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biatconsultant · 1 year

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The Ultimate Guide To Setting Up A Limited Liability Partnership Company

Starting a business can be daunting, but setting up the right kind of business entity is key to safeguarding your investments and minimizing any liability you might incur. This article will provide an overview of what Limited Liability Partnership (LLP) companies are and how you can get one set up quickly and easily. Learn more about the benefits of LLP Registration in India and how this could be the ideal choice for your business!

What Is a Limited Liability Partnership (LLP)?

A limited liability partnership (LLP) is a business structure that combines the features of a partnership and a corporation. An LLP Registration Online is composed of one or more general partners, who manage the company and are each liable for its debts, and one or more limited partners, who are not liable for the debts of the company beyond the amount they have invested.

An LLP can be formed by two or more individuals or entities. The partners must execute and file a Certificate of Limited Partnership with the state in which the LLP will do business. The Certificate must include the name of the LLP, the names and addresses of all partners, and the duration of the partnership.

An LLP has several advantages over other business structures. For example, it limits the personal liability of each partner for debts incurred by the LLP, protects partners from being held liable for actions taken by other partners, and provides flexibility in the management structure. Additionally, LLPs are not subject to many of the taxes that apply to other business structures, such as corporate income tax.

If you are considering forming an LLP, you should consult with an experienced business attorney to discuss your options and ensure that you are taking all steps necessary to protect your interests.

Benefits of LLP Registration

There are many benefits of online LLP registration in India, including:

1. Limited liability: This is the biggest advantage of an LLP over a traditional partnership. The partners’ liability is limited to their investment in the business, meaning they are not personally liable for debts incurred by the business. This gives peace of mind to partners and makes it easier to attract investment.

2. Tax benefits: LLPs are taxed as partnerships, meaning that profits are only taxed once at the partner level. This can bring about huge expenses in investment funds contrasted with other business structures.

3. Flexibility: LLPs offer flexibility in terms of management and ownership structures. Partners can easily join or leave an LLP without disrupting the business or affecting the other partners.

4. Simplicity: LLPs are relatively simple to set up and maintain compared to other business structures. There are fewer paperwork and compliance requirements, making it a cost-effective option for businesses.

How to Register an LLP in India?

To Register LLP in India, you will need to follow these steps:

1. First, you will need to obtain a DIN (Director Identification Number) for each of the partners of the LLP. This can be done by applying online through the MCA21 portal.

2. Once you have obtained the DINs, you will then need to fill out the LLP registration form (Form 2). This form can also be found on the MCA21 portal.

3. Along with Form 2, you will need to attach a copy of the partnership agreement, as well as any other required documents.

4. Once all of the forms and documents have been submitted, you will then need to pay the registration fee (which is currently Rs 5,000). This can be paid online through the MCA21 portal or offline at any authorized bank branch.

5. After the registration fee has been paid, you will then need to submit a printout of Form 2 along with all of the supporting documents to the Registrar of Companies (ROC). The ROC will then issue a Certificate of Incorporation, which is evidence that your LLP has been registered in India.

Documents Required by LLP Registration Consultant for LLP Registration in India

There are a few documents required by LLP Registration Consultant for LLP Registration in India These are:

1. Partnership Deed: This is the most important document required for LLP registration. It is a contract between the partners of the LLP that sets out the rights, duties, and responsibilities of each partner.

2. Certificate of Incorporation: This document is issued by the Registrar of Companies after the LLP has been registered. It contains the name, address, and other details of the LLP.

3. Memorandum of Association: This document sets out the objectives of the LLP and its members.

4. Articles of Association: This document sets out the rules and regulations governing the internal affairs of the LLP.

Fees and Timeline for LLP Registration

LLP Registration fees vary depending on the state in which the LLP is registered. The filing fee for an LLP in India, for example, is 10000. The timeline for LLP registration can also vary by state but is typically around 2-4 weeks.

Step-by-Step Process of Setting up an LLP

Assuming you have already decided to form an LLP, the first step is to find a registered agent in the state where you wish to form your business. The registered agent will be responsible for receiving and processing any legal documents on behalf of your company. Once you have found a registered agent, the next step is to file a Certificate of Formation with the state government. The Certificate of Formation must include the name and address of your registered agent, the names of the partners, and the purpose of your business. After filing the Certificate of Formation, you will need to draft an Operating Agreement. This agreement will outline the roles and responsibilities of each partner, as well as how profits and losses will be distributed. Finally, you will need to obtain an Employer Identification Number from the IRS to open a business bank account and file taxes on behalf of your LLP.

Managing and Operating an LLP

An LLP, or Limited Liability Partnership Registration in India, is a business structure that combines the features of a corporation with the flexibility of a partnership. An LLP is made up of one or more partners, who each have limited liability for the debts and obligations of the business. This means that if the LLP goes bankrupt, the partners will not be held personally liable for any debts incurred by the business.

Operating an LLP is similar to operating a partnership. The partners must agree on decisions regarding the management and operation of the business, and they are jointly liable for any debts or obligations incurred by the business. However, unlike a partnership, an LLP has no general partner who has unlimited liability for the debts and obligations of the business.

An LLP is formed by filing Articles of Partnership with the Secretary of State in the state where the LLP will be doing business. The Articles of Partnership must include the names of all partners, as well as the registered address and principal place of business of the LLP. The Articles of Partnership must also set forth certain other information about the LLP, such as its purpose, duration, and governing law.

Once an LLP is formed, it must file an annual report with the Secretary of State's office to stay in good standing. An annual report is a brief document that includes basic information about the LLP, such as its name and address, as well as information about its partners.

If you are thinking about forming an LLP, it is important to

Taxation of an LLP

When it comes to taxation, an LLP is taxed as a partnership rather than a corporation. This means that the partners are responsible for paying taxes on their share of the LLP's profits, rather than the LLP itself being taxed as a separate entity. The tax rates for an LLP depend on the individual partners' tax bracket and whether they are classified as active or passive partners. Active partners are those who take an active role in running the business, while passive partners are typically investors who do not take an active role.

Conclusion

We hope this guide has helped explain the steps to setting up a limited liability partnership company and the benefits of doing so. With these tips, you should be well on your way to creating a successful business with limited liability for its partners. While there are plenty of decisions to make when launching a new business venture, having a solid foundation as provided by an LLP can help ensure its success. Consider consulting an attorney or financial advisor if you want more guidance while making your way through the legal aspects of forming an LLP. Good luck!

#llp #llp registration #limited liability partnership #limited liability partnership company #llp registration consultant #llp registration in india #online llp registration #limited liability company

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ebizfiling11 · 1 year

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What Are The Contents Of The LLP Agreement?

Introduction

Any two persons can create an LLP (Limited Liability Partnership) by signing the incorporation documents, according to LLP law. Once the LLP is created, Schedule One of the LLP Act regulates the rights and responsibilities of the partners, unless the LLP's partners or the LLP adopts an LLP agreement. The self-agreed LLP agreement provides the partners more flexibility and contractual freedom to fulfil their needs and interests than an incorporated business structure provides because the bulk of its administrative processes are constructed in accordance with the provisions of the Companies Act, 2013. In this blog information on "Contents of LLP Agreement and important clauses of LLP agreement".

What is an LLP agreement?

An LLP Agreement is a formal agreement between the LLP and its authorized partners or between the LLP and its partners. It sets rights and duties for the partners towards each other and also towards the LLP. The LLP agreement must be signed and submitted to MCA within 30 days of the LLP's incorporation. It establishes the foundations for a Limited Liability Partnership (LLP) to operate smoothly.

It specifies the guidelines for decision-making, including how to add a new partner, get rid of an existing one, or switch responsibilities. Therefore, a well-structured, detailed LLP Agreement lays the foundation and acts as the firm's backbone. It is a manual guide that gives directions when you are registering your business as LLP.

Content of Limited Liability Partnership Agreement

Here is the list of contents included in the LLP agreement.

