Balance Sheet Mandatory for Dental Yes, drafting a balance sheet is mandatory for Dental and Medical Laboratories in India. The balance sheet holds significant importance as a financial statement, offering an instant view of a company’s financial stance at a particular moment. It encompasses three primary elements: assets, liabilities, and equity. Here’s why drafting… Read More »
Balance Sheet for the Wholesaler There is no specific turnover limit for drafting a balance sheet for the wholesaler in India. However, the Income Tax Act, 1961 requires all taxpayers with a turnover of more than ₹25 lakhs to maintain books of accounts and prepare financial statements, including a balance sheet. The turnover limit… Read More »
LLPs governed by companies act Limited Liability Partnerships (LLPs) are a popular business structure that combines features of both partnerships and corporations, offering the benefits of limited liability and operational flexibility. In India, LLPs are primarily governed by the Limited Liability Partnership Act, 2008, but they are also subject to certain provisions of the… Read More »
