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What are the advantages of converting a partnership limited into LLP?

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partnership limited into LLP

From the conventional period of time, businesses are always owned by a set of family members in which they worked together with loyalty to gain profitable business through hard work. But later on, with the evolution of new business owning ways, owners focused on the skill of the people rather than considering family members as partners.

Owners considered the skilled third person is a big asset for the company growth and they encouraged new people to be partners. And by the fusion of company and partnership, a new style of business emerged out which is known as Limited Liability partnership. A lot of partnership companies are transforming into Limited Liability partnership because of various advantages such as unlimited partners, survivability, transferability, and limited liability protection etc. Expense tracking is an essential one for all the enterprises for the overall management process for the financial concern.

In the following article, we are going to discuss the advantages existing in converting the partnership limited into LLP,

Some factors are to be focused in the registration of LLP,

Digital Signature

If the partners decided to convert the partnership firm into LLP, then digital signatures are mandatory for all the partners in the company. For the normal partnership fir, digital signatures are not a necessary one for the registration process.

DIN or DPIN

DIN or DPIN is a unique number issued for the LLP partners or Director. After providing this number this number is valid for lifetime and doesn’t require any renewal or compliance filing. So partner in an LLP should get their DIN/DPIN numbers.

Approval of the LLP name

After getting DIN/DPIN number, application for name reservation of LLP should be done with the Ministry of Corporate Affairs. This reservation should be bought before the filing works of conversion of Partnership into LLP.

Advantages

Low registration cost

The cost of registration for a liability limited partnership is lower in comparison to any other public or private company registration.

Limited liability of partners

Limited Liability partnership holds the features of company form of business through limited liability. It means the partners of the company are not complete personal responsible one for the debts of the company, even though they had contracted that financial obligation. And so, the personal properties of the partners like money, land, jewels, are protected from selling to service debts of the company.

Less compliance pressure

Typically, an LLP has low compliance burden than private companies. This is because LLP has to submit only two statements. They are Annual return and statements of accounts & solvency, whereas in private companies they have to submit nearly 8 to 10 compliance statements which are a cumbersome process.

No limit for the number of partners

Traditional partnership method for the firm limits the number of partners from two to maximum of twenty partners. But limited liability partnership has no such constraints and it gives access to any number of partners. By having multiple numbers of partners, the company has more chances to expand widely because of the incorporation of partners from diverse fields. Thus conversion to limited liability partnership is a worthy option for a firm regarding this factor.

No need of DDT

DDT means Dividend distribution tax. If the partners are sharing the profit of the company, then additional tax liability called DDT is not payable one by the partners. For the companies, owners have to pay DDT at a certain percentage.

Enhanced auditing and governance

For the limited liability partnership, if the turnover is supposed to increase above the mentioned limit of 25 lakhs of contribution or turnover exceeding of 40 lakh rupees in any of the financial years, then the firm should undergo an audit. Because of these stringent limitations, the firm is able to get enhanced governance, record keeping, management, and audits. This helps the firms to easily grab certain loans and licenses for the development. It also enhances the confidentiality of stakeholders and the creditworthiness of the firm. By doing this periodic auditing of company stack details during high turnovers, it helps to gather more insights and give some clarity in the business progress.

Robust entity

As the partnership is not a single entity, the life of the firm totally depends on the will of the partners. It is exception one in case of partnership fixed by time. But limited liability partnership is treated as a separate entity and so the company doesn’t need to worry about the demise or exit of any of the partners in the list. The firm has its own succession and its function and continuity of partners won’t be affected by any of the partner’s exit.

Ownership of the firm also can be easily changed due to its separate legal entity feature. Any person can be inducted as a partner of the LLP and finally, the ownership can be changed

Convenient

With LLP agreements, it is easier to commence and manage the business. These agreements are customized one by considering the partner needs. Few formalities are there in the legal compilation, annual meetings & resolution than the privately owned companies.

Can carry forward the losses

If there were any losses during financial years in the general partnership firm, which has not gained any profits further, the same firm is eligible one for the set off to new limited liability partnership.

Easy merging

LLP has more ability to merge with any other LLP firms for compromise or arrangements or joint venture with any other firms. As easy merging is possible, it can give wide scope for the firm to develop more.  

