Author Archives: admin

Byadmin

Patent

A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention. An invention is a solution to a specific technological problem and is a product or a process.

Byadmin

FSSAI

Food products manufactured and sold in India will now have to bear the logo and registration or licence number of the Food Safety and Standard Authority of India (FSSAI).

Every food business operator must obtain a 14-digit registration or a licence number which must be printed on food packages.

The move will help consumers know if the product has undergone quality checks and bring down the instances of substandard products, reduce the number of bogus manufacturers and enhance accountability among food manufacturers. The deadline for complying with the provisions is July 1, 2014.

According to the Food Safety and Standards Act India (FSSAI) 2006, every food manufacturer should get a licence from the Food and Drug Authority or an authority connected to FSSAI. If the food manufacturer has an annual income of less than Rs 12 lakh, a process of registration is enough. The centralised act has been implemented to promote safe food across the country. The act came into force in August 2011.

“As per the union government’s notification and the amendment of the Food Safety and Standards (packaging and labelling) Amendment Regulation, 2013, it is necessary to print an FSSAI licence/registration number and FSSAI logo on the packaging of food products. This notification would help the Food and Drug Administration (FDA) track manufacturers who do not have FSSAI licences/registration.

Byadmin

Partnership Firm

 

A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favorable tax treatment relative to corporations.

Byadmin

Proprietorship

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Our team of Chartered Accountants & Company Secretary are well versed with the Companies Act and the company laws in India. We can assist in registering a new company in India, debt and equity issues, taxation issues, complying with all statutory requirements, filing relevant applications, expediting clearances from various authorities, expediting registration and other statutory obligations, etc.

Byadmin

VAT-TIN-CST

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How to Get Registered under Delhi VAT
For registering under Delhi VAT an application for Registration is to be made in Form DVAT-04 with the prescribed fee Copy of Memorandum and Articles.
The following documentations are required:
• Copy of company’s PAN card
• List of directors along with address and identity proof, like copy of passport etc
• 2 photographs of each directors
• Copy of Board Resolution in favor of authorized signatory
• Copy of PAN card and address proof of authorized signatory along with 2 photographs
• Copy of address proof in respect of principal in Delhi
• Copy of first sales / purchase bills along with copy of GR’s to prove date of liability and validity otherwise we may go for voluntary registration only for Delhi VAT
• Copy of bank statement
• Bank Pay in Slip, one cancealed cheque
• Surety in form of registered dealer / security in form of Bank Guarantee a sum of Rs. 1 lac.
• Prescribed form DVAT-04 for Delhi VAT registration and Form -1 for CST registration, attached herewith Form -04.
• A security not exceeding Rs 1 lakh is to be submitted along with the application for registration. The security amount can be reduced by a maximum of Rs 50,000 if you can provide certain documents with your registration application.
The reduction in the security amount allowed for various documents is as follows.
• Last paid electricity bill in your name, Rs 10,000;
• Last paid telephone bill in your name, Rs 5,000;
• A PAN number, Rs 10,000;
• A document as proof of ownership of principal place of business, Rs 30,000;
• A document as proof of ownership of residential property, Rs 20,000; and
• A notarized photocopy of the passport of proprietor/ managing partner or Managing Director, Rs. 10000/-

Byadmin

Private Limited-Public Limited

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Pvt. Ltd – Public Limited

Companies Act, 1956, governs Companies with limited and unlimited liability, in India. Every company is required to register themselves with the Competent authority i.e. Registrar of Companies (ROC) and file the necessary documents for various statutory requirements from time to time.

We Provide following services in respect of companies:

– Obtaining DIN and Digital Signature of the Directors / Company secretary of the Company.

– Incorporation of Private / Public company including under Section 25 (non-profit making company)

– Statutory meeting and statutory report.

– Appointment of directors and their remuneration.

– Incorporation of Limited Liability Partnership company & conversion of partnership firm / existing Private limited / closely held limited company into LLP.

