŝŵŝƚĞĚ>ŝĂďŝůŝƚLJŽĨ>>WΘĨƌĂƵĚƵůĞŶƚŝŶĐĂƐĞŽĨĨƌĂƵĚďLJŽŶĞŽĨŝƚƐƉĂƌƚŶĞƌƐ
ƉĂƌƚŶĞƌŽĨ>>WĐĂŶƚƌĂŶƐĨĞƌŚŝƐŝŶƚĞƌĞƐƚ
Winding Up of LLP

   sŽůƵŶƚĂƌLJ LJE>d
QUESTIONS:
Ă͘ ŝīĞƌĞŶĐĞďĞƚǁĞĞŶ>>WΘĐŽŵƉĂŶLJ
ď͘ ŝīĞƌĞŶĐĞďĞƚǁĞĞŶ>>WΘ&ŝƌŵ
Đ͘ dŝŵŝŶŐŽĨĮůŝŶŐĂƌĞƚƵƌŶĐĐŽƵŶƚƐ
Ě͘ tŚĞŶŝƐĂƵĚŝƚŽĨ>>WĐŽŵƉƵůƐŽƌLJ
ŶŶƵĂůZĞƚƵƌŶǁŝƚŚŝŶϲϬĚĂLJƐĨƌŽŵƚŚĞĐůŽƐĞŽĨ&ŝŶĂŶĐŝĂůzĞĂƌ
ƵĚŝƚͲŝĨƚŚĞƚƵƌŶŽǀĞƌĞdžĐĞĞĚƐϰϬůĂĐƐŽƌǁŚŽƐĞĐŽŶƚƌŝďƵƟŽŶĞdžĐĞĞĚƐϮϱůĂĐƐ
^ƚĂƚĞŵĞŶƚŽĨĐĐŽƵŶƚƐĂŶĚƐŽůǀĞŶĐLJƚŽďĞĮůĞĚŽŶŽƌďĞĨŽƌĞϯϬƚŚKĐƚŽďĞƌĞǀĞƌLJLJĞĂƌ

LLP Steps
ϭ͘ KďƚĂŝŶ/EEŽͬ͘W/EEŽ͘
Ϯ͘ ^΀ŝŐŝƚĂů^ŝŐŶĂƚƵƌĞ΁ŽĨĞƐŝŐŶĂƚĞĚWĂƌƚŶĞƌ
ϯ͘ &ŝůĞĨŽƌŵEŽ͘ϭĨŽƌĂǀĂŝůĂďŝůŝƚLJŽĨEĂŵĞ͗
 ͻ EŽƚŝĚĞŶƟĐĂůƚŽĂŶLJŽƚŚĞƌ>>W
 ͻ DƵƐƚĞŶĚŽŵƉĂŶLJͬ>>WͬWĂƌƚŶĞƌƐŚŝƉ
ϰ͘ ŌĞƌ ƌĞĐĞŝǀŝŶŐ ƚŚĞ EĂŵĞ ĂƉƉƌŽǀĂů ůĞƩĞƌ ĨƌŽŵ ZK ĂƐ ƉĞƌ ƐĞĐƟŽŶ ϭϭ ŽĨ >>W ϮϬϬϴ͕ ƚŚĞ ŝŶĐŽƌƉŽƌĂƟŽŶ
ĚŽĐƵŵĞŶƚƐŚĂůůďĞĮůĞĚŝŶ&ŽƌŵϮǁŝƚŚZĞŐŝƐƚƌĂƌŽĨŽŵƉĂŶŝĞƐƚŚĞƌĞŐŝƐƚĞƌĞĚŽĸĐĞŽĨ>>WǁŝƚŚĨĞĞǁŝƚŚŝŶ
ϲϬĚĂLJƐĨƌŽŵĚĂƚĞŽĨĂƉƉƌŽǀĂů͘ŝŐŝƚĂůůLJƐŝŐŶĞĚďLJĚǀŽĐĂƚĞͬͬ^ͬ;ƉƌĂĐƟƐŝŶŐͿ͘
ϱ͘ ŌĞƌ ŝŶĐŽƌƉŽƌĂƟŽŶ͕ >>W ĂŐƌĞĞŵĞŶƚ ŚĂƐ ƚŽ ďĞ ĚƌĂŌĞĚ ǁŝƚŚ >>W Đƚ͕ ĂŶĚ ƚŽ ďĞ ĮůĞĚ ǁŝƚŚŝŶ ϯϬ ĚĂLJƐ ŽĨ
ŝŶĐŽƌƉŽƌĂƟŽŶŝŶ&ŽƌŵEŽ͘ϯ
Annual Compliance
ͻ ŶŶƵĂůZĞƚƵƌŶŽŶŽƌďĞĨŽƌĞϯϬƚŚDĂLJĞǀĞƌLJLJĞĂƌ
ͻ ^ƚĂƚĞŵĞŶƚŽĨĐĐŽƵŶƚƐŽŶŽƌďĞĨŽƌĞϯϬƚŚKĐƚŽďĞƌĞǀĞƌLJLJĞĂƌ
ͻ ŶŶƵĂůƚƵƌŶŽǀĞƌŝƐĂďŽǀĞϰϬůĂĐƐŽƌĂďŽǀĞϮϱůĂĐƐĐŽŶƚƌŝďƵƟŽŶ͕ƚŚĞŶĂƵĚŝƚĞĚďLJƋƵĂůŝĮĞĚ