A. Name of the LLP: According to the LLP Act, the name of the LLP must end with LLP or Limited Liability Partnership.

B. Date of the agreement and parties to the agreement: After incorporation, the LLP Agreement must be executed within 30 days of incorporation. An LLP agreement can have any number of partners for an LLP and all partners are referred to as the parties in accordance with the LLP Act, it is a contract between LLP partners or LLP and partners. The parties to our agreement are the LLP and its partners.

C. Background data: This section includes incorporation information about the LLP, registration status, and the firm's activities.

D. Initial provisions: These include the definitions for terms used in LLP agreements, such as the name of the LLP and possible name changes, the founding partners, the admission of additional partners, business activities, the power of the LLP, its duration, management, accounting, and auditing.

E. Partners' contributions and the manner of contributions: This section talks about how much each partner invests, whether they are eligible for a refund, the possibility of earning interest, and other factors.

F. Maintaining LLP documents and opening a bank account: A spreadsheet is the most effective method for maintaining LLP accounting and records.

G. Allocation and distribution: This section talks about how the LLP distributes its profits, including intermediate and final dividends, and how the LLP partnership allocates its profits among its partners.

H. Capital and current accounts: An agreement must specify what information should be used to credit and debit each account.

I. Termination of a partner: This part of the content talks about how should a partner be terminated from the LLP, what are his rights, how much notice should be provided to current partners, and what claims current partners have on the assets of the LLP, etc.

J. Cross-purchase and rights redemption: This section of the LLP agreement tells how the rights of LLP partners may be redeemed, the readmission procedure, cross-purchase, and similar matters.

K. The issue of partnership rights: A new issuance of rights in the LLP has been issued, which includes the admission of a new partner.

L. Partnership rights sales and transfers: It talks about the process for selling and transferring partner rights to existing and new partners.

M. Meetings with partners and voting: This clause covers how the meeting should be run, the decision-making procedure, and voting rights.

N. Recording rights of partners: The partners of LLP have the right to see and copy the records.

O. Managing and acting in a fiduciary capacity: It talks about who will administer the LLP, how will day-to-day management operate, and what are the partners' fiduciary obligations.

Sump-up

With the enactment of the LLP Act, the idea of partnership obtains a fresh perspective, ushering in a new era of economic advancement and growth. A unique aspect of this ground-breaking legislation is the country's first implementation of limited liability of partners, which will have a major effect on the business sector and all professions linked with it.

#llp partnership #limited liability partnership #limited liability

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cagmc001 · 2 years

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LLP REGISTRATION

Step 1: Application for DIN or DPINStep 2: Secure & Register DSCStep 3: Create a login on the authority's portalStep 4: Incorporate an LLPStep 5: Draft LLP Agreement

Meaning of Limited Liability Partnership (LLP)

The Law defines LLP registration as:-

“A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership”

Features of LLP

The LLP has Separate Legal Entity i.e. the LLP and the partners are distinct from each other.

Minimum of 2 partners are required to form a LLP. However, there is no limit on the maximum number of partners.

No requirement of Minimum Capital Contribution.

The LLP Act does not restrict the benefit of LLP structure to certain classes of Professionals only and would be available for use by any enterprise.

Benefits of forming an LLP

The Liability of each partner is limited to his share as written in the Agreement filed at the time of creation of LLP as compared to Partnership Firms which have unlimited liability.

It has a Low Cost of Formation and is Easy to Form.

The Partners are not liable for the acts of each other and can be held liable only for their own acts as compared to Partnerships wherein they can be held liable for the acts of their partners as well.

Less Restrictions and Compliance are enforced on an LLP registration by the Govt as compared to the restrictions enforced on a Company.

As a Juristic Legal Person, a LLP can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP.

Step-by-Step Procedure for Registering LLP in India

For an Indian LLP registration, you must first secure the Designated Partner Identification Number (DPIN). This can be done by filing an e-from for securing DPIN or DIN. You would then require obtaining DSC, i.e. Digital Signature Certificate, and register it on the MCA's portal.

After that, you need to get name approval for the firm from the ministry. Once the name is acquired, you can incorporate the LLP by filing the prescribed application form.

All serving partners of the proposed firm shall secure DPIN. For this, you need to file an online application viz, DIR-3 to secure DPIN. For those who already have DIN, the same can be used as a DPIN.

The Information Technology Act, 2000 emphasized the use of Digital Signatures on the dossiers furnished electronically to ensure the document's safety. Prevailing legalities mandate the proposed LLP to use the digital signature for signing the documents.

Acquire DSC – The licensed Certifying Authority, i.e. CA, grants the digital signature. CA indicates a person who has been vested with the authority to grant DSC u/s 24 of the Indian IT-Act 2000.

'Role Check' functionality ensures that the MCA21 system shall validate whether the digital signatures affixed on the prescribed form belong to the company's signatory and/or of a practising professional (if applicable)

Visit the concerned authority portal and register as a user in the relevant user category. This is necessary for getting access to e-form.

Use Form 1 for registering the proposed LLP name. After name approval, proceed to address incorporation formalities such as facilitation of Incorporation document and Subscriber's statement.

After form approval, you will come across an email relating to the same. It also shows the status " "Approved" to confirm the applicant.

After the incorporation process, an initial LLP agreement has to be filed within the duration of 30 days of the incorporation date. The user must file the detail in Form 3 (information about LLP agreement and change, if any, made therein.

The user has to file the information in Form 3 ( Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein).

What type of Documents are Required to Register an LLP in India?

Here are the listicles of mandatory documentation that are required during LLP registration in India;

PAN Card/ Identification Proof Of Proposed Partners: All proposed partners are mandated to furnish their PAN during registration time. PAN card serves as a fundamental ID proof.

Partners' Address Proof: Proposed partner furnish any one document out of passport, Voted ID, DL, or Aadhar Card. Name as well as other information as per address proof & PAN card ought to be exactly the same.

Any Flaws In The Details Of The PAN Can Be Corrected Before Furnishing To RoC.

Partners' Residence Proof –Updated bank statement, utility bill, should be furnished as residence proof. Such bills should be the latest one, i.e. not older than 2-3 months & must entail the partner's name as cited in PAN card.

Photograph – Partners must furnish the latest passport size photo, preferably on white background.

Passport (In Case Of Overseas Nationals/ NRIs) – To become a partner of Indian-based LLP, overseas nationals & NRIs have to furnish their passport mandatorily. Passport must be notarized by the concerned authorities in the nation of such foreign nationals and NRI, else Indian Embassy located in the nation can also sign the documents.

Foreign nationals or NRIs must facilitate address proof, bank statement, and legit identity proof enclosing the address.

If The Documents Exist In Any Other Language, The Applicant Must Facilitate The Notarized Translation Copy.

Registered Office Address Proof: Registered office proof must be furnished during the registration process or within 30 days of incorporation.

If the registered office is rented, a rent agreement and a NOC from the actual land owner have to be furnished. NOC shall be the landlord's consent to permit the LLP to use the premises as a registered office'.

Also, anyone document out of gas, electricity, or telephone bill should be submitted. The bill should not be older than two months and must reflect the address of the premise and the owner's name.

Digital Signature Certificate (DSC): One of the designated partners must hold DSC for signing the documents electronically.

Benefits of an LLP

There are numerous benefits to be had from trading through an LLP -

Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.

Flexibility. The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.

The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.

Corporate ownership. LLP’s can appoint two companies as members of the LLP. In an LTD company at least one director must be a real person.

Designate and non-designate members. You can operate the LLP with different levels of membership.

Protecting the partnership name. By registering the LLP at Companies House you prevent another partnership or company from registering the same name.

This is not an exhaustive list but covers some of the key benefits on an LLP.

Disdvantages of an LLP

As with all formats of business there will be disadvantages as well as advantages. The following may be considered disadvantageous in some cases.

Public disclosure is the main disadvantage of an LLP registration. Financial accounts have to be submitted to Companies House for the public record. The accounts may declare income of the members which they may not wish to be made public.