– Amalgamation, merger, reconstruction of companies

– Change of name, shifting of registered office from one place to another, change in objects, increase in authorised capital, allotment of shares

– Buy back/Further Issue of shares.

– Allotment of shares at par/premium to Non-resident.

– Charge registration, charge modification
– Search of public documents filed with Registrar of Companies
– Routine document preparation and filing of forms with the Registrar of Companies
Preparation of Directors’ Report, Notice of meetings, preparation and maintenance of minutes
– Preparation of annual return and uploading of the same
– Issues pertaining to management of company, directors, shareholding pattern
– Consultancy on any issue related to the Companies Act, 1956
– Preparation of Statutory records & registers.
– Compliance u/s 159/166/210/220 of the Companies Act, 1956 for inoperative companies or the companies those were incorporated in the past but did not carry on any business.

 

Our team of Chartered Accountants & Company Secretary are well versed with the Companies Act and the company laws in India. We can assist in registering a new company in India, debt and equity issues, taxation issues, complying with all statutory requirements, filing relevant applications, expediting clearances from various authorities, expediting registration and other statutory obligations, etc.

Byadmin

Limited Liability partnership

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LIMITED LIABILITY PARTNERSHIP

It is a new phenomenon in Indian context. The Parliament of India has enacted (Limited Liability Partnership Act, 2008) with effect from April 1, 2009. Therefore, now the Indian laws permits to incorporate LLP.

Following are silent features of LLP:

– It shall be a body corporate and a legal entity separate from its partners.

– Perpetual succession

– The liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or unauthorized actions of other partners
The partners have the right to manage the business directly

– Minimum of 2 partners and no maximum number.

– The rights and duties of partners in LLP, will be governed by the agreement between partners.

– Liability of the partners is limited to the extent of his contribution in the LLP.

– Audit of the accounts is required only if the contribution exceeds Rs. 25 lakhs by the partners or annual turnover exceeds Rs.40 lakhs.

– It is mandatory for the partners to have DPIN

Byadmin

Startup

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A startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner.

In the early stages, startup companies’ expenses tend to exceed their revenues as they work on developing, testing and marketing their idea. As such, they often require financing. Startups may be funded by traditional small business loans from banks or credit unions, by government-sponsored Small Business Administration loans from local banks, or by grants from nonprofit organizations and state governments. Incubators can provide startups with both capital and advice, while friends and family may also provide loans or gifts. A startup that can prove its potential may be able to attract venture capital financing in exchange for giving up some control and a percentage of company ownership.

Because startups don’t have much history and may have yet to turn a profit, investing in them is considered high risk. Here are some ways that potential lenders and investors can value a startup in the absence of revenues:

  1. The cost to duplicate approach looks at the expenses the company has incurred to create its product or service, such as research and development and the purchase of physical assets. However, this valuation method doesn’t consider the company’s future potential or intangible assets.
  2. The market multiple approach looks at what similar companies have recently been acquired for. The nature of a startup often means that there are no comparable companies, however. Even when there are comparable company sales, their terms may not be publicly available.
  3. The discounted cash flow approach looks at the company’s expected future cash flow. This approach is highly subjective.
  4. The development stage approach assigns a higher range of potential values to companies that are further developed. For example, a company that has a clear path to profitability would have a higher valuation than one that merely has an interesting idea.

Because startups have a high failure rate, would-be investors should consider not just the idea, but the management team’s experience. Potential investors should also not invest money that they cannot afford to lose in startups. Finally, investors should develop an exit strategy, because until they sell, any profits exist only on paper.

Byadmin

Trademark

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A trademark is a brand name. A trademark or service mark includes any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods/services of one seller or provider from those of others, and to indicate the source of the goods/services.

Byadmin

Taxation

2Right from e-Filing to a complete round-the-year support, bizz.in’s tailor-made solutions will assist you to simplify your taxes.