Unimarks Legal Solutions offers a wide range of company registration services in Chennai to suit the needs of respective business. We have assisted our clients based in national and international arenas avail the service to establish a branch of their original setup in any part of the world.
The company incorporation services handled by the panel of skilled professionals employed at our end that is well versed with the various company acts and related rules. These experts assist our clients with all the legal norms and issues to ensure easy business process. We offer our clients with the following help and support:
- Provide them with Registration Forms and Related Documents
- Various Information about Locales for Setting Up their Infrastructure
- Certificate of Incorporation
- Memorandums and Other Documents for Establishing Associations
- Approvals by the Indian Government for Overseas Companies
Benefits of Company Incorporation
Our executives will spend the time it takes to ensure your Indian offshore corporate structure provides the following benefits:
- Limited Liability for Corporate Directors
- Minimisation of International Tax Liabilities
- Minimal Statutory Filing Obligations
- Incorporation in a Politically Stable Jurisdiction
- A Corporate Bank Account with an International Retail or Private Bank
- Nominee Shareholders and Directors for Confidentiality of Beneficial Owners
- Low Share Capital Requirements
In fast changing business scenarios, there are changing laws, rules and regulations which over the time now and then, require actions and steps to be undertaken in order for smooth functioning. Our clients function in this complex business scenario and there is a need to centralize all their legal compliances, mandatory requirement laws and regulations, and therefore Unimarks Legal Solutions assists its clients in providing further mentioned services meeting client expectations.
Like Partnership, Partners of LLP can frame Agreement for defining their Terms, Profit Sharing Ratio etc. The Basic Contents of Agreement are, Name of LLP, Name of Partners and Designated Partners, and Form of Contribution, Profit Sharing Ratio and Rights and Duties of Partners.
In case no Agreement is entered into, the Rights & Duties as prescribed under Schedule I to the LLP Act shall be applicable. It is possible to amend the LLP Agreement but every change made in the said agreement must be intimated to the Registrar of Companies.
Advantages of LLP Formation
- Renowned and accepted form of Business worldwide in comparison to Company
- Low Cost of Formation
- Easy to Establish
- Easy to Manage & Run
- No Requirement of any Minimum Capital Contribution
- No Restrictions as to maximum number of Partners
- LLP & its Partners are distinct from each other
- Partners are not liable for Act of Partners
- Less Compliance Level
- No Exposure to Personal Assets of the Partners except in case of Fraud
- Less Requirement as to maintenance of Statutory Records
- Less Government Intervention
Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the partners and collectively as a a firm. Its main features are:-
- A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain Legal Benefits. The Registrar of Firms is responsible for registering Partnership Firms.
- The Minimum number of Partners must be two, while the Maximum number can be 10 in case of Banking Business and 20 in all other types of Business.
- The Firm has no Separate Legal Existence of its own i.e., the Firm and the Partners are one and the same in the Eyes of Law.
- In the absence of any Agreement to the Contrary, all Partners have a Right to participate in the Activities of the Business.
- Ownership of Property usually carries with it the Right of Management. Every Partner, therefore, has a Right to Share in the Management of the Business Firm.
- Liability of the Partners is unlimited. Legally, the Partners are said to be jointly and severally liable for the Liabilities of the firm. This means that if the Assets and Property of the Firm is insufficient to meet the Debts of the Firm, the Creditors can recover their Loans from the Personal Property of the Individual Partners.
- Restrictions are there on the Transfer of Interest i.e. none of the Partners can transfer his Interest in the firm to any Person(except to the Existing Partners) without the unanimous consent of all other Partners.
- The Firm has a limited span of life i.e. legally, the Firm must be dissolved on the Retirement, Lunacy, Bankruptcy, or Death of any Partner.
Sole proprietorships are the most common and simple form of business organization. They are formed by persons who own all or most of the business property and assets. They are 100% responsible for all of the control, liabilities and management of a business. A sole proprietorship, as its name states, has only one owner. The sole proprietorship is merely an extension of its owner: a sole proprietor owns his own business, and no one else owns any part of it.
As the only owner, the sole proprietor has the right to make all the management decisions of the business. In addition, all the profits of the business are his. In return for his complete managerial control and sole ownership of profits, he assumes great liability: he is personally liable for all the obligations of the business. All the debts of the business, including debts on contracts signed only in the name of the business, are his debts. If the assets of the business are insufficient to pay the claims of its creditors, the creditors may require the sole proprietor to pay the claims using his individual non-business assets, such as money from his bank account and the proceeds from the sale of his house. A sole proprietor may lose everything if his business becomes insolvent. Hence, the sole proprietorship is a risky form of business for its owner.
In light of this risk, some people ask why any person would organize a business as a sole proprietorship? There are two reasons. First, the sole proprietorship is formed very easily and inexpensively. A person need merely set up his business to establish a sole proprietorship. No formalities are necessary. He may have a sole proprietorship even though he does not intend to create one. Second, few people consider the business-form decision. They merely begin their businesses. By default then, a person going into business by himself automatically creates a sole proprietorship when he fails to choose another business form. These two reasons explain why the sole proprietorship is the most common form of business in the United States.
Because the sole proprietorship is merely an extension of its owner, it has no life apart from its owner. It is not a legal entity. It cannot sue or be sued. Instead, creditors must sue the owner. The sole proprietor, in his own name, must sue those who harm the business.
A sole proprietor may hire employees for the business, but they are employees of the sole proprietor.
Transferability of a Sole Proprietorship
A sole proprietorship is highly transferable. “Transferability of ownership ” refers to the ability of an owner of a business to sell or convey that ownership interest to another. Transferability also refers to the impact such a transfer will have on an existing business venture. Transferability varies greatly among business organizations.
The sole proprietor is, essentially, the business. If a proprietor sells his business the proprietorship ends for that person, while a new one is formed by the buyer.
Duration of a Sole Proprietorship
The “duration of a business” is the measure of the business’ ability to operate even upon the death, retirement, or other incapacity of the owner. The business’ duration depends heavily on the form of business organization selected. A sole proprietorship usually terminates automatically upon the death or incapacitation of the owner/proprietor.
Capital Requirements of a Sole Proprietorship
The ability to raise capital for a business is limited by the nature of the business organization. The immediate and long-term financial needs of a business are very important factors in selecting a business organization. Sole proprietorships are the most limiting form of business organization in terms of raising capital. The principal source of capital is the proprietor’s personal wealth or personal credit-worthiness for borrowing purposes.
Taxation Considerations of a Sole Proprietorship
Typically, the income of a sole proprietorship is taxed as the personal income of a proprietor. The business itself does not pay taxes on its profits.
Registration and Licensure of a Sole Proprietorship
When a sole proprietor conducts business under an assumed name, that name must be registered with the Utah Division of Corporations and Commercial Code using an application available from the Division. Also, be certain to obtain all required local and municipal business licenses before commencing business.