Income is personal income and is taxed accordingly. There may be tax advantages in registering as a company, but this will depend on your personal circumstances.

Profit can not be retained in the same way as a company limited by shares. This means all earned profit is effectively distributed with no flexibility to hold over profit to a future tax year.

An LLP must have at least two members. If one member chooses to leave the partnership the LLP may have to be dissolved.

Residential addresses were historically recorded at Companies House. Whilst the use of ‘service addresses’ now allows for home addresses to be kept out of public view, any address previously supplied to Companies House is still part of the public record unless you pay for the records to be suppressed. For many businesses this is not a problem. However, there are some examples where this may not be desired. Consider solicitors and partners of law firms that may not want their home address so freely available if their work involves sensitive cases.

This is not an exhaustive list but covers some of the key issues that some may feel are disadvantageous for LLP registration.

https://www.cagmc.com/llp-registration/

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classyfoxdestiny · 3 years

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Despite highest disruptions since 2014, here's the list of bills passed in Parliament

India

oi-Madhuri Adnal

| Published: Thursday, August 12, 2021, 17:05 [IST]

Deplorable actions by opposition Members of Parliament (MPs) have become a norm. Their actions in this session were not an exception but a continuation. From tearing of the rule book last year to the opposition indulging in most unparliamentary conducts ever witnessed by this House, the conduct of opposition is becoming shameful day by day.

This was said in a press conference today in New Delhi. The press conference was attended by Union Ministers Shri Piyush Goyal, Shri Dharmendra Pradhan, Shri Mukhtar Abbas Naqvi, Shri Prahlad Joshi, Shri Bhupendra Yadav, Shri Anurag Singh Thakur, Shri Arjun Ram Meghwal and Shri V Muraleedharan.

The Ministers pointed out that opposition had publicly stated that the session should be washed out.

Their intention was to not let the house conduct business. Infact, the Government had offered discussions on several occasions. However, appeals for discussions fell on deaf ears and they even took papers from the hands of the Hon’ble Minister and tore them. Even the Hon’ble Prime Minister was not allowed to introduce the Newly sworn In Council of Ministers.

Some Opposition members desecrated the sanctity of the House by climbing the Sanctum Sanctorum (Garbhagriha), namely the table located at well of the House and threw the Rule Book at the Chair. The Member of Parliament who stood on the table in the Parliament was not only standing on the table but was trampling upon Parliamentary ethics. He was not only throwing a book at the chair but was also throwing Parliamentary conduct out of the House. Such behaviour is unprecedented in our House and the opposition has done grievous harm to the reputation of the house. Opposition’s behaviour was an assault on the dignity of the institution and could have grievously injured the Secretary General.

Misbehaviour by the Opposition members is a shameful disgrace in the Parliamentary History of India. It is rather unfortunate that the opposition MPs are not even apologetic about their actions. Rather they are considering these shameful actions as acts of valour.

Shri Piyush Goyal said that opposition has misbehaved throughout the session only because they do not want issues of public welfare to be discussed. It is demanded that strict action should be taken on the shameful and obstructive behaviour of the Opposition. They wanted to create Opposition unity to foster national disunity. They owe answers to the nation.

The Opposition questions over bills being passed in din. However, it is their refusal to allow parliamentary debate that has left no choice. From merely shouting, they have shifted to violence and manhandling staff to disrupt parliamentary process. Also, where was this concern about passage without discussion when numerous bills were passed in din during the UPA rule. Between 2006 and 2014, the United Progressive Alliance (UPA 1 & 2) government passed a total of 18 Bills in a hasty manner.

Despite highest disruption since 2014, the no. of bills passed per day during this session in Rajya Sabha was the 2nd highest since 2014 (i.e. 1.1 bills per day passed). The time lost due to interruptions / adjournments (till Aug 11) was 76 Hours 26 Minutes and the highest average time per day lost due to interruptions / adjournments since the 231st session of Rajya Sabha in 201 was 4 Hours 30 Minutes.

Despite all the chaos and disruption, 19 Bills passed in Rajya Sabha (incl. Constitutional Amendment on OBC reservation also passed), which are in national interest and will benefit the poor, OBCs, workers, entrepreneurs, & all sections of our society. This reflects the commitment, productivity and ability of the Govt to drive legislative agenda in the Parliament, which aims to fulfil the aspirations of its citizens. It will shape the future of our country. Govt successfully carried out Govt business during the session.

Details of the Monsoon Session

1. The Monsoon Session, 2021 of Parliament which commenced on Monday, 19th July, 2021 has been adjourned sine die on Wednesday, the 11th of August, 2021. The Session provided 17 sittings spread over a period of 24 days.

2. The Session, which was originally scheduled to have 19 sittings from 19th July till 13 August, 2021, was curtailed due to continuous disruptions in both the Houses and completion of essential government business.

3. During the Session, 22 Bills were passed by both the Houses of Parliament which includes two appropriation Bills relating to the Supplementary Demands for Grants for 2021-22 and the Demands for Excess Grants for 2017-2018 which were passed by Lok Sabha, transmitted to Rajya Sabha and are deemed to have been passed under Article 109(5). The complete list of these 22 Bills is annexed.

4. Four Bills replacing the Ordinances, namely, the Tribunals Reforms (Rationalisation and Conditions of Service) Ordinance, 2021, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, the Commission for Air Quality Management in National Capital Region and Adjoining Areas Ordinance, 2021 and the Essential Defence Services Ordinance, 2021 which were promulgated by the President before Monsoon Session, were considered and passed by the Houses.

5. Some important Bills, passed by Houses of Parliament are as under :-

A. ECONOMIC SECTOR/EASE OF DOING BUSINESS MEASURES

The Taxation Laws (Amendment) Bill, 2021 provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012.

The General Insurance Business (Nationalisation) Amendment Bill, 2021 provides for greater private participation in the public sector insurance companies and to enhance insurance penetration and social protection and better secure the interests of policy holders and contribute to faster growth of the economy.

The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 enables easy and time-bound access by depositors to their own money, even when there are restrictions on banks. It is proposed to provide that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium imposed on it, depositors can access their deposits to the extent of deposit insurance cover through interim payments by the Corporation.

The Limited Liability Partnership (Amendment) Bill, 2021 converts certain offences into civil defaults and changes the nature of punishment for these offences. It also defines small LLP, provides for appointment of certain adjudicating officers, and establishment of special courts.

The Factoring Regulation (Amendment) Bill, 2021 seeks to help micro, small and medium enterprises significantly, by providing added avenues for getting credit facility, especially through Trade Receivables Discounting System. Increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.

B. TRANSPORT SECTOR REFORMS

The Marine Aids to Navigation Bill, 2021 provides for the development, maintenance and management of aids to navigation in India; for training and certification of operator of aids to navigation, development of its historical, educational and cultural value; to ensure compliance with the obligation under the maritime treaties and international instruments to which India is a party.

The Inland Vessels Bill, 2021 promotes economical and safe transportation and trade through inland waters, to bring uniformity in application of law relating to inland waterways and navigation within the country, to provide for safety of navigation, protection of life and cargo, and prevention of pollution that may be caused by the use or navigation of inland vessels, to ensure transparency and accountability of administration of inland water transportation, to strengthen procedures governing the inland vessels, their construction, survey, registration, manning, navigation.

The Airports Economic Regulatory Authority of India (Amendment) Bill, 2021 proposes to amend the definition of “major airport” so as extend its scope to determine the tariff for a group of airports also, which will encourage development of smaller airports.

C. EDUCATIONAL REFORMS

The National Institute of Food Technology Entrepreneurship and Management Bill, 2021 declares certain institutions of Food Technology, Entrepreneurship and Management to be the institutions of national importance and to provide for instructions and research in food technology, entrepreneurship and management.

