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  In every dealing of financial aspects there are Do’s & Don’t that need to be diligently followed especially, if you want to avoid losses. These Do’s & Don’t are of utmost priority because it is based on the laws and rulings of the court that take place when it comes to the financial aspects of a nation. More precisely they hold a great effect on whether you choose to follow, either you make a profit out of it or incur losses that can be a little more than you were anticipating. Everything on this planet has its pros and cons, filing or not  filing of your income tax returns  is no different. The level of losses will only vary to case to case and the technicality differs from situation to situation. Interested to find out more then read on…. If filing of Income Tax return is not done before the due date: There will be heavy penalties levied for not filing income tax returns, it will be at the rate 1% per month from the  due date  of filing the return ti...

Is the LLP Registration Process the Best Option for Company Registration? When forming an LLP, there are a few requirements that must be met. Will you be able to lawfully form and manage an LLP if and only if you can meet the following requirements? A limited liability partnership (LLP) must be formed by at least two people. There is, however, no upper limit on the number of partners. In the case of an LLP, capital is decided by the business’s needs and the members’ contributions to the partnership. The Stamp Duty on the deed is determined by the amount of capital. To start a business as an LLP, there is no minimum capital need. A resident of India must be at least one of the LLP designated partners. When an LLP’s turnover is equal to or greater than 40 lakh and its total capital contribution is equal to or greater than 25 lakh, its accounts must be audited. Reason for LLP Registration   Use a company’s operational ease and flexibility to your advantage.   Reduce the amount of...

  The First Step In Starting And Running A Business As An Entrepreneur Is To Determine The Company’s Structure And Begin The Company Registration Process. The first step in launching a new business is to register a company. The procedure by which a company is registered in the jurisdiction in which it operates is known as company registration. The nature of your firm, such as whether it will be owned by a single person or a group of individuals, will be the primary determinant. If you run a business that lacks an identity, there is a good chance that you, as the owner, will lose the unique name of your business to someone who has already registered their company. You will not be able to sue the person for this act legally. Company registration will help you avoid such situations and will also serve as proof of your company’s legitimacy. As a result, Company Registration is extremely important in the business world. Advantages of company registration COMPANY RECOGNITION : Your compa...

  aavana.in How to raise funds for a company When you start a business, you must also ensure that you have the proper funding option available. According to a recent study, most businesses fail due to a lack of funds. Raising funds for a new company involves various risks factors also. Fundraising  is nothing but seeking financial support to start a business or any charitable organization. Here are a few funding ideas that will be useful for your company. Crowdfunding Crowdfunding is one of the funding options available for a start-up that has been gaining a lot of popularity lately. Crowdfunding is nothing but taking a loan, pre-order, contribution, or investments from more than one single person at the same time.Detailed information of the business is put up on the  crowdfunding  platform. The company needs to mention the goals of their business, plans for making a profit, how much funds they require, etc. Customers will have access to all such information and fund...

  It is a separate legal entity and the partners are liable to their respective contribution. It has flexible management roles It is easier to form an LLP. Formation of an LLP only require the partners to fill out a registration form and file it with the local secretary of the state LLP does not have to pay tax as a separate business entity; however partners have to pay only their individual taxes. The cost involved in registering an LLP is comparatively lesser than that of a  Private Limited Company Transfer of ownership is easy. The ownership can be changed but changing the managing directors as LLP is a separate legal entity. There is no maximum limit of partners when it comes to incorporating your business as an LLP A minimum capital requirement is not needed to  register your firm as an LLP  The liability of members in respect in respect to the LLPs debt is limited. The personal assets remain of the members remain safe even if the company goes bankrupt. LLP ...

  Introduction Nidhi Company is a form of non-banking financial institution (NBFI) that is registered under the  Companies Act 2013 . It is involved in the business of borrowing and lending money to its members and works on the principle of mutual benefits by inculcating the habit of savings among its members. Nidhi Company can have member and director as the same person: Registration of Nidhi company  is an online process and it will be approved by the Ministry of corporate affairs in less than 20 working days. Nidhi company works as a finance bank by fulfilling the necessary terms and conditions set by the regulatory authority. As per the Nidhi rules, you can open only one branch in one district, after 3 years of profitable business you can open another branch in the same state. Nidhi company  gives only secured loans to its members and it accepts deposits in the form of saving deposits, recurring deposits, and fixed deposits. Regulations of Nidhi Company Nidhi com...

