What is an LLP (?) A Limited Liability Partnership (LLP) is an alternative corporate structure that offers the benefits of limited liability to the partners. Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013 as the compliances and disclosures for a Company have increased. The compliances and disclosures in …
Background The Indian Stamp Act 1899 was implemented by British Government to generate revenue for the Government. Stamp duty is a tax that is levied on single property purchases or documents (historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licenses and land transactions.) A physical stamp (a revenue …
Foreign Direct Investment (“FDI”) can be from Overseas Individuals, Foreign Companies or Foreign Institutional Investors under Automatic Route or Government Route. FDI is permitted in all sectors except for those contained in the prohibited list including atomic energy, betting and gambling, lottery business etc. FDI may or may not require prior regulatory approval depending on …
Amendment in the FDI rules to shield Indian Companies Read More »
Introduction: Corporate Social Responsibility (CSR) is an important aspect of business. Corporate social responsibility (CSR) determines how companies manage their business processes to produce an overall positive impact on the society. Corporate Social Responsibility as per Section 135 of Companies Act, 2013 Applicability – Section 135 of the Companies Act, 2013 provides that it will apply to …
Spending of Corporate Social Responsibility (CSR) Funds for Covid-19 Read More »
I Background: With the growing participation of investors and other stakeholders in companies, the question of transparency in arrangements with related parties has often been a topic of much debate and discussion. To usher increased degree of transparency in such transactions, to determine the exact financial position of the entity, Section 188 was introduced in …
Related Party Transactions as per Companies Act, 2013 Read More »
FEMA Act, 1999: The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. It was passed in the winter session of Parliament in …
Consequences of non-compliance under FEMA Act, 1999 Read More »
Limited Liability Partnership- Background Limited Liability Partnership (LLP) entities are world wide recognized form of Business Organization. LLP’s in India are regulated by the Limited Liability Partnership Act, 2008 along with LLP Rules, 2009 as amended from time to time. LLP combines the advantages of both the Company and Partnership into a single form of …
Who can be a Partner/Designated Partner in a Limited Liability Partnership Read More »
The Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020 (CFSS-2020)” to provide an opportunity to Companies to make good any filing related defaults and make a fresh start as a fully compliant entity. COMPANIES FRESH START SCHEME, 2020 (CFSS-2020): The salient features of the scheme are as follows: Applicability This …
Limited Liability Partnership is a unique form of a legally recognized corporate entity, a partnership in which all partners (depending on the jurisdiction) have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence. It is more flexible …
Conversion of an Unlisted Public Company into Limited Liability Partnership Read More »
Background The Companies Act, 2013 has defined the term Financial Year in order to ensure uniformity of financial year among all companies. Under the previous law i.e the Companies Act, 1956 (Old Act), the term Financial Year was not defined and Companies had the liberty to fix their financial year (for example-1st April to 31st March or 01st …
Change in Financial year as per Companies Act, 2013 Read More »
Don’t miss our future updates! Get Subscribed Today!