The Central Universities (Amendment) Bill, 2021 seeks to amend the Central Universities Act, 2009 inter alia to provide for the establishment of a University in the name of “Sindhu Central University” in the Union territory of Ladakh.

D. SOCIAL JUSTICE REFORMS

The Constitution (One Hundred and Twenty-Seventh Amendment) Bill, 2021 seeks to adequately clarify that the State Government and Union territories are empowered to prepare and maintain their own State List/ Union territory List of socially and educationally backward classes.

The Juvenile Justice (Care and Protection of Children) Amendment Bill, 2021 provides that instead of the court, the district magistrate (including additional district magistrate) will issue such adoption orders. The Bill adds that serious offences will also include offences for which maximum punishment is imprisonment of more than seven years, and minimum punishment is not prescribed or is less than seven years.

The Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021 to modify the list of Scheduled Tribes in relation to the State of Arunachal Pradesh.

6. In the Rajya Sabha, two Short Duration Discussions under Rule 176 were held on “the management of COVID-19 pandemic, implementation of vaccination policy and challenges of the likely third wave” and on “the agricultural problems and solutions” (remained inconclusive)

7. Further, One Bill namely “The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021” and one old pending Bill namely “The Indecent Representation of Women (Prohibition) Amendment Bill, 2012” were withdrawn in Lok Sabha and Rajya Sabha respectively.

I – 22 BILLS PASSED BY BOTH HOUSES OF PARLIAMENT

1. The National Institute of Food Technology Entrepreneurship and Management Bill, 2021 2. The Marine Aids to Navigation Bill, 2021 3. The Juvenile Justice (Care and Protection of Children) Amendment Bill, 2021 4. The Factoring Regulation (Amendment) Bill, 2021 5. The Inland Vessels Bill, 2021 6. The Insolvency and Bankruptcy Code (Amendment) Bill,2021 7. The Coconut Development Board (Amendment) Bill, 2021 8. The Airports Economic Regulatory Authority of India (Amendment) Bill, 2021 9. The Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, 2021 10. The Essential Defence Services Bill, 2021 11. The Limited Liability Partnership (Amendment) Bill, 2021 12. The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021. 13. The Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021. 14. The Tribunals Reforms Bill, 2021 15. The Taxation Laws (Amendment) Bill, 2021 16. The Central Universities (Amendment) Bill, 2021 17. The General Insurance Business (Nationalisation) Amendment Bill, 2021 18. The National Commission for Homoeopathy (Amendment) Bill, 2021 19. The National Commission for Indian System of Medicine (Amendment) Bill, 2021 20. The Constitution (One Hundred and Twenty-Seventh Amendment) Bill, 2021 21. *The Appropriation (No.3) Bill, 2021 22. *The Appropriation (No.4) Bill, 2021

II – 2 OLD BILLS THAT WERE WITHDRAWN

1. The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021 2. The Indecent Representation of Women (Prohibition) Amendment Bill, 2012

*The two Bills, as passed by Lok Sabha were transmitted to Rajya Sabha for its recommendation, are not likely to be returned to Lok Sabha within the period of fourteen days from the date of their receipt in Rajya Sabha. The Bills will be deemed to have been passed by both Houses at the expiration of the said period in the form in which they were passed by Lok Sabha under clause (5) of article 109 of the Constitution.

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Story first published: Thursday, August 12, 2021, 17:05 [IST]

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andreszkbq209 · 3 years

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12 Helpful Tips For Doing venture capital definition

Each spouse is an agent in Confined Legal responsibility Partnership As outlined by segment 26 in the Act. Apparently the LLP is a man-made legal particular person. It has been formed on the basis of regulations absolutely. No less than one particular designated partner have to be resident of India. The LLP is often made for a selected duration of undertaking and it could be winded up. Also Minimal Liability Partnership can be merged with the opposite and there's no Restrict for the amount of the partners. LLP is a flexible type of small business which delivers company during the industries and which will involve professionals.

Here we are discussing the origin of LLP. The idea of Restricted Legal responsibility Partnership, was originated during the calendar year 1991.Texas is undoubtedly an unincorporated form, which was launched for unsuccessful personal savings and mortgage associations and was inspired by governing administration litigation. In India 2009 the LLP Monthly bill gained an assent on the President and was place into pressure in precisely the same calendar year. LLP will not need to have any minimum amount capital also the contribution could be made as a result of instalments which can be boon for all the business people.

Due to the fact there are several constraints for the administrators and shareholders to just take up loans, so LLP was released to take away the levy from both the shareholders and Directors. Allow us to discuss the main points of LLP Registration paperwork. With the foreign nationals, Aadhar card, driving license, photocopy of lender assertion and scanned passport size photograph. These should be produced by the partners.

They ought to self-attest these copies and submit. It follows methods like, it calls for DSC, DIN, Title acceptance and that is accompanied by the processing of software, incorporation sort filing, Incorporation and LLP settlement filling. Ordinarily they are saying the TAT (ie) switch-around time is 15 to 20 times. It is a lawful venture capitalist company method and cannot resolve a selected time for you to get registration.

Conversions are also taking place in LLP. The public limited business is remaining converted into LLP based mostly upon the tax entrance. An LLP isn't like a corporation is not really liable to pay for MAT or DDT. MAT is a minimum alternate tax, DDT is dividend distribution tax. All movable and immovable Qualities are vest in LLP and as a result there is absolutely no stamp responsibility is usually to be paid out. Equally the personal constrained corporation can be converted into LLP. The principle thing would be the shareholding pattern really should be a similar every time they get introduced to the LLP as contributors. The non-public constrained firm should comply with pending compliances.

Each of the tax returns need to be in done type not in pending kind. There really should not be any secured creditors during conversion. Else You will need to acquire NOC out of your creditors. One example is the bank which experienced presented financial loan may well supply NOC. The main facet is, the non-public confined enterprise has FDI (Overseas Direct Expense). In the event the private confined corporation decides to have transformed into LLP, it has to get approval from FIPB (Foreign Financial investment Advertising Board).

It is just a time consuming method but nevertheless it's important LLP and FDI has limitations and there's no simple route to the conversion. FDI draws in foreign investors and this action is among the most vital thing to generally be accomplished. The income sharing Amongst the shareholders need to be the same. The Government has purchased not to pay the associates out on the amassed reserves for the subsequent three several years with the conversion. Certainly they need a tax professional for accomplishing The work.

LLP has some negatives in addition. It doesn't really encourage funding. Like start off-ups the funding is inspired from Angel buyers and Undertaking funds, because the ownership in LLP is referred to as desire and not as shares. A different drawback could be the LLP can not be converted into non-public minimal business. Although It's a hybrid of partnership and business it is often witnessed as partnership only and it loses its have faith in Among the many individuals.

Should you be likely to convert into LLP from private, you will not be capable to challenge ESOP. ESOP is Employee Stock Ownership System; since LLP has no idea of getting the idea named 'share' and it simply cannot difficulty ESOP to the workers. Commencing company is really a tedious process and it should be picked based on the deserves and demerits.

Cash flow Tax Appellate Tribunal explained to that conversion into LLP is covered by definition of 'transfer' and it's liable to money obtain tax. One more impact on this tribunal is any tax escaped from your palms of the corporation will be levied on on the LLP and this will likely be hard for almost all of the LLPs. Lastly it had been claimed that, Revenue tax appellate tribunal's ruling celerity power partly normally takes absent the defense that corporations loved. This was told within the year 2018. In 2020 now a short while ago the Government has got to convey settlement scheme to the LLP. It's mentioned that In case the LLP has the prefer to avail the service they may apply for the settlement scheme. Additional to it is actually relevant for submission for 4 forms of varieties like Type three, Kind four, Type eight and Variety 11.

Solubilis educates you concerning the latest updates about LLP and helps you in obtaining LLP registered.

