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BUSINESS ENTITY INCORPORATION
NEW BUSINESS ENTITY FORMATION- : If you are planning to set up a new organization in India, we can assist you to set up your organization in the most professional and quickest manner, anywhere in India. Whether it be a Public Limited Company or a Limited Liability Partnership, or a Trust / Society, we can take care of your requirements from application for a Digital Signature to Selecting a Name to final Incorporation of a company. We provide end-to-end services for Companies including accounting, regulatory compliances, filing returns on a day-to-day basis or as required. : TYPICAL PROCEDURE TO ESTABLISH BUSINESS IN INDIA- : TABLE TO BE POSTED

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Public Limited Company
A Public Limited Company is a Company limited by shares in which there is no restriction on the maximum number of shareholders, transfer of shares and acceptance of public deposits. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, the liability of a Director / Manager of such a Company can at times be unlimited. The minimum number of shareholders is 7. : What are the advantages of a Limited Company?- : A limited company has following advantages : : Members' (the directors and shareholders) financial liability is limited to the amount of money they have paid for shares. The management structure is clearly defined, which makes it easy to appoint, retire or remove directors. If extra capital is needed, it can be raised by selling more shares. It is simple to admit more members. The death, bankruptcy or withdrawal of capital by one member does not affect the company's ability to trade. : What are the disadvantages of a Limited Company?- : A limited company has following disadvantages : : Requirement to register the company with the registrar of companies and provide annual returns and audited statement of accounts. All details of the company are available for public inspection so there can be no secrecy. There are penalties for failing to make returns. Is more expensive to set up. Will need professional help to form. As a director, you are treated as an employee and must pay tax. The advantages of limited liability status are increasingly being undermined by banks, finance house, landlords and suppliers who require personal guarantees from the directors before they will do business.

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Private Limited Company
A Private Limited Company is a company limited by shares in which there can be maximum 50 shareholders, no invitation can be made to the public for subscription of shares or debentures, cannot make or accept deposits from Public and there are restriction on the transfer of shares. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, the liability of a Director / Manager of such a Company can at times be unlimited. The minimum number of shareholders is 2. : What are the Requirements for a Private Limited Company?- : A Registered Business Name: This must be followed by the word 'Limited' or 'Ltd'. The Companies Registration Office exercises some control over the choice of name, it cannot be identical (or very similar to) the name of an existing company. It won't be considered if it is offensive or illegal and the use of certain words in a company (for example, 'Institute' 'National') can only be used in certain circumstances. The company name must be displayed in a conspicuous place at every office, or other premises where the company carries out business. : A Registered Office : This need not necessarily be the same address as the business is conducted from. Quite frequently the address used for the registered office is that of the firm's solicitor or accountant. This is the address, through, where all official correspondence will go. : Shareholders : There must be a minimum of two shareholders (also described as `members' or `subscribers'). A private company can have up to fifty shareholders. : Share Capital : : The company must be formed with a stated, nominal share capital divided into shares of fixed amounts. Small companies are frequently formed with a nominal share capital of Rs.100. : Memorandum of Association :- : The memorandum is the company's charter. It states the company's name; the situation of its registered office; its share capital; the fact that liability is limited and, most importantly, the object for which the company has been formed. In theory, the company can only operate in the areas mentioned in the objects clause but in practice the clause is drawn to cover as wide an area as possible, and anyway a 75 per cent majority of the members of the company can change the objects whenever they like. Nevertheless, it is worth bearing in mind that directors of the company will incur personal liability if the company engages in a type of business which is not authorised by the objects clause. The memorandum must be signed by at least three shareholders. : Articles of Association :- : The document contains the internal regulations of the company, the relationship of the company to its shareholders and the relationship between the individual shareholders. Many companies don't bother to draw up their own articles but adopt (sometimes with some modifications) articles set out in the Companies Act : Certificate of Incorporation :- : This is the document, which the registrar of companies issues to you once he has approved your choice of name and your memorandum. When you receive this document your company legally exists and is ready to trade. : Auditors : ; Every company must appoint a qualified auditor. The auditor's duty is to report to the treasurer whether or not the books of the company have been properly kept, and that the balance sheet and profit and loss account presents (or doesn't present) a true and fair view of the company's affairs and complies with the Companies Act. Auditors are appointed or re-appointed at general meetings at which annual accounts are presented, and they hold office from the conclusion of the meeting until the next general meeting. ; Accounts : : The Companies Act lays down strict rules on accounting. Every company must maintain a set of records, which show the financial position at any one time with reasonable accuracy. The accounts comprise a profit and loss account and balance sheet with the auditors' and directors' reports appended. A new company's accounting reference period begins on its incorporation and runs until the following 31st March - unless the company notifies the registrar of companies otherwise. Within ten months of the end of an accounting reference period, an audited set of accounts must be laid before the shareholders at a general meeting and a set delivered to the registrar of companies. : Registers, etc : : In addition to the accounts books, companies are required to have: a register of members and share ledger; a register of directors and secretaries; a register of share transfers; a register of charges; a register of debenture holders; a book can be purchased to hold all of the above. This will be provided automatically if you buy a running concern. : Company Seal : : All companies must have an engraved seal. This must be impressed on share certificates and must be used whenever the company has to execute a deed.

