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 Private Limited Company vs LLP vs OPC – the three most common yet credible forms of business in today’s time. Continue reading “Private Limited Company vs LLP vs OPC”
Difference Between Statutory Audit and Tax Audit
Audit means an examination of books of accounts, statutory records, documents and vouchers conducted with the purpose of establishing the fact that the accounting records presents a true and fair view of the Organization. It is conducted by a party which is independent of that organization.
There are various kinds of audit being conducted under different laws such as statutory audit, internal audit, cost audit, stock audit etc. Continue reading “Difference Between Statutory Audit and Tax Audit”
Difference Between Trust, Society and Section 8 Company
The most of common structures for Non-Profit Organization in India are Trust, Society and Section 8 Companies.
Trust: Trust is considered to be the oldest form of Charitable Organization. Trust can be either private or public. It is primarily created for the benefit of a section of people. Trust is governed by the Indian Trust Act 1882. The main instrument for Registration of Trust is Trust Deed. The creator of the Trust also appoints trustees. The trustees are given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.
Society: Societies are governed under Society Registration Act 1860. It is generally formed by seven or more people who come together for a common charitable purpose. The main instrument for Registration of Society is the Memorandum of Association.
Section 8 Company: Section 8 companies are governed by Companies Act 2013. A company under this section can be formed for promoting charitable object relating to art, commerce, science, health and so on. These companies enjoy all the privileges and subject to all obligations of Limited Companies. Continue reading “Difference Between Trust, Society and Section 8 Company”
What is Statutory Audit
A fast-paced business environment combined with the need to be in sync with the global standards has raised the performance bar for companies and brought in high-quality statutory audit requirements in the country. Continue reading “What is Statutory Audit”
Difference Between Branch and Subsidiary in India
There are many entry modes by which a foreign company can establish an entity in India. The choice of business form entirely depends upon the end goals to be achieved.
In this article we will discuss the following 2 options for foreign companies entering into India:
- Establishing a Branch office (BO);
- Establishing a Subsidiary or Wholly Owned Subsidiary (WOS)