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 the partners of the LLP, which forms the bylaws of the LLP. Continue reading “LLP Agreement”
One Person Company (OPC) vs Proprietorship
Although the terms “proprietorship” and “one person company” give the same idea of Business being run and managed by one owner but there are major differences between the two.
Proprietorship is a very common and traditional form of business in India. Because of its simple features, it is widely adopted by people to set up their own businesses. It is often confused with “One Person Company”, a concept newly introduced by the Companies Act 2013. Continue reading “One Person Company (OPC) vs Proprietorship”
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 date of holding the Annual General Meeting. Continue reading “Consequences of Non-Filing of Annual Return and Financial Statements”