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Munimji

Blog

Jun23

2014

1. Appointment of key Managerial Personnel (Sec 203)

  • Every Company with a paid up share capital of Rs. 5 corers or More needs to now appoint:
    1. Managing Director or Chief Executive Officer or Manager or Whole Time Director; and
    2. Whole-time Company Secretary; and
    3. Chief Financial Officer

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May19

2014

Q 1. What are the steps to incorporate LLP?

  • Name reservation: The first step to incorporate Limited liability partnership (LLP) is reservation of name of LLP. Applicant has to file e Form 1, for ascertaining availability and reservation of the name of a LLP business.
  • Incorporate LLP: After reserving a name, user has to file e Form 2 for incorporating a new Limited Liability Partnership (LLP).
    E Form 2 contains the details of LLP proposed to be incorporated, partners’/ designated partners’ details and consent of the partners/ designated partners to act as partners/ designated partners.
  • LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to be filed with the registrar in eForm 3 within 30 days of incorporation of LLP.

Apr21

2014

Q 1. What is a One Person Company (OPC)?

Section 2(62) of the Companies Act, 2013 defines OPC to mean a Company which has only one person as a member.

Q 2. Could OPC be formed in the regime of the Companies Act, 1956?

OPC is a new concept introduced in the Companies Act, 2013. Therefore, OPC could not be formed under the earlier Acts.

Apr07

2014

  • Effective 1st April 2014, the Government of India has repealed the Companies Act, 1956 with the new Companies Act, 2013.
  • We have tried to make a brief overview of some of the important provision applicable to Private Limited Companies in India.

Mar31

2014

  • Companies Act, 2013 has brought massive changes for private companies as barring a very few, all the exemptions which were available to private companies under the Companies Act, 1956 have been withdrawn in the Companies Act, 2013.
  • In this article, we attempt to throw light on the impact of Companies Act, 2013 on private companies by means of comparison of the significant provisions relating to Private Companies under the Companies Act, 1956 and Companies Act, 2013.

Comparison of provisions relating to PRIVATE COMPANIES under CA, 1956 and CA, 2013

Sep30

2013

The Companies Bill 2012, passed by the Lok-Sabha introduces a new form of Company by the name of “One Person Company” (OPC). Its concept is parallel to the existing concept of Sole-proprietorship  whereas it shall be recognized as separate legal entity distinct from its promoter and proprietors. This form is already prevalent in some of the developed countries in the world namely, China, USA, Singapore, and many countries in Europe and shall pave its way in India after bill is passed by   Rajya- Sabha.

What is One Person Company?

Financial Management