Limited Liability Both LLP and a Private Limited Companies have limited liability. Liability of partners of an LLP is limited to the extent of the agreed capital contribution in the LLP. Similarly, Liability of shareholders of a private limited company is limited to the extent of shares held. For example, if Sam invested Rs 100,000 […]
Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments’ exclusive powers to levy taxes. Once this step is taken, the tax barriers between states, […]
Every person who is liable to registered under GST Act shall apply for registration. The person will register in every such state in which he is so liable. The time limit to register is within thirty days from the date on which he becomes liable. The person can get voluntarily registration thought not liable to […]
What is OPC? One Person Company (OPC) a separate legal entity with just one member. Unlike a private limited company which requires minimum 2 shareholders and 2 directors, an OPC can be formed with only one shareholder (there is a nominee director, but with no power until the original director is incapable of entering into contract). OPC is […]
One Person Company (OPC) a separate legal entity with just one member. Unlike a private limited company which requires minimum 2 shareholders and 2 directors, an OPC can be formed with only one shareholder. OPC is registered under the Companies Act 2013 with the Ministry of Corporate Affairs. Do not get confused with a sole […]
GST is a destination based tax i.e. the tax should be received by the state in which the goods or services are consumed and not by the state in which such goods are manufactured. Here are some scenarios which will help your understanding about GST calculation and Payment. Scenario 1: Within the state A dealer […]
The OPC must have only one member at any point of time and may have only one director The OPC must have a nominee who must be an individual. Minor shall not become member or nominee of the One Person Company Both the member and nominee must be a natural person (Cannot be a company). […]
Limited Liability Partnership (LLP) is gaining popularity with its numerous benefits it gives to the entrepreneur. LLP is a business entity which combines the limited liability of a company and the flexibility of a partnership.There are multiple factors an entrepreneur should consider before choosing the type of business one plans to register. The size and […]
There are multiple factors an entrepreneur should consider before choosing the type of business one plans to register. The size and nature of business, fund raising, scale etc should be considered before choosing the type of business entity. Here are some of the reasons why you should register your business as a private limited company. […]
Listed below are some of the benefits of Limited Liability Partnership entities. However an entrepreneur should choose the entity based on his or her requirements and decide which suits them best in the long run. Minimum Capital To incorporate a private limited company, the shareholders need to invest a minimum of Rs 1 lac into […]