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Foolproof Guide to Dress Up Elegantly During Winter

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Logo Embroidered Dress Shirts

During the winter season, it is normal to bit concern regarding dressing up smartly by bringing a few warm accessories. According to a recent survey based report, people who invest in warm pieces of clothing in the initial phase of winter season easily dress up elegantly.

However, if you are also seeking notes from the fashion set to look smarter during this winter, then you must take a look below. Below is the foolproof guide that will stand you out from the crowd without any hassle.

  1. A Long Coat

Whether the wind is howling or snow is falling, a long coat will keep you warm as well as enhance your style. Therefore, it is vital for you to invest a long coat that will keep you warm dry and look elegant too.

If you really want to stay warm and stylish during this winter, ensure to look for a long coat that is well insulated, water resistant and is undeniable stylish at the same time.

Moreover, you could also wear Logo Embroidered Dress Shirts inside a long coat to look smart as well as stay warm with an extra layer of clothing.

  1. Soft Leather Jacket

Believe it or not with a soft leather jacket you can keep the chill at the bay. A soft leather jacket is a right option for all those who want to wear something unique as well as warm. If you want to be effortlessly stylish then this is the right time to bring a soft leather jacket.

In addition, a soft leather jacket is also perfect essential for people who need a comfortable jacket to wear at work or home above a pair of jeans. Thus, make sure to purchase a soft leather jacket that has a waterproof zipper to keep you warm and dry.

  1. Couples of Denim Jeans

When it comes to stay cozy and look great, denim jeans is the right option. Do remember to bring some denim jeans in your winter wardrobe to cope with the brutal environment. Try to shop for light color denim jeans as it looks fabulous during the winter season.

By purchasing a couple of light color denim jeans this winter you will get the opportunity to incorporate it with any of your favorite upper appropriately.

So, keep in mind to bring some denim jeans in your winter wardrobe to reflect in the eyes of everyone without any hassle.

  1. Heavy Snow Boot

A heavy snow boat will keep you warm and safe as you get the toughest job done despite the winter weather.  If bad weather conditions stop you from doing your work then you must keep your lower part of the body protective with a heavy snow boot.

It is proven that heavy snow boots are the perfect footwear to stay warm in a snowing environment or sub-zero wind chills. This winter adds a pair of heavy snow boots in your winter wardrobe to comfortably work in the freezing environment. An elegant pair of snow boot will not only keep you warm but also upgrade your style.

  1. Messy Knit Pomp Beanie

As 70% of our body observe heat through the head, it is crucial to cover it up with a messy knit pomp beanie. A messy knit pomp beanie is the best essential to stay warm and look unique in the winter season.

No matter you spend most of your time at work or hanging around, a messy knit pomp beanie would protect your head from the brutal environment. Surely by wearing a messy knit pomp beanie you could easily protect your head as well as look stylish even in extreme climate.

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Best Gifts for Long-Distance Relationship Couples

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Best Gifts for Long-Distance Relationship Couples

Keeping a long-distance relationship alive is not always easy. However, if you have found your soul mate, you will do whatever is necessary to make them happy. When you can’t do it in person, sending cute gifts is the best way to show your partner that you care. The following list contains small gifts to show how much you love and miss them. And more important gifts for certain occasions such as birthdays, Christmas, Valentine’s Day or your anniversary. To help you find something special, I’ve put together a list of the best romantic gifts Broken Heart Necklace for couples in a long-distance relationship. Show your love that you care!

Gifts that create the feeling of closeness:

The biggest obstacle to a long-distance relationship is the lack of proximity. However, thanks to modern technology, which has developed very rapidly in recent years, there are now some ways to feel closer. Twenty years ago, he would have had to pay a fortune just to listen to his partner’s voice if he were in another country. Now it is possible to have free unlimited romantic video chats with your loved ones and feel like you are in the same room.

This device was specially developed for video conferencing and is superior for laptops or mobile phones for this purpose. Not only the screen, but especially the camera, microphone and speaker are of the best quality. It has a crystal clear sound with a sharp image. It is not necessary that both partners have the echo because you can also easily communicate with other devices. This personal gift literally improves your connection.

