Director Identification Number
Entrepreneurship

Director Identification Number

DIN stands for director identification number; it is a unique number allotted by central government to any person intending to be a director or is an existing director of any company. It is an 8-digit unique identification, which has lifetime validity. Through DIN details of the director of company are maintained in database.

Read More about 11 months ago
NBFCs and their Registration Process
Entrepreneurship

NBFCs and their Registration Process

A Non-Banking Financial Company (hereinafter referred to as NBFC) is an entity that provides banking and other lending services but does not come under the legal definition of a bank. An NBFC is incorporated under the Companies Act, 1956 or the Companies Act, 2013. All NBFC’s are necessitated to procure a ‘Commencement of Business’ certificate from the Reserve Bank of India (hereinafter referred to as RBI) as provided under the provision of Section 45-IA of the RBI Act, 1934. Further, they cannot commence any business as a Non-Banking Financial Institution without procuring a ‘Certificate of Registration’ from the RBI. The NBFC Registration and License may be obtained in 90-120 days.

Read More about 11 months ago
The Start-up India Scheme
Entrepreneurship

The Start-up India Scheme

The Government of India initiated this campaign “Start-Up India” on 16th January 2016. This campaign was initially announced by Prime Minister, Mr. Narendra Modi during his presence at Red Fort, New Delhi on 15 August 2015. This action aims at following three objectives:

Read More about 11 months ago
Internal Audit
Entrepreneurship

Internal Audit

Internal audits are subjected to company’s internal controls which includes corporate governance and accounting processes. It operates and manages legal compliance along with efficient financial reporting and collection of data. It also helps in maintaining operational efficiency by identification of problems and reforming lapses before they get discovered and identified in conduction of external audit. It is a way which provides an opportunity for firms to undo their wrongs and work effectively. It essentially focuses on possible areas for reformation and how that can be strengthened. Also, adding value to firm’s governing mechanism.

Read More about 11 months ago
Ease of doing Business in India
Entrepreneurship

Ease of doing Business in India

India is ranked 100 among 190 economies in the ease of doing business according to the latest World Bank annual ratings. The major improvements such as resolving insolvency, paying taxes online, protecting minority investors and getting credit made India to jump to the 100th rank.

Read More about 11 months ago
Initiatives under the Digital India Scheme
Entrepreneurship

Initiatives under the Digital India Scheme

The Digital India Scheme has been undertaken by the Ministry of Electronics and Information Technology, as an initiative of the Government of India, with the vision to digitally empower the society and knowledge economy of India.

Read More about 11 months ago
Difference between MoU and Letter of Intent
Entrepreneurship

Difference between MoU and Letter of Intent

Memorandum of understanding abbreviated as MOU and letter of intent as LOI, are two different terms but they somehow seem similar and people often get confused over it. This article tries to explain the difference between the two.

Read More about 11 months ago
Annual Mandatory Compliance for LLPs
Entrepreneurship

Annual Mandatory Compliance for LLPs

LLP or Limited Liability Partnership is a body corporate which has its own legal identity. It has a common seal and perpetual succession. A minimum of two partners are required to form an LLP though there is no cap on the maximum number of partners that it can have.

Read More about 11 months ago
Registering a PVT LTD Company
Entrepreneurship

Registering a PVT LTD Company

Private Limited Company, the most mainstream lawful structure for perpetuating a business. It is simple to form an entity in India. For this one should simply enrol the directors who are the face of the company with the Ministry of Corporate Affairs (MCA). The name of the organization must be enlisted and present the organization incorporation documents that includes the Memorandum of Association and Articles of Association. A private limited company must have at least two individuals and a maximum of 200 individuals. The whole procedure of registration takes around 10 to 15 days.

Read More about 11 months ago
Benefits of Digital India Scheme
Entrepreneurship

Benefits of Digital India Scheme

The Indian horizon saw a new light in 2014 when Prime Minister Narendra Modi introduced the Digital India scheme.

Read More about a year ago
Startup Registration
Entrepreneurship

Startup Registration

After introducing the concept of Start-Up Scheme, the people around the country wants to know more about the benefits and profits which are offered by the scheme. This is one of the efficient steps taken by the Government of India to support the startups and business ventures which have new, creative and innovative ideas. Innovative ideas of the start-up always look forward to the proper infrastructure with great financial support to live in the competitive environment of the business.

Read More about a year ago
Registration of One-person Company
Entrepreneurship

Registration of One-person Company

One-person company is a proficient way to start a company. The concept was introduced in India through Companies Act, 2013. It is a method of self-employment introduced to boost up the economy of India.

Read More about 1 years ago
One Person Company
Entrepreneurship

One Person Company

One-person company (OPC) is a new concept introduced for the first time in India, in the 2013 Act based on the recommendation of the J. J. Irani Committee. As per the definition enshrined in Sec. 2(62) of the Act, there will be only one member in the OPC. Only a natural person can be its sole member.

Read More about 1 years ago
Advantages of MSME Registration
Entrepreneurship

Advantages of MSME Registration

Micro, small and medium enterprises (MSMEs) are often considered the backbone of Indian economy. According to the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006, it is divided into two categories according to the investment slab-

Read More about 1 years ago
Investigating the Affairs of LLP
Entrepreneurship

Investigating the Affairs of LLP

A limited liability partnership, as its name suggests is a business organization where through the partners bring investment in the firm, they have a limited liability towards the dues of the partnership. Therefore, it provides the advantage of limited liability of the partners, like a company, and the organization and management of their entity, like a partnership.

Read More about 1 years ago
Incorporation of Limited Liability Partnership
Entrepreneurship

Incorporation of Limited Liability Partnership

Two or more persons associated for carrying on a lawful business with a view to profit should form an LLP. It is a suitable form of business Organizations for small & medium enterprises.

Read More about 1 years ago
Importance of Memorandum of Association
Entrepreneurship

Importance of Memorandum of Association

A memorandum of a company is a statement that the subscribers of the company wish to form a company and have agreed to become member and in the case of company having share capital are agreed to hold atleast one share each. Earlier it was necessary to mention all the necessary details such as name, address of the company etc. But now after the amendments in the provisions it is not required to state all such information and such can form part of the Articles of Association of the company.

Read More about 1 years ago
Memorandum of Association
Entrepreneurship

Memorandum of Association

Whenever a company is incorporated either Private or Government Undertaking, there are some requirements which must be complied at the time of its incorporation. Without these requirements being complied with no company can be incorporated legally under the Companies Act for the time being in force.

Read More about 1 years ago