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Co-operative Housing Societies
There are basically four types of Co-operative Housing Societies connected with the housing. Open Plot Societies Flat Owners Societies Tenant Societies Housing Board Societies : In Open Plot Societies, members purchase or take one lease a plot of land and they themselves construct the building. When a builder constructs flats and sells them to Flat Owners, the Society when formed is called Flat Owner's Society. When Landlord forms a Society of tenants, it is called Tenants Society. : When a Society is formed by allottee's of flats and building is constructed by the Housing Board Authorities, eg. Mumbai Housing and Development Board, then the Society so formed is of the type of Housing Board Society. : The procedure that should be followed for formation of societies of the above said types is different for different types of Societies.

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Limited Liability Partnership
Limited Liability Partnership or LLP is a hybrid type of business structure where the features of a Partnership Firm as well as Limited Liability Company are available. LLP is a body corporate with perpetual succession and has a separate legal identity distinct from its partners. Further, the liability of the partners is limited to their agreed contribution in the LLP which may be of a tangible and/or intangible nature. : The concept of Limited Liability Partnership (LLP) has been introduced in India through Limited Liability Partnership Act, 2008. : Limited Liability partnership provides all the benefits of an incorporated company and a partnership firm as it is a unique business entity model which eradicates all the disadvantages of both company and a partnership firm. In an LLP, all partners have limited liability for each individual's protection within the partnership, similar to that of the shareholders of a limited company. : The advantage and disadvantages of Limited Liability Partnership are as follows: : Advantages- Separate legal entity Easy to establish Flexibility without imposing detailed legal and procedural requirements Perpetual existence irrespective of changes in partners Internationally renowned form of business in comparison to Company No requirement of minimum capital contribution No restrictions as to maximum number of partners LLP & its partners are distinct from each other Partners are not liable for Act of other partners Personal assets of the partners are not exposed except in case of fraud Easy to dissolve or wind-up No requirement to maintain statutory records except Books of Accounts Less Cost of formation (Compared to a company) : Disadvantages- LLP cannot raise funds from Public Any act of the partner without the other may bind the LLP Under some cases, liability may extend to personal assets of partners No separation of Management from owners : An existing partnership firm can also be converted into a Limited Liability Partnership (LLP).

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About Legal

We are a professional legal consultancy in India for both corporate houses and individuals. A large number of our HNI and Non-Resident Indians (NRI) who value professional, transparent and time-bound legal services patronise us and provide us the impetus to peruse our endeavour to provide quality professional, transparent and time-bound legal services to our clients.

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