CA FOUNDATION
79
 Amit Bachhawat

ŝīĞƌĞŶĐĞĞƚǁĞĞŶ>ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJ
Partnership & Limited liability Company

Basis Limited liability partnership Limited liability Company

ϭ͘ZĞŐƵůĂƟŶŐĐƚ dŚĞ>>WĐƚ͕ϮϬϬϴ͘ dŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ
Ϯ͘DĞŵďĞƌƐͬWĂƌƚŶĞƌƐ dŚĞ ƉĞƌƐŽŶƐ ǁŚŽ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ >>W dŚĞƉĞƌƐŽŶƐǁŚŽŝŶǀĞƐƚƚŚĞŵŽŶĞLJŝŶ
ĂƌĞŬŶŽǁŶĂƐƉĂƌƚŶĞƌƐŽĨƚŚĞ>>W͘ ƚŚĞ ƐŚĂƌĞƐ ĂƌĞ ŬŶŽǁŶ ĂƐ ŵĞŵďĞƌƐ ŽĨ
ƚŚĞĐŽŵƉĂŶLJ
ϯ͘/ŶƚĞƌŶĂů ŐŽǀĞƌŶĂŶĐĞ dŚĞŝŶƚĞƌŶĂůŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞŽĨĂ dŚĞŝŶƚĞƌŶĂůŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞŽĨĂ
ƐƚƌƵĐƚƵƌĞ >>WŝƐŐŽǀĞƌŶĞĚďLJĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶ ĐŽŵƉĂŶLJ ŝƐ ƌĞŐƵůĂƚĞĚ ďLJ ƐƚĂƚƵƚĞ ;/͘Ğ͕͘
ƚŚĞƉĂƌƚŶĞƌƐ ŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͿ
ϰ͘EĂŵĞ EĂŵĞ ŽĨ ƚŚĞ >>W ƚŽ ĐŽŶƚĂŝŶ ƚŚĞ ǁŽƌĚ EĂŵĞ ŽĨ ƚŚĞ ƉƵďůŝĐ ĐŽŵƉĂŶLJ ƚŽ
͞>ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJƉĂƌƚŶĞƌƐŚŝƉ͟Žƌ>>WĂƐ ĐŽŶƚĂŝŶƚŚĞǁŽƌĚ͞ůŝŵŝƚĞĚ͟ĂŶĚWƌŝǀĂƚĞ
ƐƵĸdž͘ ĐŽŵƉĂŶLJƚŽĐŽŶƚĂŝŶƚŚĞǁŽƌĚ͞WƌŝǀĂƚĞ
ůŝŵŝƚĞĚ͞ĂƐƐƵĸdž͘
ϱ͘EƵŵďĞƌ ŽĨ ŵĞŵďĞƌƐͬ DŝŶŝŵƵŵͲϮŵĞŵďĞƌƐ dŚĞ ŽŵƉ WƌŝǀĂƚĞ ĐŽŵƉĂŶLJ DŝŶŝŵƵŵ
ƉĂƌƚŶĞƌƐ ͲϮŵĞŵďĞƌƐDĂdžŝŵƵŵͲϮϬϬŵĞŵďĞƌƐ
DĂdžŝŵƵŵͲEŽ ƐƵĐŚ ůŝŵŝƚ ŽŶ ƚŚĞ WƵďůŝĐĐŽŵƉĂŶLJ͗
ŵĞŵďĞƌƐ ŝŶ ƚŚĞ Đƚ ͘dŚĞ ŵĞŵďĞƌƐ
ŽĨ ƚŚĞ >>W ĐĂŶ ďĞ ŝŶĚŝǀŝĚƵĂůƐͬŽƌ ďŽďLJ DŝŶŝŵƵŵͲϳŵĞŵďĞƌƐ
ĐŽƌƉŽƌĂƚĞƚŚƌŽƵŐŚƚŚĞŶŽŵŝŶĞĞƐ͘
DĂdžŝŵƵŵ ʹEŽ ƐƵĐŚ ůŝŵŝƚ ŽŶ ƚŚĞ
ŵĞŵďĞƌƐ