Air sampling is one of numerous processes which can be made use of to monitor the overall health and safety of workers in business. Atmospheric checking tactics recognise the air may be an important and pervasive supply for microbiological contamination and screens it for that presence of dangerous, particulates, dust along with other contaminants. Quite smaller contaminants such as bacterial cells and spores can continue to be suspended inside the ambiance for an prolonged stretch of time, rendering attempts to clean and sterilise surfaces useless. Air sampling targets these together with other contaminants existing to be certain a balanced natural environment.

Air sampling is critical in areas that has a high threat of biological contamination, such as hospitals. It is also significant in industries where there is a chance current from raw resources, like chemical creation, agriculture, and metals, Wooden or maybe textiles production. Numerous industries, which include foodstuff manufacturing and distribution, also need a substantial volume of sterility during every single stage of generation, creating environmental monitoring needed to the wellbeing and basic safety of shoppers. Environmental monitoring has even been used in corporate Office environment buildings and household buildings to observe the health of inhabitants and to prevent the distribute of contagious conditions a result of invisible micro-organisms.

There are two main air sampling methods, getting Energetic and passive. Passive checking is often completed utilizing 'settle plates' which happen to be Petri dishes that contains a non-selective society medium. The settle plates are still left uncovered from the focused natural environment, making it possible for bacterial contaminants to settle from the medium. The settle plates are then incubated, allowing the microbes mature into visible colonies, And eventually analysed. Passive checking is mostly seen as being a much less fascinating system than Energetic checking, since there are several ways that the sample might get contaminated or become unreadable. Passive checking does, nevertheless offer a very cost efficient solution and makes an interesting sampling technique to fulfill curiosity in low-possibility environments.

Lively checking entails drawing a recognized quantity of air via a particle selection gadget to provide a remarkably correct quantitative Examination from the contaminants existing. Energetic air sampling gadgets are even more split into two groups: impingers and impactors. Impingers use suction pumps to attract from the sample, and also to operate it in opposition to a liquid medium which collects particulates for Examination. Impactors also utilize a suction pump, but then force the air sample against a stable assortment medium, which include an agar plate. Impactors are looked upon as the more hassle-free solution and therefore are consequently additional greatly Employed in industry.

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accountant939-blog · 4 years

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What Freud Can Teach Us About accounting

Many of the individuals associated with bbusinesses rely upon accounting to help keep their enterprises up. In accordance with the recent Labor Studies, The task posture for accountants is incredibly vivid - the truth is, the anticipated development is in a speedier speed than average. Understanding how to be an accountant in Bradenton can give you a stable profits in a area which can be all-time desire. The enlisted underneath are classified as the methods to be an accountant, initiating with what to expect being an accounting significant.

For most learners, the really starting point towards turning out to be an accountant should be to startup with coursework in a very College, but Here are a few extra measures contain in order to comprehensive your journey. Enable reads and uncover the comprehensive description of how to become an accountant in Bradenton.

Move one: Enroll in the degree system

In spite of what you are planning to do inside your vocation, First of all you must make your Bachelor of Science in Accounting. As part of your degree, you may take math lessons and find out about tax regulation. You can even opt for small business-similar courses for instance these:

Finally, you'll want to hone up your conversation capabilities, which are incredibly important to Make up potent Doing the job associations With all the men and women and administration teams which count on your talent. Pupils who like accounting plans are more likely to excel at math and become analytical, structured and arranged. A bachelor's diploma could be the foremost move in planning for your CPA Test or entry-level employment being an accountant.

If you'd like to pursue a broader finance profession, you could set effort and hard work for finance major and explore other available choices in the sphere of finance.

Stage two: Decide on your vocation path

Choosing on the career path is the second step towards turning out to be an accountant. You may prefer to be specializing in a certain industry, including monetary accounting, managerial accounting or tax accounting. Or, you put together to qualify the Qualified General public Accountant (CPA) or getting an MBA diploma, which ordinarily requirements more hrs and continuing education and learning.

Accountants offer a good amount of significant expert services to their clients. Some of them are:

The majority of the accountant in Bradenton to be a Element of a corporate staff or in non-public offices. Some are engaged in government organizations within the point out, regional or federal amount. Auditors may need to travel from company to enterprise throughout the year to inspect fiscal documents and supply steerage to area consumers or across a specific region.

Phase 3: Obtain an internship

Many Students notice that Functioning at an unpaid or compensated internship can provide a important knowledge that can pay back in bigger wages and augmented position opportunities following completion of graduation. Sometimes, an internship can give you a terrific job, so It truly is very important to get proficient, Construct your community, and give your best every day.

Move four: Comprehensive your degree

Completing your diploma, in addition to supplemental coursework desired, is the next move towards a career in accountancy. Generally take into account that a lot of universities involve a mean quality point if you are going on to choose a sophisticated diploma.

Move 5: Look for a work

Using a diploma in the hand, you happen to be ready to request an entry-degree placement in the accountancy. You could receive additional credits for your CPA exam by working with your first work.

Step six: Get Qualified

Depending upon the industry you experienced to pick, you'll be able to go for several further qualifications. Getting certifications other than a degree can improve your marketability and boost your Specialist reliability.

You can Examine on the internet to learn more about progressive accounting degree packages. This will let you attain your increased instructional aims and to assist you within the career of accountancy.

The need to change of Partner may possibly come up after the net LLP Registration and incorporation. Numerous explanations are there influencing the improvements within the partners in the LLP.

Besides The explanations pointed out previously mentioned, you'll find number of reasons which have to have the addition or elimination of Spouse(s); or modify in designation of Spouse(s) soon after LLP Registration. In this post, We have now offered the stage-by-phase tutorial to influence the transform of associates or designation of companions inside the Limited Liability Partnership.

The expression change in Companions involves addition, appointment, resignation or elimination of the Spouse while in the LLP. While the time period modify in designation doesn't include things like addition or removal of Partner in LLP however refers to vary in posture of designation of the Partners. The Companions of LLP are classified as Specified Spouse along with other typical Companions. Consequently, the technique to alter the designation consists of next:

The modify in Partners along with change in designation demands next the exact same process with minimal changes. Underneath stated is the procedure being adopted to influence the alterations.

When the application is submitted for addition of Designated Partner or modify of designation from Associate to Specified Partner, the worried individual shall also receive DIN (Director Identification Number). If your reported man or woman has presently used and allotted, the identical DIN shall be supplied and noted for his addition during the Confined Liability Partnership. In the event of resignation of Partner or Specified Spouse, the reported individual shall supply a Observe to the LLP for the minimum duration of thirty times.

To impact any improvements from the Minimal Liability Partnership, the Companions shall move the resolution for the Conference of Partners as demanded via the LLP Arrangement of concerned Restricted Legal responsibility Partnership. Even further, the resolution shall authorise any of the prevailing Designated Associate to act on behalf on the LLP and its Associates. Further, the authorised partners shall also maintain a legitimate DSC to file the applying on the Registrar.

The dietary supplement deed on the LLP Arrangement shall be executed from the Partners of your LLP such as the Associate who is for being extra or eliminated.

Remember to refer another weblog "When to change the LLP Arrangement: Know explanations and technique" to understand what shall be complied taken care although execution of Nutritional supplement Arrangement.

The moment the Supplement Agreement is executed through the Associates for adjust of partner or their respective designation, an software shall be submitted with MCA to approve the variations of companion or even the designation. The applying shall be submitted with the assistance of the Practising Skilled together with Corporation Secretary or Chartered Accountant. The application shall be submitted in the prescribed sorts, i.e. LLP Kind three & LLP Variety four.

The explained software shall be submitted combined with the details and data of changes and next documents:

The supplied application shall be submitted inside of 30 days on the productive day of change or execution of arrangement, whichever falls before. Failing to file the application in just prescribed interval, an extra cost is going to be levied at Rs one hundred each day of delay.

The appliance of transform of designation or addition and removing shall be reviewed because of the registrar. The registrar on his fulfillment may possibly grant the approval to the changes. Below, the alterations shall be productive only once the approval received from the Registrar. Nevertheless the reported variations is going to be getting retrospective influence to get in power, at the time accredited.

