Introduction A Limited Liability Partnership (LLP) is a popular business structure that offers flexibility and limited liability to its partners. Over time, an LLP may undergo changes in its structure due to the admission, resignation, or change in roles of partners. This process is called the reconstitution of an LLP. The reconstitution process… Read More »
OPC to private limited Converting an OPC to private limited Company typically involves the following steps: Director Appointment: A Private Limited Company requires a minimum of two directors, whereas an OPC has only one director. Therefore, to convert an OPC to a Private Limited Company, you need to appoint an additional director. The new director… Read More »
Convert regular GST to composition Convert regular GST to composition: To convert regular GST to composition scheme in India, you need to follow the below steps: 1. Log in to the GST portal (www.gst.gov.in. (http://www.gst.gov.in/)) using your registered credentials. 2. Go to the “Services” tab and select “Registration”. 3. Click on “Application to opt for… Read More »
How Can I Add a Partner to a Sole Proprietorship? User Intent Many entrepreneurs start their businesses as sole proprietors but later realize the need for a partner to expand, share responsibilities, or bring in additional expertise. However, adding a partner to a sole proprietorship isn’t a straightforward process because a sole proprietorship is legally… Read More »
Permanent Account Number(PAN) The Permanent Account Number (PAN) is a unique identifier issued by the Income Tax Department of India, primarily for tax purposes. For businesses, it plays a crucial role in various financial transactions, tax filings, and compliance. When a business undergoes a structural change, such as converting from a One Person Company (OPC)… Read More »