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Closing of LLP in India: Steps and Procedure

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  Process of c losing an LLP in India  The Limited Liability Partnership (LLP) is a modern type of business entity, established in 2008 by the Limited Liability Partnership Act, that combines the features of a company and a partnership.  In previous articles, we discussed the documents required for LLP registration and the registration process itself.  In this article, we will guide you through the process of closing an LLP in India. Although LLPs offer several advantages over other types of business entities, such as ease of incorporation and limited liability for members, these benefits do not necessarily translate into successful business operations.  This article will explain the Strike Off method of closure and provide an overview of other closure options. The process to close a Limited Liability Partnership An LLP can be closed in two ways: 1. Strike-off method- a. Voluntary Strike Off The LLP should not have been engaged in commercial activities for a period of at least one ye
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Registration Process for Wholly Owned Subsidiary (WOS) in India

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Registration Process for Wholly Owned Subsidiary (WOS) in India A Wholly Owned Subsidiary (WOS) is a company whose shares or voting rights are fully owned by another company, known as the parent company. It differs from a subsidiary because a WOS implies that the parent company owns 100% of the shares or voting rights, while a subsidiary means that the parent company owns 51% or more of the subsidiary company. Foreign companies can establish a Private Limited Company in India to conduct business or invest, which would be considered a Wholly Owned Subsidiary. However, this is subject to government regulations on Foreign Direct Investment (FDI) and other applicable provisions. Requirements of Wholly Owned Subsidiaries At least one director who is a resident of India : A Wholly Owned Subsidiary company in India must have at least one director who is a resident of India. The term "resident" refers to an individual director who has resided in India for an equivalent of or m
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Appointment of Director in a company

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Appointment of Director in a company Introduction A company director is an individual elected by the shareholders to manage the company's affairs in accordance with its Memorandum of Association (MOA) and Articles of Association (AOA). Since a company is a legal entity, it can only act through the representation of a natural person. Therefore, the Board of Directors, consisting of living individuals, is entrusted with the management of the company. Depending on the shareholders' needs, the appointment of directors may be necessary at various times throughout the life of the business. Who can be a Director of a Company in India? To become a director of a company in India, an individual must satisfy the criteria outlined in the Companies Act, 2013, and the Articles of Association of the particular company. The requirements of the Companies Act are uniform, whereas the provisions of the Articles of Association differ from one company to another. There are two types of directors th
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How to Obtain a Well-Known Trademark: An Overview

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  How to Obtain a Well-Known Trademark In India, over 350,000 trademark applications were filed in the year 2019, and this number is expected to increase rapidly. By 2025, over 600,000 trademark applications are projected to be submitted annually. The Trade Mark Rules 2017 introduced a new process for declaring a trademark as "well-known."  To achieve this status, trademark owners can submit an application (TM-M form) to the Registrar. A well-known trademark receives special protection against infringement and passing off. Recognition as a well-known trademark is based on reputation, both domestically and internationally, and across borders. What is a Well-Known Trademark According to the Trademarks Act of 1999, a well-known trademark is a mark that has gained recognition among a significant portion of the public who use the goods or services associated with the mark.  This recognition is so strong that the use of the mark in relation to other goods or services is likely to b
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Procedure for International Trademark Registration

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International Trademark Registration What is International Trademark Registration? An International Trademark refers to a trademark that has been registered worldwide. Such a trademark provides its owner with the advantage of expanding its market and applying for protection in various countries by submitting a single application through the centralized system of the International Bureau of the World Intellectual Property Organization (WIPO). Advantages of International Trademark Registration A single application is required for multiple countries. International recognition of your brand The owner of a Registered Trademark has sole ownership of the trademark. Trademark registration creates an intangible asset, namely intellectual property, for the organization. No third party or competitor may use a registered trademark logo or mark. Once a trademark is registered, only maintenance and renewal fees, payable every ten years, need to be paid. How to register a Trademark
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Required Licenses to open Restaurant in India

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  Required Licenses to open a Restaurant in India The process of launching a restaurant in India can be quite daunting. However, with adequate knowledge of the necessary regulations and prerequisites, obtaining a license can become more manageable. To ensure a restaurant's smooth and lawful operation, a comprehensive list of licenses is required before its opening. Please refer to the detailed list below. 1. FSSAI License The Food License, commonly known as the FSSAI license, is one of the essential licenses that a restaurant must obtain before opening. This license is issued by the Food Safety and Standards Authority of India (FSSAI), and it holds paramount importance in determining a restaurant's eligibility to operate. More than just a license, the FSSAI license serves as an endorsement from the regulatory authority, assuring customers that the food served at the restaurant complies with India's food safety standards. Obtaining the FSSAI license can be done direc
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Input tax credit under GST

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Input tax credit under GST The Input Tax Credit refers to the tax amount paid on purchases, which can be claimed when paying taxes on sales. While this provides a basic understanding, there are several important provisions under the GST law that should be considered. This article will explain these provisions in detail. What is an input tax credit? Under GST, the Input Tax Credit is subject to various sections and rules. This benefit is accessible to the supplier and helps to decrease their tax liability for sales. The fundamental requirements for Input Tax Credit are outlined in Section 16 of the CGST Act, while Section 17 imposes some restrictions on its availability. Additionally, Section 18 deals with how Input Tax Credit is handled during the transfer or shifting in a business entity. How does the Input tax credit mechanism work? GST is a value-added tax, which means that each individual in the chain is responsible for paying tax only on their value addition. To better und
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