Team Legistify | Legistify

Team Legistify
Answered on 28 Nov 2019

First of all the basic requirements of opening a college. Budget, land, infrastructure, affiliation, marketing etc. are some of the basic components that you need to plan on before starting private college in India. Opening a private college is not an individual’s task. So, you need to seek support from individuals or committees that can drive the planning process and help you to run your college successfully. Further, you are required to register your committee as a society, in accordance with the rules laid down by the government. The investment required for your venture would range from 2 to 3 Crores. So, you need secure funding options. You can either borrow money from the moneylenders or approach banks that provide loans to aspiring edupreneurs. The next important step is to obtain the No Objection Certificate from the Directorate of Higher Education of the respective state where you want to start your college. On the basis of this NOC, your society will be allotted land by the concerned land owing agency of the state. For this, you are required to fill an application form and submit it along with a fee of Rs.10,000. As soon as the land is allotted to you, start constructing the college building and infrastructure. Make sure that you include all the basic requirements and facilities in your college. Ensure an optimum supply of electricity & water for your college and equip your college with fire alarms & fire extinguishers. Once the college building is ready, you need to get affiliation from a recognized university. In India, all the colleges are controlled and maintained by universities that are affiliated to the UGC (University Grants Commission). They help to provide educational standards which are at par with the international standards. Further, you are supposed to get approval of the professional degrees that your college will be offering. In case you are starting a private technical college, get it approved by the AICTE (All India Council for Technical Education). Further, MCI grants approval to medical colleges and INC grants approval to nursing colleges. After completing the aforesaid formalities, start with the recruitment process. For this purpose, you may conduct interviews for teaching, non-teaching and administrative staff at the college campus. Lastly, you need to start promoting your private college to get your college’s name noticed in the locality. You may put up billboards at strategic locations such as alongside busy roads. Simultaneously, you may start circulating ‘admissions open’ flyers in the neighbourhood.Read More

Posted on 20 Nov 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

Team Legistify | Legistify

Team Legistify
Answered on 18 Nov 2019

Yes, a partnership can be formed if one partner wants to invest with capital and one partner wants to invest with skills. Legistify can help you with your Partnership Firm Registration online in India.Read More

Posted on 12 Aug 2019 | 1 Answer

Aayushi Sang | Legistify

Aayushi Sang
Answered on 14 Nov 2019

Banks don't repossess the car in the first instance of a missed EMI payment. Rather, the borrower will receive sufficient notice from the bank regarding the outstanding dues. Only when the borrower has failed to heed the notice does the bank initiate the process of car loan foreclosure. A borrower who makes timely EMI payments doesn't have to worry about the clause. However, the unscrupulous ones who indulge in malpractices will have to face the implications of the clause involving the car loan surrender letter. Some banks may charge a foreclosure fee. Banks advertise the auction details of the car in print. The borrower can choose to bid for the car at the auction if he or she can drum up sufficient funds to get the car back. The car will be sold to the highest bidder to recoup the debt that the borrower owes to the bank.Read More

Posted on 13 Nov 2019 | 1 Answer

Aayushi Sang | Legistify

Aayushi Sang
Answered on 12 Nov 2019

An LLP registered in India is incorporated and governed by the Limited Liability Partnership Act, 2008. After re-engineering of the process in recent past, it is streamlined with the implementation of new forms and an integrated application. The new process is implemented with effect from 2nd October 2018 There are 5 steps of LLP Registration : Step 1: Procurement of DSC Step 2: Reserve LLP Name Step 3: Incorporation of LLP and DIN Application Step 4: Apply for PAN and TAN Step 5: Drafting and Filing LLP AgreementRead More

Posted on 08 Nov 2019 | 1 Answer

Aayushi Sang | Legistify

Aayushi Sang
Answered on 02 Nov 2019

If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected. If the debts are held jointly, then the non-filing wife will still owe even after one spouse has filed bankruptcy. When filing for bankruptcy, the bankruptcy filing will appear on the husband’s credit, but would not appear on the wife’s credit and there would be no adverse rating on her credit score because of the bankruptcy. A non-filing spouse should not have their credit damaged because of a spouse filing for bankruptcy. In a common law property state, your separate property that is under your name and not jointly with your spouse would become part of your bankruptcy. Your spouse’s separate property and their share of joint property are not included in your bankruptcy. In a community property state, all community property is part of your bankruptcy even if you file without your spouse unless you have some exemptions.Read More

Posted on 20 Oct 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 11 Nov 2019

The process is very complicated and requires numerous registrations, licenses, permits and NOCs from various authorities. I suggest that you hire a business lawyer in India who can handle all the formalities on your behalf.Read More

Posted on 12 Aug 2019 | 1 Answer

Aditya Dua | Legistify

Aditya Dua
Answered on 02 Nov 2019

In such a case, once the opposite party files a case against you, then you can take the grounds of being insolvent and then the court can declare you as an insolvent person if they agree to it.Read More

Posted on 21 Oct 2019 | 1 Answer

Dhriti Dewan | Legistify

Dhriti Dewan
Answered on 31 Oct 2019

There are certain annual ROC compliance requirements that every company needs to abide with once it has been incorporated depending on the structure of the Company. If it's a Pvt. Ltd. company, it has to appoint an auditor within 30 days of incorporation and then file for INC20A. If it's a Limited Liability Partnership then it has to file for Form 8 & Form 11 and so on.Read More

Posted on 17 Oct 2019 | 1 Answer