How to convert Proprietorship to a Private Limited Company

Many small business owners start out as sole proprietors of their firms. Sole proprietorship is the most common and simplest form of business structure. This form of business has its own advantages: easy formation, limited paperwork, small capital requirement, and minimum compliance requirements. As the business starts spreading its roots, the next logical move would …

Limited Liability Partnership (LLP) vs Partnership

Selection of the correct form of business entity is the most important decision taken by an entrepreneur. To make choices simpler and assist you in taking a well informed decision, here is a basic comparison chart of Limited Liability Partnership (LLP) vs Partnership Limited Liability Partnership – A corporate form of Partnership Limited Liability Partnership …

LLP Agreement

LLP Act 2008 defines LLP agreement as “Any written agreement between the partners of the Limited Liability Partnership or between the LLP and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to that LLP”. Hence, in simple terms, it is an agreement inter-se between …

Consequences of Non-Filing of Annual Return and Financial Statements

The consequences of Non-Filing of Annual Return and Financial Statements are severe and one must be aware as well as cautious in this regard. Companies Act 2013 require every Company to file its Annual Return and Financial Statements with the Registrar of Companies, containing information as prescribed in this regard, within 60 days from the …