The course of action for transform of partners in LLP in addition to drafting of agreement with needed alterations shall be followed in a effectively compliant fashion which necessitates the consultancy Along with the Experienced.

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biotechtimes · 4 years

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BIRAC Invites Project Proposals For COVID-19 Research Consortium

New Post has been published on https://biotechtimes.org/2020/03/23/birac-invites-project-proposals-for-covid-19-research-consortium/

BIRAC Invites Project Proposals For COVID-19 Research Consortium

BIRAC Call For COVID-19 Research Consortium

To support the preparedness, readiness and response for COVID-19, project proposals are being solicited for developing Diagnostics, Vaccines, Novel Therapeutics, Repurposing of Drugs or any other intervention for control of COVID-19 by Industry/Academia/ Industry-Academia participation. COVID-19 Research Consortium.

Department of Biotechnology (DBT) and Biotechnology Industry Research Assistance Council (BIRAC)

The current outbreak of coronavirus disease (COVID-19) got reported first from Wuhan, China, on 31 December 2019. Coronavirus disease (COVID-19) is an infectious disease caused by a new virus that had not been previously identified in humans. COVID-19 has been declared as a pandemic by WHO due to the alarming levels of spread and severity. Till date, there is no specific medicine to treat or prevent COVID-19.

In response to the outbreak, there is an urgent need to accelerate the development of diagnostics, vaccines, novel therapeutics and repurposing of drugs for this novel coronavirus. In view of the limited current level of knowledge about the new virus, critical research questions need to be answered urgently, and ways have to be found to fund priority research that can contribute to curtail this outbreak and prepare for future outbreaks. Urgent need to develop safe and effective countermeasures that can be available, accessible and suitable for use in populations most in need. Research is an important integral component of the response to be able to identify key knowledge gaps and research priorities, and thereby accelerate the generation of critical scientific information and the most needed medical products to contribute to the control of 2019-nCoV emergency.

A) PROGRAM GOAL

The theme of the current RFP is:

Developing Diagnostics, Vaccines, novel Therapeutics, repurposing of drugs and any other intervention for control of COVID-19 outbreak”. Projects submitted must take into account the criteria for affordability, wide-spread adoption and have a realistic possibility for scale-up. The scope of the RFP is inclusive of and not exhaustive of the following areas:

Diagnostics:

To develop technologies/Assays/components for diagnosis of coronavirus and SARS-CoV-2 including diagnostic methods such as ELISA, Lateral Flow assay, Molecular diagnostics (PCR, Real-Time PCR), Colorimetric tests, Chemiluminescence, Immunoassays, cell culture.

Vaccines:

Vaccine technology platforms, novel vaccine manufacturing technologies, vaccine candidates and enabling disciplines for coronavirus vaccine development.

Type of candidate vaccine can be DNA, RNA, Live Attenuated Virus, Non-Replicating Viral Vector, Protein Subunit, Replicating Viral Vector at any stage of development.

In-licensing technology for optimization, scale-up, and manufacturing.

Novel Therapeutics:

To develop in-vitro assay/animal models and standardize challenge studies.

Screen existing libraries (Biologicals and Chemicals) and identify potential hits for development.

Novel methods of B-cell isolation/ monoclonal antibody development.

Repurposing of Drugs:

Develop prophylaxis clinical studies and prioritize in healthcare workers.

Evaluate existing marketed drugs under a standard protocol in patients of COVID-19.

Any other:

Development of any other intervention/technology related to SARS-CoV-2 outbreak prevention and control.

B) Key requirements for the proposed technologies/ products that will be considered:

a. The developed process should be sustainable from an economic and environmental point of view

b. The technology should be scalable

C) EXCLUSIONS- Examples of areas that will not be considered:

a. Proposals not related to SARS-CoV-2

b. Projects not having product development component

c. The proposed concept not having commercialization potential

d. The grant is not a research fellowship.

D. APPLICATION OPENING

Important dates for RFP:

Publication on – 19 th March 2020

End date on- 30 th March 2020 at 2.00 pm

E. ELIGIBILITY: The proposals can be submitted by:

a. Company (Start-up, Small, Medium or Large) incorporated under the Companies Act, 2013 having a minimum of 51% of the shares of the Company to be held by Indian Citizens (Indian passport holders).

b. Limited liability Partnership (LLP) incorporated under the Limited Liability Partnership Act, 2008 having a minimum half of the persons who have subscribed their names to the LLP document as its Partners should be Indian citizens (NOTE: The applicant Company/LLP should have adequate in-house facility to address the project implementation (which shall be evaluated during the proposal evaluation) or incubated with any of the recognized incubation facility. DSIR certificate is not mandatory).

c. Academia (Public or Private Research Institute, University) having a well-established support system for research. The institute should have been established in India and have NAAC/ UGC/ AICTE or any equivalent recognition certificate or any other Public/Government supported organization

d. Non-academic Individuals (NAI)

The application can be submitted by any of the above entities (a – d) jointly or severally

F. FUNDING MODALITIES

Funding Support for COVID-19 Research: Grant‐in‐aid assistance will depend on the proposed activities.

Duration: Project duration can be up to 24 months (encouraged to develop the solution in 6-12 months wherever possible).

Depending on the scope of activities and the applicant, the funding will be made available under DBT/different schemes of BIRAC/Ind-CEPI/National Biopharma Mission.

G. APPLICATION PROCESS

a. Process of application submission

Proposals in the form of a Letter of Intent are required to be submitted online only. Online proposal submission can be done by registered users. The RFP will be open for a period of 12 days. Process for submitting the proposals online is detailed below:

Log on the BIRAC website (www.birac.nic.in)

Registered users may log-in using the credentials and new users need to register the institution with by clicking on New User Registration.

In case of new user registration, a computer-generated password is sent to the email id provided at the time of registration.

Upon login, the user is navigated to the page displaying the specific scheme link.

Click on the link under Programmes and the active call would be highlighted.

Click on the active call against which the proposal needs to be submitted.

b. Process for selection of the proposals for COVID-19 Research

i. The process of evaluation broadly comprises the following steps:

ii. Eligibility check of mandatory legal parameters

iii. Review of LOI by Scientific Advisory Group (SAG)

iv. Presentation of the applicant of selected proposals to SAG

v. Final recommendations and execution of funding agreement vi. The proposals will be evaluated based on the following criteria:

Scientific Merit

The technical strength of the proposal

Clarity of technical strategy

Innovation level

Level of Risk

Investigator’s Credentials and/or collaborative team’s expertise.

H. SCOPE OF INTELLECTUAL PROPERTY GENERATED DURING THE DURATION OF THE PROJECT

The New Intellectual Property (IP) rights will be as per the policy of the grant scheme.

It is the responsibility of the Fund Recipients to protect the New Intellectual Property (New IP).

NOTE: For the purpose of this GLA, New IP means intellectual property generated during the conduct of the Project by the Fund Recipient(s), but excluding the intellectual property generated by the Fund Recipient(s) before the execution of this GLA and any IP generated outside the scope of this GLA even during the term of this GLA.

I. PROJECT MONITORING & MENTORING

a. Project Monitoring Committee (PMC)

The projects shall be monitored/and mentored regularly by an Expert Committee constituted by BIRAC for each project. Site visits shall be conducted by specially constituted Expert Committees comprising two to three Technical experts and one financial expert. The Project Monitoring Committee (PMC) is responsible for;

i. Monitor the progress of the Project in conformity with the outputs, milestones, targets and objectives is contained in the Agreement.

ii. Based on the foregoing, to assess and recommend:

The release of the next installment or part release thereof by the BIRAC.

revision of project duration

closing or dropping or modifying any of the components of the Project, within the overall approved objectives, budget and time-frame,

the inclusion of additional industrial/institutional partner(s), if the applicant requests involvement of such partner(s), in the overall interest of the Project,

mentor(s) to overcome any technological problem faced in the Project implementation; and

Revision of financial assistance.

iii. To advise on issues related to securing of IPR and

iv. To advise on any other matter as referred to it by BIRAC and/or otherwise reasonably necessary for effective discharge of its duties and/or achievement of aims and objectives of the proposed Scheme.

b. Reporting of Progress on COVID-19 Research

On Successful completion of each Milestone, the applicant will be required to submit a detailed Milestone Completion Report (MCR) as per the prescribed format.

