Extent of liability of LLP An LLP is not bound by anything done by a partner in dealing with a person if— the partner in fact has no authority to act for the LLP in doing a particular act; and the person knows that he has no authority or does not know or believe...
Continue readingImpact of GST on E-commerce Market Place Sellers
Introduction The increasing size of E-Commerce in India has also resulted in the conception of online marketplaces. A Marketplace is an E-commerce platform owned by E-commerce Operators such as Amazon, Flipkart, and Snapdeal. Features of a marketplace model are: Online Marketplace enables 3rd party sellers to sell online on their platform. online marketplace charges...
Continue readingHUF & Benefits
Introduction The Hindu Undivided Family (HUF) is a distinct form of Business organization peculiar to India. Hindu Undivided Family (HUF) is created by the operation of law. Hindu Undivided Family (HUF) does not have any separate legal entity from that of its members. The laws that govern HUFs are not codified and are read...
Continue readingAGRICULTURE INCOME
“Agriculture Income” means- Any rent or revenue received from the land which is situated in India and is used for agricultural purposes; Any income derived from such land by agricultural operations including processing of the agricultural products raised or received as rent in kind so as to render it fit for the market, or...
Continue readingSociety Registration
What is Society? A society is an alliance of persons joined together by mutual consent to deliberate, determine, and act jointly for some common purpose. Societies are usually formed and registered for the promotion of various charitable activities like culture, art, sport, music, religion, education, etc. Purposes of society: The society has various purposes...
Continue readingCommencement Form
About: Companies which has been incorporated on or after 2 November 2018 and having share capital must file the certificate of commencement of business to ROC (Registrar of Company) within 180 days from the date of incorporation of the company in form 20A by the director before the commencement of business or exercise its...
Continue readingESI Registration
About: Employee State Insurance or in short we say ESI is a scheme started for Indian workers by the Government of India under its autonomous body Employee State Insurance Corporation (ESIC). It is a self-financing health insurance scheme, which helps an employee and his family member by Pérdida de peso providing medical cover and...
Continue readingCessation of partnership and Registration of changes in partners
Cessation of partnership: A person may cease to be a partner of an LLP in accordance with an agreement with the other partners or, in the absence of an agreement with the other partners as to the cessation of being a partner, by giving a notice in writing of not less than 30 days...
Continue readingAdvantages of incorporating a Limited Liability Partnership(LLP)
LLP is a body corporate: An LLP is a body corporate formed and incorporated under LLP Act and is a legal entity separate from that of its partners and shall have perpetual succession. Therefore, any change in the partners of an LLP shall not affect the existence, rights, or liabilities of the LLP. An...
Continue readingAn investigation into various frauds
Cash receipts Nature of duties of a person who is expected to have committed fraud. Examine the line of responsibility among the various members of the staff. Income received from different sources should be scrutinized. Carbon copies of receipts marked duplicate should be scrutinized. Examining the record of the small or negligible sources of...
Continue reading