  Documents Required for LLP Registration in India The LLP is a legal entity registered with the Registrar of companies under the Limited Liability Partnership Act 2008. It is being regulated by the Ministry of Corporate Affairs, a form of partnership that is often found in firms where liability is a big issue. Such kinds of firms include medical practices, law offices, and accounting firms. Any Individual or even a company or an LLP can become a partner, However, only an individual can become a designated partner in an LLP. Here is the list of basic documents required for LLP registration KYC requirements of Partners (with self-attestation) Latest passport size photo. Copy of Pan card of Partners Copy of Aadhaar Card Copy of Voter Identity card/ driving license/passport of the partners. In the case of NRI or foreign nationals, a passport copy has to be notarized at the Indian Embassy of the particular country. Notarized utility bill of the particular country where the NRI or forei...

  The LLP form of partnership is often found in firms where liability is a big issue. Such kinds of firms include medical practices, law offices and accounting firms. In this type of partnership, the individual partner is not responsible for the malpractices of the other partner. ID proof (PAN card) Address proof (utility bills, election ID, Aadhaar card, driving license) Passport size photo To get your office registered (NOC from the owner/utility bills/rental agreement/registry proof/ house tax receipt https://aavana.in/blog/documents-required-to-register-your-llp-firm/

Private Limited Company Registration How to register a Private Limited Company in India – An Overview When it comes to small, medium or large business undertakings Private limited company is considered to be the most preferred entity in India due to several merits. In India, Private Limited Company is known to be the most prevalent and prominent type of corporate entity. The company’s registration is governed by the Ministry of Corporate Affairs amended by the Companies Act of 2013. For a Private Limited Company to get itself registered, a minimum of two shareholders and two directors are required. An individual can be both a director as well as a shareholder, while a corporate legal entity can only be a shareholder. Moreover, foreign nationals, foreign corporate entities, and NRIs can become the shareholders or Directors of a company with Foreign Direct Investment (FDI). From the point of foreign promoters, Private Limited Company is the most preferred choice of entity. A Private Limi...

  Essential Documents required for the company registration process in India Documents need to be arranged from foreign director/subscriber 1. PASSPORT and Voters ID (Similar to Resident Country) or Driving License (Apostiled and Notarized along with self attestation)  2. Bank Statement/ Telephone bill/ Mobile Bill/ Electricity bill as Address proof (Latest 0ne month bill) (Apostiled and Notarized along with self attestation) 3.  Passport size photograph of Foreign Director 4.  https://aavana.in/company-registration-india During of stay at present address of Foreign Director and place of birth and his Occupation  5. Educational Qualification of Foreign Director

  The companies act has introduced a new concept called the  class action suits  for shareholders with the view of making the shareholders understand and provide them with enough knowledge on their rights.  The Act gives more powers to shareholders regarding the approval of certain transactions.  The Act stipulates the appointment of at least one woman director on the board.  The Act demands a certain class of companies to set aside a certain amount of money for activities that promote corporate social responsibility.  The companies act has proposed a simple procedure for mergers and amalgamations of a certain class of companies after getting approval from the government  The Act has increased the number of shareholders in a  Private limited Company  from 50 to 200.  The Act provides for the entrenchment of articles of association.  It is mandatory for every company to have at least one  director  who has stayed in In...

  Company directors  are people who take up the responsibility of managing the company. They are responsible to promote the success of the business and also benefit the shareholders. Director  -There is no such specific definition of a director in statute, but in general the term “director” defines as any person who is not a minor or a person who together with the other members forms a board of directors and are responsible for forming and managing the company. A  director  needs to be rationally diligent with the right kind of skill, knowledge and experience to be able to carry out important roles in the company. The law permits a  public limited company  to have at least 3 directors, a minimum of 2 directors in the case of a  private limited company  and a  one-person company  can have a minimum of 1 director. What are the types of Directors? There are many types of  directors . Here, we will discuss the different types of di...