DĞŵďĞƌƐ ĐĂŶ ďĞ

ŽƌŐĂŶŝnjĂƟŽŶƐ͕ƚƌƵƐƚƐ͕ĂŶŽƚŚĞƌ ďƵƐŝŶĞƐƐ
ĨŽƌŵŽƌŶŝĞƐĐƚ͕ϮϬϭϯ
ϲ͘>ŝĂďŝůŝƚLJ ŽĨ ŵĞŵďĞƌƐͬ >ŝĂďŝůŝƚLJ ŽĨ Ă ƉĂƌƚŶĞƌ ŝƐ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ >ŝĂďŝůŝƚLJŽĨĂŵĞŵďĞƌƐŝƐůŝŵŝƚĞĚƚŽƚŚĞ
ƉĂƌƚŶĞƌƐ ĞdžƚĞŶƚŽĨĂŐƌĞĞĚĐŽŶƚƌŝďƵƟŽŶĞdžĐĞƉƚŝŶ ĂŵŽƵŶƚƵŶƉĂŝĚŽŶƚŚĞƐŚĂƌĞƐŚĞůĚďLJ
ĐĂƐĞŽĨǁŝůůĨƵůĨƌĂƵĚ͘ ƚŚĞŵ͘
ϳ͘DĂŶĂŐĞŵĞŶƚ dŚĞďƵƐŝŶĞƐƐŽĨƚŚĞ>>WŝƐŵĂŶĂŐĞĚďLJ dŚĞ ĂīĂŝƌƐ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ ĂƌĞ
ƚŚĞ ƉĂƌƚŶĞƌ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚĞƐŝŐŶĂƚĞĚ ŵĂŶĂŐĞĚďLJďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĞůĞĐƚĞĚ
ƉĂƌƚŶĞƌ͘ ďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘
ϴ͘'D EŽƌĞƋƵŝƌĞŵĞŶƚŽĨ'D 'DŽĨ^ŚĂƌĞŚŽůĚĞƌƐDĂŶĚĂƚŽƌLJ

ϴϬ CA FOUNDATION
 Amit Bachhawat

ŝīĞƌĞŶĐĞĞƚǁĞĞŶ>ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJ
Partnership & Limited liability Company

