LLPs governed by companies act In India, LLPs are governed by the companies Act, 2008, which is also a separate law. While there may be some similarities between the governance of companies and LLPs, such as certain reporting and compliance requirements, the specific legal framework and regulations for LLPs are usually outlined in their… Read More »
LLP are to be registered with LLP are to be registered with: LLPs (Limited Liability Partnerships) typically need to be registered with the appropriate government agency or registrar in the jurisdiction where they operate. The specific registration requirements and procedures can vary depending on the country or region in question. Here are a few… Read More »
Are LLP regulated Are LLP regulated: The regulation of LLPs (Limited Liability Partnerships) can vary depending on the jurisdiction in which they operate. Different countries and regions have their own laws and regulations governing the establishment, operation, and compliance requirements for LLPs. In many jurisdictions, LLPs are subject to specific regulations and requirements. These regulations… Read More »
Statutory V/s Mandatory Statutory V/s mandatory certificates are both types of certificates that required to meet certain legal or regulatory obligations. While there may be some overlap in their requirements, there are distinct differences between the two: Statutory Certificates: 1. Legal Requirement: Statutory certificates issued to comply with specific laws or statutes. These laws… Read More »
Do LLP need legal requirements The legal requirements for establishing and operating an LLP can vary depending on the jurisdiction. However, there is a general overview of common legal requirements for an LLP: Formation Documents: To establish an LLP, you typically need to prepare and file certain formation documents with the appropriate government authority… Read More »
Form 15CA CB purpose Form 15CA CB purpose, The Indian government mandates the use of 15CA and 15CB forms for specific financial transactions involving non-residents. Here’s a brief explanation of each form: 1.Form 15CA: This form is use for remittances (money transfers) that are subject to tax deduction at source (TDS) under the Indian Income… Read More »
Examples of contingent liabilities Contingent liabilities are potential obligations that may arise in the future, depending on the outcome of a future event. Examples of contingent liabilities include: To visit https://www.mca.gov.in 1.Lawsuits or legal claims against the company 2.Product warranties or guarantees that may need to be honored in the future 3.Environmental liabilities, such as… Read More »
Identify provision type In legal documents such as acts, regulations, and contracts, provisions usually number and may divide into subsections, clauses, and sub-clauses. Identify provision type To distinguish between a provision that is a sub-section or a clause, one can refer to the numbering system used in the document. For example, A provision numbered as… Read More »
Contingent Liabilities Contingent liabilities can verify by reviewing the company’s financial statements and related disclosures. Companies are required to disclose significant that liabilities in their financial statements, along with a description of the nature of the liability and the likelihood of it being realized. The notes to the financial statements may also include information about… Read More »