The MCR will be assessed by the PMC for its completion. On the recommendation of the PMC, the next Milestone budget is released.

The Applicant will have to submit a duly certified Statement of Expenditure for the every 30th September and 31st March.

Format for Milestone Completion Report (MCR), Utilization Certificate and Statement of Expenditure will be made available as per requirement.

J. TERMS & CONDITIONS AND REQUISITES FOR FUND DISBURSEMENT

a. Agreement of funding for COVID-19 Research

On the announcement of Award, all concerned applicants need to sign the Grant-in-aid Letter Agreement (GLA) with BIRAC.

K. OTHER REQUISITES FOR FUNDS DISBURSEMENTS

a. In addition to signing of agreement between all the concerned parties, the following requirement needs to be completed before the first instalment can be released:

A Board Resolution needs to be passed for acceptance of the Grant-in-aid offer by the BIRAC

Opening up a No-Lien Account with a scheduled/nationalized Bank in case of a Company

Letter of Authorization in case of Institute in the prescribed format of BIRAC

MoUs related to IP arrangements/collaborations/outsourcing etc needs to be in place

L. ACKNOWLEDGEMENT OF BIRAC SUPPORT

Acknowledge the assistance of BIRAC while publishing, marketing the resultant Product or presenting in any manner the details of the project, its progress or its success along with the “Disclaimer” that reference therein to any specific commercial product, process, views or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or assuming the liability of any sort by the BIRAC. The use of BIRAC logo is not permitted without written approval.

M. CONTACT INFORMATION

Further information can be obtained at BIRAC Website: www.birac.nic.in

Contact Person Dr. Artee, Manager-Investment: [email protected]

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michaeljames1221 · 4 years

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Business Structure

A Sole Proprietorship is one of the simplest forms of business organizations one can ever have. It is a business formed, managed and controlled by one person who is the owner. The business and the owner are the same thing. When you form this type of business, you are your own consultant, you are the decision maker and all the losses and profits come to you. They include canteens, restaurants, simple shops and boutiques. For this meaning to stand, the business should not have branches in other areas.

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Pros of Sole Proprietorship

The owner enjoys all the profits of the business: since it is owned by a single person, he enjoys all the profits that the business accrues. • Quick Decision Making: When it comes to making decisions about changing the type or quantity of commodities that the business deals in, you do not have to consult anyone. • Easy to Manage: As a single business owner, it easy to manage your business since there is no bureaucracy that you have to follow when making decisions. • Flexibility: This applies in terms of changing the commodities that you sell. You can change them anytime you feel like as long as it is a general sole proprietorship with freedom to sell any product. • Easy to Start: Yes, this business type does not have very long legal procedures to follow before it gets established. Cons of Sole Proprietorship • The owner incurs all the losses: In case of losses, the sole proprietor bares all the burden solely. • Unlimited liability: This means that in case the business runs bankrupt, the assets of the business owner will be sold to clear off the debts. • The business owner pays personal income taxes on the business net profits.

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General Partnerships

A partnership is a type of business entity owned and operated by two or more individuals. The partners contribute money in order to raise the required capital so as to start the business. All of them are responsible for how the business operates and take part in decision-making. At times, the partners might decide to allocate each of them a different role so as to enhance the efficiency and performance of the entity. If you would like to start a general partnership, have a look at the pros and cons.

Pros

• Easy to Start: Forming a general partnership usually takes a short time since it does not involve long legal procedures. • Requires less capital: The amount required to start off a partnership is not equal to the amount you need to start a company. The amount of profits are shared according to the ratio of capital contribution of each partner. The higher the capital you contributed, the more the profits you enjoy. • Consultation: The good thing with partnerships is that before arriving at a final decision, there is always consultation between the partners. This leads to better decisions that improve the business. • Quick Decision Making: A partnership owned and operated by two people is easy to make decisions that can enhance the performance of the business. You don’t need to call a meeting to discuss arising issues, just a phone call is enough.

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Cons

• Unlimited liability: General partnerships means that all the partners have unlimited liability. In case of business debts that the business is unable to pay, the personal assets of the partners are at risk of getting sold in order to clear off the debt. • Internal Wrangles: Sometimes many partnerships do fail because of internal conflicts or personal interests of a certain partner. The partners have a burden of paying personal income taxes on the net profits of the business.

Limited Liability Partnership (LLP)

A limited type of partnership is whereby all the individuals have limited liability unlike in general partnerships where all partners have unlimited liability. A partnership operates as a limited type only after the partners file an application of registration with the secretary of state. These types of partnerships used to be limited to professional services such as lawyers, accountants or doctors. However, nowadays even common businesses may apply for registration for as long as the partnership has partners that run and operate the business and partners who act as investors. Those running the business have unlimited liability while the investors have limited liability.

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Pros of LLP

• A partner is not liable for any wrongful acts of other partners. Each partner carries their own burden and face consequences of wrongdoings individually. • The formation procedure is not long: When you want to create a limited partnership, it is not tiresome since it only needs approval by the secretary of state. • Quick Decision Making: A limited partnership has a few partners which makes consultation easier and quicker. • There is room for consultation: Two heads are better than one that’s what they say. Partners have a room for discussion before making the final decision. This improves the quality of business decisions made. Partners with limited partnership can leave anytime without dissolving the partnership. Cons • They are more expensive to form than general partnerships. • Affected by personal interests: Most of the times what leads to dissolving partnerships is disagreements between individual partners. • Partners with unlimited liability (those in managerial positions) suffer whenever the business is unable to pay off its debts.

Corporation

This is a business entity owned by a list of shareholders. The shareholders have the mandate to elect a board of directors whose work is to oversee the day to day running of the corporation. When it comes to decision making, it is the responsibility of the directors to make sure that any decision made benefits the corporation and is in support of the corporation’s objectives. Also, the directors have the power to hire and fire employees. The employees of the corporation have the obligation to make sure that the targets of the business are met within certain duration of time. A corporation operates as a separate legal entity from the owners. This means that the owners have limited liability. As a separate legal entity, it means it can buy real estate, sue and even get sued by creditors. An established corp. can raise capital via sale of stock in the stock market. Its ownership can also be transferred from one party to another. It also has perpetual existence meaning that it can continue operating even if the ownership changes. When you want to start a corporation, most probably you will be the major shareholder with authority to appoint directors. The directors will then go ahead to hire employees that will be responsible for the running of the company. A corporation operates under what is termed as corporation by-laws. This is a set of document that provides guidelines on how the corporation should operate. These by-laws can be modified as the company grows. Every year, the corporation should hold an annual meeting to discuss how the entity has performed.

Pros of Corporations

• One of the most attractive things about a corporation is that the owners have limited liability. This means that in case of debts, the assets of the owners are very safe and remains untouched by the creditors. • There is a possibility to lower taxes especially when the owner and the business share profits. • At certain times, benefits may be deducted as business expenses. • The ownership of a corporation is easily transferable. This means that in an event whereby the current shareholders and directors foresee a dark future, they might sell the corporation and hence avoid losing their capital investment. Cons • It is very expensive compared to setting up simple business setups such as sole proprietorship and partnerships. • Starting a corporation involves a lot of paperwork. When it comes to legal paperwork, the owner must file it with the secretary of state. • A corporation operates as a separate legal entity and hence is entitled to pay taxes. • There is slow decision making in corporations since the directors have to be consulted before any verdict is reached.