Basis Limited Liability Partnership Partnership Firm

ϭ͘ZĞŐƵůĂƟŶŐĐƚ dŚĞ>>WĐƚ͕ϮϬϬϴ͘ dŚĞ/ŶĚŝĂŶWĂƌƚŶĞƌƐŚŝƉĐƚ͕ϭϵϯϮ
Ϯ͘ŽĚLJĐŽƌƉŽƌĂƚĞ /ƚŝƐĂŽĚLJĐŽƌƉŽƌĂƚĞ /ƚŝƐŶŽƚĂŽĚLJĐŽƌƉŽƌĂƚĞ
ϯ͘^ĞƉĞƌĂƚĞůĞŐĂůĞŶƟƚLJ /ƚ ŝƐ Ă ůĞŐĂů ĞŶƟƚLJ ƐĞƉĂƌĂƚĞ ĨƌŽŵ ŝƚƐ /ƚŝƐĂŐƌŽƵƉŽĨƉĞƌƐŽŶƐǁŝƚŚŶŽƐĞƉĂƌĂƚĞ
ŵĞŵďĞƌƐ ůĞŐĂůĞŶƟƚLJ
ϰ͘ƌĞĂƟŽŶ /ƚ ŝƐ ĐƌĞĂƚĞĚ ďLJ ůĞŐĂů ƉĞƌƐŽŶƐ ĐĂůůĞĚ /ƚŝƐĐƌĞĂƚĞĚďLJĂŐŐƌĞŵĞŶƚďĞƚǁĞĞŶƚŚĞ
ƌĞŐŝƐƚƌĂƟŽŶƵŶĚĞƌƚŚĞ>>WĐƚ͕ϮϬϬϴ͘ ƉĂƌƚŶĞƌƐ͘
ϱ͘ZĞŐŝƐƚƌĂƟŽŶ ZĞŐŝƐƚƌĂƟŽŶ ŝƐ ŵĂŶĚĂƚŽƌLJ͕>>W ĐĂŶ ƐƵĞ ZĞŐŝƐƚƌĂƟŽŶ ŝƐ ǀŽůƵŶƚĂƌLJ͕KŶůLJ ƚŚĞ
ĂŶĚďĞƐƵĞĚŝŶŝƚƐŽǁŶŶĂŵĞ ƌĞŐŝƐƚĞƌĞĚƉĂƌƚŶĞƌƐŚŝƉĮƌŵĐĂŶƐƵĞƚŚĞ
ƚŚŝƌĚƉĂƌƚLJ͘
ϲ͘WĞƌƉĞƚƵĂůƐƵĐĐĞƐƐŝŽŶ dŚĞ ĚĞĂƚŚ͕ŝŶƐĂŶŝƚLJ͕ƌĞƟƌĞŵĞŶƚ Žƌ dŚĞ ĚĞĂƚŚ͕ŝŶƐĂŶŝƚLJ͕ƌĞƟƌĞŵĞŶƚ Žƌ
ŝŶƐŽůǀĞŶĐLJ ŽĨ ƚŚĞ ƉĂƌƚŶĞƌ;ƐͿĚŽĞƐ ŶŽƚ ŝŶƐŽůǀĞŶĐLJŽĨƚŚĞƉĂƌƚŶĞƌ;ƐͿŵĂLJĂƵĞĐƚ
ĂƵĞĐƚ ŝƚƐ ĞdžŝƐƚĞŶĐĞ ŽĨ >>W ͘DĞŵďĞƌƐ ŝƚƐĞdžŝƐƚĞŶĐĞŽĨ>>W͘/ƚŚĂƐŶŽƉĞƌƉĞƚƵĂů
ŵĂLJ ũŽŝŶ Žƌ ůĞĂǀĞ ďƵƚ ŝƚƐ ĞdžŝƐƚĞŶĐĞ ƐƵĐĐĞƐƐŝŽŶ͘
