Corporate Laws
Statement of Account & Solvency [LLP: Form 8]
A partnership, suffers from a crucial demerit: unlimited liability this makes the partners to be liable for their personal assets, if sued.
Corporate Laws
Income Tax Return-5 Filing Annual Compliance- Partnership Firm
Introduction: An income tax return refers to a document highlighting a party’s income, profits and losses, details of tax refund or tax liability, and other deductions. One of its forms, the Income Tax Return-5 (ITR-5) form is filed by a specific community of taxpayers, and any return of income filed Read more…
Corporate Laws
Power of Delegation Clause in Articles of Association
Introduction: According to Section 2(5)[1] of the Companies Act, 2013 the Articles of Association refer to those articles as “originally framed” or “altered” from time to time or applied in pursuance of any previous company law or this Act. However, this definition is vague and ambiguous. A different, better way Read more…
Corporate Laws
Listed and Unlisted Companies
Introduction: A public company, in simple terms, refers to any company which has given the opportunity to the general public for a claim to ownership via open distribution of shares and stocks. Various investors start to purchase those shares, and the moment the process of buying and selling commences, those Read more…
Law of Contracts
Executory Vs Executed Consideration
Introduction: Consideration, one of the most important elements of a contract, also refers to the price in the contract. Section 2(d)[1], Indian Contract Act, 1872, defines consideration as: “when at the desire of the promisor, promise, or any other person has done or abstained from doing or does or abstains Read more…