Corporate Law : Learn the simple steps to register a partnership firm under the Indian Partnership Act, its advantages, disadvantages, documents r...
Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...
Corporate Law : Explore various business structures in India and their tax implications. Understand the advantages, disadvantages, and regulatory ...
Corporate Law : Navigate complexities of selecting a business entity in US. Learn about formation, liability, taxation, compliance, and fund-raisi...
Corporate Law : In this article, detailed information on what a Sole Proprietorship is and the difference between Sole Proprietorship and a partne...
Corporate Law : KSCAA presents a representation highlighting the challenges faced in registering firms and suggests solutions. Read more about the...
CA, CS, CMA : ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues ...
Income Tax : Kerala High Court rules on capital gains tax for transfer of depreciable assets in PVR Tourist Home Vs CIT. Read the full judgment...
Corporate Law : Supreme Court ruling clarifies legal heirs' non-liability for firm debts after partner's demise. Detailed analysis & judgment over...
Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...
Income Tax : Explore ITAT Chennai's ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won'...
Income Tax : Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands...
CA, CS, CMA : Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analy...
Company Law : General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified...
Corporate Law : For the purposes of the proviso to sub-section (1) of section 58 of the Act, where the firm has been converted into limited liabil...
Corporate Law : Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust"...
Corporate Law : Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnersh...
Multi-disciplinary Partnership Firm of Chartered Accountants in Practice means the firm which has been approved to practice in its name by the Council of ICAI under Regulation 53B read with Regulation 190 of the Chartered Accountants Regulations, 1988 hereafter referred to as MDP. The Institute of Chartered Accountants of India has issued a FAQ to […]
Conversion of Partnership firm into a Private Limited Company is a good option for anyone who wishes to expand small and medium scale enterprises to a large scale one, or for infusion of equity capital. Benefits of Conversion ♦ Limited liability as compare to partnership firm ♦ Easy access to funds i.e. Borrowing for expansion […]
Initially, people tend to form a partnership firm as it can be easily formed with minimum compliances and cost. Then, when the business grows or any dispute arises between the partners, they generally intend to convert their existing partnership firms into a Limited Liability Partnership (LLP) in order to formalise the business. The same trend […]
A Partnership Firm is the old yet the most preferred business structure. It is a business form that is easiest to incorporate and has very less compliance compared to other business structures. Moreover, it is optional for a Partnership Firm to get registered. In this article we will find answers for what is Partnership Firm? […]
In India, when a common man thinks about incorporate any business entity, at the same time, too much options click in his mind with different entity structure; like Proprietorship, Partnership, LLP and Company etc. All structures have their pros & cons and legal requirements. His first decision impacts the future of the organization. So let’s […]
Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, number of employees, […]
Section 55 of the LLP Act, 2008 deals with conversion of Partnership Firm into Limited Liability Partnership. As per the relevant provisions of the LLP Act, a partnership firm shall make an application for conversion of firm into a Limited Liability Partnership by filling web Form LLP RUN (Reserve Unique Name). Documents required for the […]
Pre- requisite for Conversion of Partnership Firm into Limited Liability Firm -All the partners of the partnership firm shall be the partners of the LLP, which means there shall be no new partners or the existing partners cannot cease to be partners while making the application. -It is mandatory for all partners of the partnership […]
With rising scale of business and decreasing in-person meetings and delegation of job responsibilities, there are increasing challenges for organizations in ensuring control over the abuse of authority and committing Frauds through Collusion. As we are aware that in MNC’s and big size Organizations, the job profiles are defined and Employee collusion often results in […]
• In a partnership firm, partner‘s capital can be in the form of cash/asset. It can also be in the form of contribution of skill and labour alone without contribution in cash. The appellant is a partner performing some duties for which he has an expertise, skill in the marketing and distribution of the goods manufactured by partnership firm M/s Zydus Healthcare. And as a remuneration, the appellant have been received the amount which is nothing else but a special share in the profit.
