ComplianceShip

Introduction We normally take so many services on a daily basis whether as an Individual or as an Entity (Partnership, Company, LLP, Society etc.) services can be of any kind i.e. Legal, Financials, Accounting, IT, Electronic, Banking, and professional services etc. further most of the time while taking any service, oral commitment doesn’t prove very fruitful and give arise to a legal dispute and in such scenario, it is advisable to have the term and condition of availing the service in black and white. Here the document executed in such a scenario is called Service Agreement. Service Agreement is document between the service provider and the client. Under the Service Agreement, details of both the Parties i.e. Service Provider and Service Receiver, i.e. Nature of Service require, Scope of Service, professional Charges for availing Service, Duties of both the Parties, Confidentiality, indemnity, IPR  Arbitration and Jurisdiction etc., are to be mentioned carefully to ...

LIMITED LIABILITY PARTNERSHIP ANNUAL FILLING INTRODUCTION Limited Liability Partnership (LLP) is a body corporate and a separate legal entity incorporated with the combined benefits of Company and partnership. Every LLP incorporated needs to file certain annual information in the form of Annual Return, Statement of Account and Insolvency, Income tax return etc. with the concern government departments for their records and to cross check the tax cascade. It is important to file the correct and concrete information, statements and documents with the government departments otherwise filing of incorrect or misleading information may attract penalty and fine not only on LLP but also on the Designated Partner of the LLP. Therefore, one should ensure to provide and file the return with correct details to the government. Before proceeding for annual filling of LLP, one need to know the exact Legal provision, documents to filled and the manner of filling of these annual document...

INTRODUCTION The literal meaning of “Bonus ” is “anything given to any person in addition to the customary”. Therefore, the Bonus issue of Shares means issue of shares to the existing shareholders, in proportion to their shareholding, out of free reserves available with the Company as a reward to their investment in the Company. It’s a corporate action recommended by the Board of Directors via converting the surplus funds (accumulated undistributed funds) available with the Company into share capital by issuing additional shares to the existing shareholders in proportion to their holding. In accounting terminology, it is popularly known as capitalisation of profits wherein share capital is increased on one hand and the reserves and surplus account is reduced on the other, resulting increase in number of shares without changing the overall percentage holding of members. Hence, Bonus issue is a weapon in the hands of the Company used for self defence to raise its capital and...

Change of Authorised capital of the Company        A Step toward future Expansion….. Introduction The Authorized share capital/ Share Capital of the Company means a capital upto which a company is authorized to issue shares to existing or new shareholders. Generally, a company required to have funds, from time to time, for its growth and meeting its working capital requirement. In case, if a company has to issue shares, either to existing shareholders or to new shareholders, beyond its authorized capital, then in such a scenario it would first be required to increase its authorized share capital by complying the procedure laid down under the Companies Act, 2013. As per the Companies Act, 2013 which states that a company can increase its authorized share capital by following up the procedure laid down the provisions of section 61, 64 and 13 of the Companies Act, 2013 and the rules made there under. According to the above sections, Authorized share ca...

ALL ABOUT FINANCIAL INTELLIGENCE UNIT- INDIA (FIU-IND) OVERVIEW FIU-IND means Financial Intelligence Unit- India was set up by Government of India vide Office Memorandum dated 18 th November, 2004 as the central national agency with the primary object of receipt and analysis of Suspect financial transactions and other money laundering related information’s, And for dissemination of result of such analysis in close co-operation with the regulatory authority such as RBI, SEBI and IRDA. It is pertinent to note down here that FIU-IND has recently released a list of approx. 8,500 non compliant NBFC on 20-03-2018 relating to non fulfilment of obligations under Prevention of Money laundering (PML) Acts and PML Rules relating to registration of Principal Officer (PO) with FIN Net portal of FIU-IND. So, it is important to know what this portal is all about and who are required to register on the portal and what the procedure for registration is. IFU-IND is basic...