Category: Business Laws

3 ways to register a Sole Proprietorship in India (with Infographics)

A sole proprietorship is the most common form of a business entity where one person is the owner and is personally liable for all the debts and liabilities of the business. It is the most simple form of an entity...

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Udyog Aadhaar: 25 Benefits of Registering Aadhaar for your Business

What is Udyog Aadhaar? Udyog Aadhaar (also called as Aadhaar for Business) is a unique 12-digit Government identification number provided by the Ministry of MSME for the small and medium enterprises to register themselves as MSME. Unlike other business entities,...

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Can a minor become a Partner in a Partnership Firm?

Section 30 of the Indian Partnership Act, provides that though a minor cannot be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership...

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Section 40b: Interest & Salary paid to Partners by Partnership Firm

As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to....

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Benefits of Registering a Partnership Firm in India

Partnerships in India are governed by the Indian Partnership Act, 1932 and as per this act a partnership deed may be registered or unregistered. However, there are certain benefits of registering a partnership firm which have been explained in this...

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Procedure to create Partnership Deed & Register a Partnership Firm

Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively easy to set-up and the no. of statutory compliance required...

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Partnership vs Company: Which one is advisable for your Business

The most common forms of business organisational structure in India are Proprietorship, Partnership and Company. Proprietorship form of organisation is used when there is a single owner of the business. When the no. of owners is more than 1, Partnership...

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What is a Partnership Firm and 5 Essential Elements of a Partnership

Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their business is carried on is called the “Firm Name” A...

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What is a Limited Liability Partnership (LLP)?

A new trend that has been observed of-late is that more and more entreprenuers have started opting for Limited Liability Partnerships. But What is a Limited Liability Partnership? Before answering this question we’ll explain you reasons behind the emergence of...

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