In a long-distance relationship, especially women, you lose the feeling of having a strong shoulder on which to lean. If your girlfriend often mentions how she would like to fall asleep in your arms, then this nice gift is just for her. The pillow is available in two versions. The first version is a fairly accurate replica of the upper part of the male body. The second version surrounds the entire body and not only gives pregnant women the feeling of being protected. Also, spray these pillows with the scent of their perfume. Lying in them and having a video chat with you will give you three of your senses with the impression of falling asleep next to you.

No matter how far you are, these two lamps are always connected. Apart from the fact that they look super beautiful and their light creates a lovely atmosphere, they also have a special function. When you think of your loved one, just touch the lamp and both will change color. It is often good to be certain that the other is thinking of you without having to start a conversation every time. With the help of these long distance lamps it is now possible to send an affection sign faster and easier than any text message.

Gifts that make Traveling more enjoyable:

People in a long distance relationship have to spend a little more time traveling than others. The many hours spent in planes, airports or buses can be a bit exhausting. If you want your partner to be even more excited for the next trip, I have collected the best gifts for travelers.

Most neck pillows are too soft or too thin. This luxury pillow is made of high quality thick memory foam that supports the head perfectly. In addition, it has a hood that protects from the outside world and helps your partner sleep deeply and get in shape with you.

Watch movies and photos, play games, read e-books or write notes. You can do all this with a laptop, but there are some arguments why a tablet is better. The battery lasts 4 to 5 times longer, is compact, you can even hold it with one hand, and it does not heat up and does not have an annoying refrigerator. It is much more practical when you are away from home.

Does your partner prefer to read instead of watching movies or playing games? Then, this gift is the ideal alternative to a tablet to keep your partner happy while traveling. Many say it is more comfortable than a real book because of its font size adjustment and its light weight. Not to mention that real books take up a lot of space in your luggage. In addition, you can take hundreds of books with you and have enough choice. The battery has a very long life and, due to the adjusted lighting, it is still very pleasing to the eye even after several hours.

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The Facility That Provides Effective Prior Authorization for Imaging Centers

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The Facility That Provides Effective Prior Authorization for Imaging Centers

Imaging centers or units for radiological diagnosis comprise an important pillar in the medical domain of the United States. The need for prior authorization for imaging centers is as demanding as the importance of this particular diagnostic service dealing with intricate electromagnetic rays like the X Rays, MRIs and CT Scans etc. In the wake of the growing importance of prior authorization for imaging centers it can be statistically proven that starting from 2000 up to 2009 Medicare payments for imaging services nearly doubled shooting up from $6.5 billion to $11.7 billion, thus leading the Medicare Payment Advisory Commission to recommend prior authorization as a checking guard against abusement of the same. PriorAuth Online, in that regard, is the optimal organization for the purpose.

prior authorization process for your imaging center

The Reasons for Trusting PriorAuth Online for Prior Authorization for Imaging Centers

  • 100% HIPAA and HITECH compliance
  • A full range of complete and exhaustive prior auth online services including auth submission, auth follow up and auth acknowledgment
  • Turnaround time less than 48 hours
  • Low service fees with no hidden cost
  • Zero locks up a service contract with the clients which can be canceled at any time
  • An array of excellent client references across the states
  • Real-time audits and custom reporting
  • Excellent visibility and proven expertise
  • Guaranteed reduction of operational cost by 70%
  • Prompt service with a consistent accuracy rate of 99.9%
  • Increase in current rate of completed requests by 1.5 to 2x
  • Exclusive pre-certification services
  • Experience of adjudicating large claims for larger payers

Our Method of Prior Authorization for Imaging Centers

Auth Initiation: Calling and coordinating with the payer company to know their auth submission procedure, turnaround time and documentation requirements, followed by request submission and receipt tracking.

Auth Follow up: Knowing the time to time status of the request thus submitted along with providing additional documents as required.

Auth Acknowledgement: Uploading the denial or approval information in the provider’s system along with service information as required.

The business of prior authorization is further enhanced with the introduction of the ‘What’s covered’ app by CMS enabling users easy access to information on items covered by Medicare.

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