ĐŽŶƟŶƵĞĨŽƌĞǀĞƌ͘
ϳ͘EĂŵĞ EĂŵĞ ŽĨ ƚŚĞ >>W ƚŽ ĐŽŶƚĂŝŶ ƚŚĞ ǁŽƌĚ EŽ ŐƵŝĚĞůŝŶĞƐ ͘dŚĞ ƉĂƌƚŶĞƌƐ ĐĂŶ ŚĂǀĞ
ůŝŵŝƚĞĚůŝĂďŝůŝƚLJƉĂƌƚŶĞƌƐ;>>WͿĂƐƐƵŇdž͘ ĂŶLJŶĂŵĞĂƐƉĞƌƚŚĞŝƌĐŚŽŝĐĞ͘
ϴ͘>ŝĂďŝůŝƚLJ >ŝĂďŝůŝƚLJŽĨĞĂĐŚƉĂƌƚŶĞƌůŝŵŝƚĞĚƚŽƚŚĞ >ŝĂďŝůŝƚLJ ŽĨ ĞĂĐŚ ƉĂƌƚŶĞƌ ŝƐ ƵŶůŝŵŝƚĞĚ
ĞdžƚĞŶƚƚŽĂŐƌĞĞĐŽŶƚƌŝďƵƟŽŶĞdžĐĞƉƚŝŶ ĐĂŶ ďĞ ĞdžƚĞŶĚĞĚ ƵƉƚŽ ƚŚĞŝƌ ƉĞƌƐŽŶĂů
ĐĂƐĞŽĨǁŝůůĨƵů͘ ĂƐƐĞƐƚƐŽĨƚŚĞƉĂƌƚŶĞƌƐ͘
ϵ͘DƵƚƵĂůĂŐĞŶĐLJ ĂĐŚƉĂƌƚŶĞƌƐŝƐĂŐĞŶƚŽĨ>>WĂŶĚŶŽƚŽĨ ĂĐŚƉĂƌƚŶĞƌƐŝƐĂŐĞŶƚŽĨŽƚŚĞƌƉĂƌƚŶĞƌ
ŽƚŚĞƌƉĂƌƚŶĞƌƐ ĂŶĚĂƐǁĞůůĂƐŽĨƚŚĞĮƌŵ
ϭϬ͘&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ ĐĐŽƵŶƚƐ͕^ŽůǀĞŶĐLJ ^ƚĂƚĞŵĞŶƚ ĂŶĚ EŽ ĮůŝŶŐ ŽĨ ĐĐŽƵŶƚƐ Žƌ ^ŽůǀĞŶĐLJ
ŶŶƵĂůZĞƚƵƌŶĂƌĞƚŽďĞĮůĞĚǁŝƚŚZŽ ƐƚĂƚĞŵĞŶƚ Žƌ ŶŶƵĂů ZĞƚƵƌŶ ǁŝƚŚ
ĞĂĐŚLJĞĂƌ ZĞŐŝƐƚƌĂƌŽĨĮƌŵƐ
ϭϭ͘ŝƐƐŽůƵƟŽŶ >>W ƚŽ ďĞ ǁŽƵŶĚ ƵƉ ĂŶĚ ĚŝƐƐŽůǀĞĚ ĂƐ WĂƌƚŶĞƌƐŚŝƉ Įƌŵ ĐĂŶ ďĞ ĚŝƐƐŽůǀĞĚ ĂƐ
ƉĞƌ>>WĐƚ ƉĞƌĐƚͬWĂƌƚŶĞƌƐŚŝƉĞĞĚ

