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Setting New Business
It’s an unincorporated business possessed by a single person who’s responsible for its capital and debt and entitled to earned profits and enjoying the benefit of business environment
In India, partnership organization is formed and managed by Indian Partnership Act, 1932.
Section 4 of Partnership Act defines partnership as the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all.
Minimum Requirement-Minimum of 2 persons are needed to form a partnership and max of 10 persons in case of banking and 20 in case of others
A group of people formed as a separate association and which has as a pronounced purpose some charitable or benevolent purpose either in respects to the public at-large or in respects to the common interests of the members, and which operates as nearly as possible at cost.
Trust created for advancement of education, creation of public health and comfort, relief of poverty, progression of religion, or any other purpose regarded as charitable in law. Benevolent and humanitarian purposes aren’t necessarily charitable unless they’re solely and simply for the benefit of public or a class or section of it. Charitable trusts( unlike private ornon-charitable trust) can have perpetual actuality and aren’t subject to laws against infinity. They’re wholly or incompletely pure from nearly all levies.
Limited Liability Partnership
In India, the Limited Liability Partnership Bill, 2008 and The LLP Act 2008 came functional on 31st March 2009.
The Limited Liability Partnership Rules 2009(‘ the LLP Rules’) notified on 01st April 2009 and brought into force from that date, except the Rules pertaining to conversion of being partnership companies, private limited and unlisted public limited companies into LLP, which are brought into force from 31st May 2009.
As per the LLP Act any two persons can incorporate a LLP.
Every LLP shall have two designated partners( i.e. partners responsible for compliance of law of LLP) and one of the two designated partners, shall be resident in India.
LLP shall have a registered office and voluntarily one other address for serving of documents by the Government and others.
inspection of books of accounts of LLP by an Indian Chartered Accountant is obligatory, except for small LLPs. As per Rule 24( 8) of the LLP Rules 2009- where turnover of LLP doesn’t exceedRs. 4 million( Rs. forty lakhs) in any fiscal time or donation of mates in LLP doesn’t exceedRs.2.5 million( Rs. Twenty Five lakhs) need not get their accounts checked .
Annual form of statement of accounts( by 30 September) and periodic return( by 30 May).
A company is registered in agreement with the Companies Act and is a separate legal entity, distinct from both its shareholders, directors and managers. The liability of the shareholders is limited to the amount paid or unpaid on issued share capital. A company has perpetual actuality. The owners and management is separated. The Companies Act, 1956 does, still, place numerous restrictions on the company for the compliance. It must maintain certain books of accounts, registers, and file an periodic return, periodic compliance with the register of companies which includes the accounts as well as details of directors and mortgages.
Types of Companies
There are three types of companies keeping in view their nature, which is outlined below
- Companies with Limited Liability
- Companies with Unlimited Liability
- Company limited by Guarantees
The aforesaid companies are further classified into the following:
- One Person Company
- Private Limited Company
- Public Limited Company
For some specific business purposes, Public & Private Companies takes the form of the following:
- Producer Company
- Non Profit Associations