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”

How to close LLP: Procedure for winding up of LLP

Procedure for winding up of LLP:  A Limited Liability Partnership can be closed down by declaring the LLP as defunct.

Declaring the LLP as Defunct: In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s. Continue reading “How to close LLP: Procedure for winding up of LLP”

GST Returns and Compliances

There are various GST compliances that are required to be followed under the new GST law. Following is the list of returns to be filed in detail: Continue reading “GST Returns and Compliances”

GST: The Goods and Service Tax

The Nation is all geared up for the implementation of one of the biggest indirect tax reforms in India. Are you? All you need to know about GST (Goods & services tax) which is set to rule from 1st July 2017.

As the name itself suggests, Goods and Services Tax will be levied on “Supply” of goods and services. It is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace the existing modes of taxation levied by the central and state governments. Continue reading “GST: The Goods and Service Tax”