Meaning of LLP in law Meaning of LLP in law: In the realm of law, the acronym LLP denotes “Limited Liability Partnership.” An LLP represents a legal business structure that amalgamates aspects of a partnership and a corporation. It offers the advantage of limited liability protection to its partners. It is commonly used by… Read More »
LLP Without Partnership Agreement LLP without partnership agreement Although there may be no legal obligation to establish a partnership agreement for an LLP in certain jurisdictions, it is strongly recommended to have such an agreement in effect. A partnership agreement helps clarify the rights, responsibilities, and expectations of the partners, and it provides a clear… Read More »
Necessity of registering a partnership Website link Necessity of registering a partnership The requirement for registering a partnership can vary depending on the jurisdiction in which the partnership operates. In some countries, registration of a partnership is not mandatory, and partners can enter into a partnership agreement and conduct business without formal registration. However, in… Read More »
What is an OPC? A One Person Company (OPC) is a relatively new business structure introduced in many countries, including India, through the Companies Act, 2013. It allows a single individual to own and operate a company with the benefits of limited liability. An OPC enjoys several features similar to a private limited company but… Read More »
Debentures Can OPC Issue Debentures? The concept of OPC, introduced under the Companies Act, 2013 in India, aims to provide sole proprietors a formal structure that separates personal and business liabilities. However, when it comes to raising capital, particularly through issuing debentures, there are specific considerations for OPCs. What are Debentures? Debentures are… Read More »
Compulsory registration of partnership firm Compulsory registration of partnership firm,The requirement for partnership firm registration can vary depending on the jurisdiction and the specific laws and regulations of the country or state where the partnership operates. In many jurisdictions, registration of a partnership is not mandatory, and partners can enter into a partnership agreement… Read More »
Is stolen cash deduct in tax returns? When it comes to filing taxes, there are many deductions and credits that taxpayers can claim to reduce their taxable income. However, one question that often arises is whether stolen cash can be deducted from one’s tax return. The answer is not straightforward and involves a deeper look… Read More »
Risk in taking GST on home address For many small business owners or freelancers, using a home address for Goods and Services Tax (GST) registration is a common practice, especially if they don’t have a commercial office space. But is there any risk involved in this? Let’s explore the potential concerns: Legal Compliance As long… Read More »
What are the consequences of Not Issuing E-Invoices Under India’s New GST Regime With the introduction of the Goods and Services Tax (GST) in India, the government has significantly reformed the tax system, aiming to streamline indirect taxation. A critical aspect of this evolution is the requirement for businesses to generate and issue electronic invoices… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