S Corporation Information

The difference between an S corp and a c corp is based on the taxation process. When it comes to an s corp, there is only one level of taxation. The income generated by the corporation is distributed among the shareholders for taxation purposes. However, with corps, there is double taxation. The corporate pays corporate tax on its own as a corporate while the dividends generated by the company and passed down to shareholders are also taxed in terms of personal income tax.

Pros of an S Corporation

Before you take a step and register your business as an s corporation, you should beware of both the merits and demerits it comes with. The merits include: • Single layer of taxation: The shareholders of s corporation escape double taxation since the taxes are only payable at the shareholder’s level and not at the corporate level. While the business’ income continues to be taxable, the shareholders do not carry any extra burden when it comes to tax liability. • Step up in Basis: Depending on the amount retained each year by the corporation as income, the shareholders receive a step up on the basis on their stock. This reduces tax liability on the shareholders especially when the shares are ever sold.

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Cons of an S Corporation

• Cash flow vs. tax liability: Whether the shareholders get their share of dividends or not, they are expected to pay their pro rata share of taxes on the company’s earnings. This means that a corporation needs to have proper management of cash flow to avoid any inconveniences in this area. • Built-in Gains: When an asset of an s corporation is sold within 10 year period of s corporation election, then the gain based on the value of the conversion date is taxable to the company. This means that for a corporation which is growing, it is advisable to convert sooner than later in order to minimize the amount gains within a 10 year period.

Limited Liability Company (LLC)

This is a hybrid of both a corporation and a partnership. A limited liability company operates as a separate legal entity and hence has exclusive rights to buy and own assets, sue or be sued. It has a pass through taxation feature just like a corporation. This means that the members (shareholders) only suffer from a single taxation just like in a partnership. Unlike a corporation, it has no stock and does involve fewer formalities during the formation process. The owners of an LLC are called members and not shareholders like in a corporation. This has made many people refer to it as a corporation with fewer complications. This type of company operates under a set guideline of rules referred to as ‘operating agreement’. These set of rules can be modified depending on how the business performs over certain time duration. Operating a limited liability company is less complex since it only requires the members to meet once or twice a year to make or implement certain decisions.

Pros of LLC

• Single Taxation. An LLC does not pay taxes at the company level. The taxes charged are ones that are passed through to the members who later pay personal income tax. • Liability protection for members: The members of an LLC have limited liability meaning that their assets cannot be taken away to cater for business debts. • They are easier to establish compared to corporations since little paperwork is involved. Cons of LLC • They require more capital in order to establish compared to sole proprietorships or partnerships. • They require more paperwork and legal procedure. Thus, establishing a business entity structure requires an entrepreneur to consider these things, the amount of capital, the type of liability and how easy it is for them to be formed.

Factors to consider before choosing a business structure

For new businesses that could fall into two or more of these categories, it’s not always easy to decide which structure to choose. You need to consider your start-up’s financial needs, risk and ability to grow. It can be difficult to switch your legal structure after you’ve registered your business, so give it careful analysis in the early stages of forming your business. • Flexibility: Where is your company headed, and which type of legal structure allows for the growth you envision? Turn to your business plan to review your goals, and see which structure best aligns with those objectives. Your entity should support the possibility for growth and change, not hold it back from its potential.

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• Complexity: When it comes to start-up and operational complexity, nothing is more simple than a sole proprietorship. You simply register your name, start doing business, report the profits, and pay taxes on it as personal income. However, it can be difficult to procure outside funding. Partnerships, on the other hand, require a signed agreement to define the roles and percentages of profits. Corporations and LLCs have various reporting requirements with state governments and the federal government. • Liability: A corporation carries the least amount of personal liability since the law holds that it is its own entity. This means that creditors and customers can sue the corporation, but they cannot gain access to any personal assets of the officers or shareholders. An LLC offers the same protection, but with the tax benefits of a sole proprietorship. Partnerships share the liability between the partners as defined by their partnership agreement. • Taxes: An owner of an LLC pays taxes just as a sole proprietor does: All profit is considered personal income and taxed accordingly at the end of the year. “As a small business owner, you want to avoid double taxation in the early stages,” “The LLC structure prevents that and makes sure you’re not taxed as a company but as an individual.” Individuals in a partnership also claim their share of the profits as personal income. Your accountant may suggest quarterly or biannual advance payments to minimize the end effect on your return.

Business Lawyer For Business Structures In Utah

When you need legal help with business structure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Divorce Utah County

180 Day Waiting Period To Refile Bankruptcy After A Dismissal

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from Michael Anderson https://www.ascentlawfirm.com/business-structure/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/05/31/business-structure/

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advertphoto · 4 years

Text

Business Structure

youtube

Pros of Sole Proprietorship

youtube

General Partnerships

Pros

youtube

Cons

Limited Liability Partnership (LLP)

youtube

Pros of LLP

Corporation

Pros of Corporations

S Corporation Information

Pros of an S Corporation

youtube

Cons of an S Corporation

Limited Liability Company (LLC)

Pros of LLC

Factors to consider before choosing a business structure

youtube

Business Lawyer For Business Structures In Utah

When you need legal help with business structure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Divorce Utah County

180 Day Waiting Period To Refile Bankruptcy After A Dismissal

Estate Planning For Blended Families

Lien Stripping In Chapter 13 Bankruptcy

What To Do In A Car Accident

Self Defense In Utah

Source: https://www.ascentlawfirm.com/business-structure/

0 notes

mayarosa47 · 4 years

Text

Business Structure

Pros of Sole Proprietorship

General Partnerships

Pros

Cons

Limited Liability Partnership (LLP)

Pros of LLP

Corporation

Pros of Corporations

S Corporation Information

Pros of an S Corporation

Cons of an S Corporation

Limited Liability Company (LLC)

Pros of LLC

Factors to consider before choosing a business structure

Business Lawyer For Business Structures In Utah

When you need legal help with business structure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Divorce Utah County

180 Day Waiting Period To Refile Bankruptcy After A Dismissal

Estate Planning For Blended Families

Lien Stripping In Chapter 13 Bankruptcy

What To Do In A Car Accident

Self Defense In Utah

from https://www.ascentlawfirm.com/business-structure/

from Criminal Defense Lawyer West Jordan Utah - Blog http://criminaldefenselawyerwestjordanutah.weebly.com/blog/business-structure

0 notes

aretia · 4 years

Text

Business Structure

youtube

Pros of Sole Proprietorship

youtube

General Partnerships

Pros

youtube

Cons

Limited Liability Partnership (LLP)

youtube

Pros of LLP

Corporation

Pros of Corporations

S Corporation Information

Pros of an S Corporation

youtube

Cons of an S Corporation

Limited Liability Company (LLC)

Pros of LLC

Factors to consider before choosing a business structure

youtube

Business Lawyer For Business Structures In Utah

When you need legal help with business structure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Divorce Utah County

180 Day Waiting Period To Refile Bankruptcy After A Dismissal

Estate Planning For Blended Families

Lien Stripping In Chapter 13 Bankruptcy

What To Do In A Car Accident

Self Defense In Utah

Source: https://www.ascentlawfirm.com/business-structure/

0 notes

gonnagoandrunwiththehorses · 4 years

Text

Business Structure

youtube

Pros of Sole Proprietorship

youtube

General Partnerships

Pros

youtube

Cons

Limited Liability Partnership (LLP)

youtube

Pros of LLP

Corporation

Pros of Corporations

S Corporation Information

Pros of an S Corporation

youtube

Cons of an S Corporation

Limited Liability Company (LLC)

Pros of LLC

Factors to consider before choosing a business structure

youtube

Business Lawyer For Business Structures In Utah

When you need legal help with business structure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Divorce Utah County

180 Day Waiting Period To Refile Bankruptcy After A Dismissal

Estate Planning For Blended Families

Lien Stripping In Chapter 13 Bankruptcy

What To Do In A Car Accident

Self Defense In Utah

Source: https://www.ascentlawfirm.com/business-structure/

0 notes