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All about one person company

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Meaning of One Person Company One-person company means as its name says that only one person in a company as a member. In other words, we can say one-person company can be incorporated by having an only one member. The Companies Act, 2013 completely revolutionized corporate laws in India by introducing several new concepts that did not exist previously. On such game-changer was the introduction of One Person Company concept. This led to the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity can offer, while also providing the protection of limited liability that sole proprietorship or partnerships lacked.   Advantage: Main advantage of the one-person company is limited liability of Member . There are less compliances than a private limited company other than one-person company. Perpetual Status. The member can be exit easily by transferring his/her share.   Limitation: Paid
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Analytical view of GST Registration and their applicability limit..

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Introduction In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him. Need & Advantages of registration There are following advantages: 1.       Legal Recognition 2.       Authorized to collect tax from customers 3.       Claim input tax credit 4.       Seamless flow of input tax credit. Type of taxable person 1.       Normal taxable person: Registration for all but not include all mentioned below person. 2.       Composition taxable person : No input tax credit allowed and GST have to pay on concessional rat
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A Complete Information about Limited Liability Partnership along with compliance after incorporation and annually..

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Applicable Act: Limited Liability Partnership Act, 2008   Meaning: Limited Liability Partnership (LLP) allows for a partnership structure where each partner’s liability is limited to the amount they put into the business. It therefore can exhibit elements of partnership & corporation. In LLP each partner is not responsible or liable for another partner’s misconduct or negligence.   Advantages: LLP is separate legal entity to the members; hence liability of members is limited to the extend their contribution. Flexibility because of written agreement. Identification as a legal person, it can buy, rent, lease, own property, employ staff etc. if necessary. Corporate ownership: LLP can appoint two companies as members of the LLP. In a company at least one director must be real person. An LLP should have designated and non-designated members but at least two designate members. Protecting the partnership name. in other words, prevent
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