CA FOUNDATION
81
 Amit Bachhawat

Limited Liability Partnership (Second Amendment) Rules, 2018

;^ĞƉƚĞŵďĞƌϭϴ͕ϮϬϭϴͿ
DŚĂƐŶŽƟĮĞĚƚŚĞ>ŝŵŝƚĞĚ>ŝĂďŝůŝƚLJWĂƌƚŶĞƌƐŚŝƉ;^ĞĐŽŶĚŵĞŶĚŵĞŶƚͿZƵůĞƐ͕ϮϬϭϴ͕ǁŚŝĐŚƐŚĂůůĐŽŵĞŝŶƚŽ
ĨŽƌĐĞĨƌŽŵƚŚĞKĐƚŽďĞƌϬϮ͕ϮϬϭϴ͘dŚƌŽƵŐŚƚŚĞƐĂŝĚĂŵĞŶĚŵĞŶƚDďƌŽƵŐŚƚŵĂŶŝĨŽůĚƐĐŚĂŶŐĞƐŝŶƚŚĞƉƌŽĐĞƐƐ
ŽĨŝŶĐŽƌƉŽƌĂƟŶŐ>>W͘
ϭ͘ EĞǁĨŽƌŵZhEͲ>>W
 ZĞƐĞƌǀĞ hŶŝƋƵĞ EĂŵĞͲ>ŝŵŝƚĞĚ >ŝĂďŝůŝƚLJ WĂƌƚŶĞƌƐŚŝƉ ;ZhEͲ>>WͿ͘&Žƌŵ ϭ ŚĂƐ ďĞĞŶ ƌĞƉůĂĐĞĚ ǁŝƚŚ ZhEͲ>>W͕
ǁŚĞƌĞĂƉƉůŝĐĂƟŽŶĨŽƌƌĞƐĞƌǀŝŶŐƚŚĞŶĂŵĞŽĨ>>WŚĂƐƚŽďĞŵĂĚĞ
Ϯ͘ EĞǁĨŽƌŵ&ŝ>>ŝƉ
 EŽǁĨŽƌƌĞŐŝƐƚĞƌŝŶŐ>>WƐ͕ĨŽƌŵ&ŝ>>ŝƉŝƐƚŽďĞĮůĞĚ͘&ŽƌŵϮŚĂƐďĞĞŶƌĞƉůĂĐĞĚďLJĨŽƌŵ&ŝ>>ŝƉ͘
ϯ͘ EĂŵĞĂƉƉůŝĐĂƟŽŶ
 &ŽƌƌĞŐŝƐƚĞƌŝŶŐ>>W͕ŶĂŵĞĐĂŶďĞƌĞƐĞƌǀĞĚŝŶĂĚǀĂŶĐĞďLJƵƐŝŶŐĨŽƌŵZhEͲ>>WŽƌƚŚĞŶĂŵĞĐĂŶďĞĂƉƉůŝĞĚ
ƐŝŵƵůƚĂŶĞŽƵƐůLJǁŝƚŚĂƉƉůŝĐĂƟŽŶĨŽƌƌĞŐŝƐƚĞƌŝŶŐ>>W;^ŝŵŝůĂƌƚŽƐWŝĐĞĨŽƌŵĂƉƉůŝĐĂďůĞĨŽƌŽŵƉĂŶŝĞƐͿ
ϰ͘ W/EĂƉƉůŝĐĂƟŽŶƚŚƌŽƵŐŚ&ŝ>>ŝƉ
 &ŝ>>ŝƉŚĂƐďĞĞŶŝŶƚƌŽĚƵĐĞĚǁŝƚŚƚŚĞĨĞĂƚƵƌĞŽĨĂƉƉůLJŝŶŐW/EĨŽƌĚĞƐŝŐŶĂƚĞĚƉĂƌƚŶĞƌƐ͘
5. Maximum DPIN to be applied through FiLLip
 KŶůLJƵƉƚŽƚǁŽŝŶĚŝǀŝĚƵĂůƐĐĂŶŵĂŬĞĂƉƉůŝĐĂƟŽŶĨŽƌW/EŝŶƚŚĞ&Žƌŵ&ŝ>>ŝƉ͘
ϲ͘ dŚĞƌĞŚĂƐďĞĞŶĐŚĂŶŐĞƐŝŶĨŽůůŽǁŝŶŐ&ŽƌŵƐ͗
 &Žƌŵϱ͗EŽƟĐĞŽĨŚĂŶŐĞŽĨEĂŵĞŽĨ>>W
 &Žƌŵϭϳ͗ƉƉůŝĐĂƟŽŶĨŽƌĐŽŶǀĞƌƐŝŽŶŽĨ&ŝƌŵƚŽ>>W
 &Žƌŵϭϴ͗ƉƉůŝĐĂƟŽŶĨŽƌĐŽŶǀĞƌƐŝŽŶŽĨWǀƚ>ƚĚ͘Ž͘ŽƌhŶůŝƐƚĞĚWƵďůŝĐ>ƚĚ͘Ž͘ƚŽ>>W
ϳ͘ ĞŶƚƌĂůZĞŐŝƐƚƌĂƟŽŶĞŶƚƌĞ;ZͿ
 ZĞƐĞƌǀŝŶŐŶĂŵĞŽĨ>>WƚŚƌŽƵŐŚĨŽƌŵZhEͲ>>W͕ĂƉƉůŝĐĂƟŽŶƐĨŽƌƌĞŐŝƐƚĞƌŝŶŐ>>WŝŶĨŽƌŵ&ŝ>>ŝƉĂŶĚĂƉƉůŝĐĂƟŽŶ
ĨŽƌĐŽŶǀĞƌƐŝŽŶŽĨĮƌŵͬƵŶůŝƐƚĞĚĐŽŵƉĂŶLJƚŽ>>WǁŝůůďĞĞdžĂŵŝŶĞĚďLJZ͘
ϴ͘ dŚĞ ĐĞƌƟĮĐĂƚĞ ŽĨ /ŶĐŽƌƉŽƌĂƟŽŶ ŽĨ >>W Žƌ ŽŶǀĞƌƐŝŽŶ ŽĨ >>W ǁŝůů ďĞ ŝƐƐƵĞĚ ďLJ Z ŝŶ ĨŽƌŵ ϭϲ ĂŶĚ ϭϵ
ƌĞƐƉĞĐƟǀĞůLJ͘
ϵ͘ ŚĂŶĐĞƐŽĨZĞƐƵďŵŝƐƐŝŽŶ͗KŶĞƌĞƐƵďŵŝƐƐŝŽŶĂůůŽǁĞĚĨŽƌZhEͲ>>WĂŶĚƚǁŽĐŚĂŶĐĞƐĨŽƌƌĞƐƵďŵŝƐƐŝŽŶĨŽƌ
FiLLip.

CA FOUNDATION
82
 Amit Bachhawat

NOTES

CA FOUNDATION
83
 Amit Bachhawat

NOTES

CA FOUNDATION
84