| Topic : Essentials for Corporate law |
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Activity:
247 views;
last activity : 07 06 2010 20:18:09 +0000
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limited company is the best choice?
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LIMITED LIABILITY PARTNERSHIP ACT-2008
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Legal Entity
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Advice a Lawyer
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Limited Liability
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LIMITED LIABILITY PARTNERSHIP ACT-2008
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Earlier, starting a company and doing business was a difficult thing as the there was no computerisation. Everyone knows the advantages of forming a company and doing business rather doing business in the form of proprietory form of business and partnership. The advantage, as everybody knows is the issue of "limited liability". But, company law is a very big subject to deal with and one needs expertise to advice on company law. Forming a company may not a big deal now a days as it can be done on-line, but, running the company without any legal hurdles requires the counsel from an expert of company law. Even the businessmen may understand what is comapny, how to start a comapny, how to file reports, final accounts, conducting meetings, statutory meeting, general body meeting, majority stake, dilution issues, opression and mismanagement, winding-up, liquidation etc. But, there are many inherent concepts and principles and its all part and parcel of law. While it is good do busines by forming a limited liability company, one needs to cocentrate more on legal issues. |
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Mr. Gyanendra i would agree with you that limited company is the best legal business structure a company can choose if its a start-up company.And One of the first decisions that you will have to make as a business owner is how the company should be structured.When beginning a business, you must decide what form of business entity to establish. Your form of business determines the amount of regulatory paperwork you have to file, your personal liability regarding investments into your business, and the taxes you have to pay.The right structure -- corporation, LLC, partnership, or sole proprietorship -- depends on who will own your business and what its activities will be.
It is better than partnership where the number of partners is statutorily fixed. Private Limited company is the best option but if one of the directors is not well conversant with fine points of laws - both corporate laws and criminal laws, then the promoters must seek legal advice from practising lawyer in every important matter.
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Though there are many options to start a company such as Propreitorship, partnership, Pvt. Ltd. or Public Ltd. companies. This mush be chosen to the need of the enterpreneur, volume of proposed business, capital available, group of persons wishing to join and contribute in terms of finance, expertise, know-how, marketingg, stratagists etc. The choice be liberal of course with the help of an expert or rather a Lawyer, discussing the details of proposed project,ins and outs of business and to come to an ideal set up for the business structure of your business. It is normally advised to select the Form of "Limited Liability" instead of propreitorship or Public Limited Company. Though it is true that forming a Pvt. Limited Company involves lots of ground work, now even a Partnership firm can be structured with Limited Liability. The Limited Liability Partnership Act - 2008 is best form of new business structures where the partners enjoy the status of Partnership and at the same time their liability remains "limited" with less paper work. In my opinion this is the best product the legislature has given to its citizen in the recent Histroy and the best opportnities are made available as one more best form of business strucature is now available to the business community.
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This is certainly an opportunity for young professionals to hone their skills in entrepreneurship. Partners with limited liability can do their respective work more effectively without the thought of any liability existing between themselves.
Santanu Ghosh, Adv., Proprietor Kraft-n-Law
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Requirements of association of persons depends on their needs. Each corporate entity has its own advantages and disadvantages. People with small capital requirements may opt for LLP as the cost of incorporation is low. The concept is similar to partnership with the advantages of limited liability. The registration process is simpler. |
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I think to make the best choice is to seek the advice of a lawyer that specializes in business law. Before going to consulting a lawyer, it is a good idea to understand your options. Option like, sole- proprietorship, can only be used by an individual that is the only owner of the company. The only exception to this rule is if the owners are husband and wife. In a sole-proprietorship there is one very distinctive advantage and one equally distinctive disadvantage. The advantage to this structure is you can create a sole-proprietorship for little if any cost and maintain it without further paperwork or legal filingsand The disadvantage to this structure is that the individual that forms the sole-proprietorship is solely responsible for any debts incurred by the business. For example, if a customer were to sue your company, your personal assets could be used to pay off any judgment against your business.
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sara
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I feel best business structure is a limited liability company. It includes each structure while minimizing the disadvantages. For example, in a limited liability company, the owners are not held personally responsible for company debt yet they are still able to run their company without issuing stock or holding corporate meetings. The biggest disadvantage is that there are legal requirements needed to create a limited liability company and an attorney must do the paperwork necessary to create one.
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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.
Mr. Supriya mitra Majumdar,---- B.Com(h), LL.B, MBA(Fin), ACS
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Ethics do matter but what would you do with all those ethics if you get no profit?? Wouldn't that be quite useless?? Both have to be in balance.. I am not supporting profit over ethic..but I want to tell that a person gets into a buisness to earn.. He... |
nice article...informative. |
Make the debate meaningful.... I didn't get u !! |