Karishma Pandit | Legistify

Karishma Pandit
Answered on 17 Jan 2020

The terms "sole proprietor" and "independent contractor" are both used to discuss small business owners, usually one-person businesses. If you work as an independent contractor and have not set up a business entity like an LLP or Company, your business is essentially the same thing as a sole proprietorship for tax purposes.Read More

Posted on 16 Jan 2020 | 1 Answer

Arshi Noor | Legistify

Arshi Noor
Answered on 07 Jan 2020

Section 139(2) of the Companies Act, 2013 (the Act) has mandated all listed companies and certain categories of unlisted public companies and private companies to mandatorily rotate their auditors (whether such auditor is an individual or a firm) once their auditor has served office as an auditor for a period of 10 or more consecutive years (Rotation Period). In this regard, the third Proviso to Section 139(2) of the Act has provided a moratorium period, wherein companies incorporated prior to 1 April 2014, have been provided a time period of 3 years from such date to comply with the requirement to rotate their auditors. Therefore, beginning 1 April 2017, all companies who are required to rotate their auditors under the Act will have to rotate their existing auditors (Current Firm), if the Current Firm has held office as such company’s auditor for a period of 10 years or more.Read More

Posted on 06 Jan 2020 | 1 Answer

Ayaskanta Parida | Legistify

Ayaskanta Parida
Answered on 04 Jan 2020

Share certificates need to be issued within two months of the company's incorporation or the issuing of the shares, in case additional shares are issued by the company.Read More

Posted on 17 Nov 2019 | 1 Answer

Karishma Pandit | Legistify

Karishma Pandit
Answered on 21 Dec 2019

Every partner shall account to the limited liability partnership for any benefit derived by him without the consent of the LLP from any transaction concerning the LLP, or from any use by him of the property, name or any business connection of the LLP. This provision is parallel to section 16(a) of the Partnership Act. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the right to manage the business directly.Read More

Posted on 16 Dec 2019 | 2 Answers

Advocate Jayant Chourasia | Legistify

Advocate Jayant Chourasia
Answered on 29 Dec 2019

In the AGM to be held on 24th Sep the Company in case of being a Public Company, you can as per Section 152 of Companies Act 2013 which deals with the appointment and retirement of directors at the Annual General Meeting of the Public company reappointed in accordance with the rules of retirement of directors by rotation given under Section 152(6). Unless the articles provide for the retirement of all directors at every Annual General Meeting, at least two-thirds directors of a total number of directors on the Board of directors of a public company shall be liable to retirement by rotation and be appointed by the Company in general meeting. At the annual general meeting at which a director retires, the company may fill up the vacancy by appointing the retiring director. If at the annual general meeting, the vacancy of retiring director is not so filled and meeting has not expressly resolved that not to fill the vacancy, the meeting shall be adjourned till the same day in the next week at the same time and place and in case that be a national holiday, on next day succeeding the holiday, at same time and same place. If at the adjourned meeting also, the vacancy is not filled and the meeting has not expressly resolved not to fill the vacancy then in such a case retiring director shall be deemed to have been reappointed at the adjourned meeting.Read More

Posted on 20 Sep 2019 | 1 Answer

Shagun Srivastava | Legistify

Shagun Srivastava
Answered on 27 Dec 2019

There are no laws to regulate the food delivery industry yet, including the labor laws. That’s the reason most of the delivery executives are on a contract basis and paid per delivery rather than a monthly salary. And so they are not covered under PF, ESI generally. Technically the delivery executives are using the bike for their “personal” purposes rather than “commercial” purposes.Read More

Posted on 02 Aug 2019 | 1 Answer

Karishma Pandit | Legistify

Karishma Pandit
Answered on 26 Dec 2019

A public limited company (PLC) is a company that has offered shares to the general public and has limited liability. It is a limited liability company whose shares may be freely sold and traded to the public (although a PLC may also be privately held, often by another PLC), with a minimum share capital of 50,000 and usually with the letters PLC after its name. Public limited companies will also have a separate legal identity. Limited means the limited liability of shareholders up to their shares.Read More

Posted on 13 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 15 Dec 2019

In a Partnership, to change partners, you need to dissolve the partnership and start a fresh firm. You cannot change the partners in the existing partnership firm.  The dissolution of partnership can take place in any of the following ways: When a new partner is added. When the existing profit sharing ratio is changed. When one of the partners retire. When one of the partners dies. When any of the partners become insolvent. When a specific venture for which the partnership was formed is completed. Read More

Posted on 06 Aug 2019 | 1 Answer

Advocate Ganesh Kadam | Legistify

Advocate Ganesh Kadam
Answered on 24 Nov 2019

You can't remove shareholder from the company but remove a director from his post by suo moto resolution passing in the boards meeting. You can force him to sell his shares to other members.Read More

Posted on 01 Sep 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 18 Nov 2019

No, the word 'foundation' cannot be used for a business if it is not an NGO or a Trust. If it is a company, it is mandatory to use the term 'company' or 'co' in the name.Read More

Posted on 14 Aug 2019 | 1 Answer