Uncategorized Archives - Page 34 of 46

Advocates For Company Registration Process

There are 5 types of companies that can be registered in India
• Sole Proprietorship Firm
• Partnership Firm
• One Person Company
• Limited Liability Partnership
• Private Limited Company
1. SOLE PROPRIETORSHIP FIRM
A sole proprietorship business is where a single individual runs the business. There is no separation between the legal identities of the business and the businessman. In other words, business debts are the businessman’s own debts. His liability is unlimited and he is personally responsible to bear all losses of the business.
 Following are some essential features of a sole-proprietorship:
• Easy to form
• One person ownership
• Unlimited liability
• No separation between business and business owner
• Freedom of decision making
• Secrecy.
• Tax benefits.
• Business exists as long as the owner does.

 Registration of Sole Proprietorship Firm
There is no formal process for registering a Sole-proprietorship in India. Therefore, the existence of a sole proprietorship business can be established only through opening a bank account in the name of the proprietorship firm or obtaining licenses required for conducting the business under various other acts such as:
• Shops and Establishments, for the premises.
• FSSAI License Food License, if you are thinking to start food truck, restaurants, food joints, food item or consumable item packaging, food item or cosumable item delivery etc.
• GST Registration It is a mandatory for all Business or Professional entities with turnover exceeding INR 20 lakhs are required to obtain Goods & Services Tax (GST) registration compliance
• Trade License, issued by the municipal corporation of a city, allows a business owner to carry on an activity or manufacture or exchange of any commodity.
• Import Export Code (IEC), if you want to import or export.

However, please note that you don’t need to register under all these acts. The kind of registration will depend upon a) type of your business b) expected annual turnover and c) location.
2. PARTNERSHIP FIRM
A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. All the partners have unlimited liability, which means they are personally liable for the debts of the business.
 Following are some essential features of a Partnership:
• Aim is to share profits and not losses.
• Losses, if any, will be borne by partners in their profit sharing ratio.
• Only persons who are competent to contract# can form a partnership.
• A minor cannot be a partner in a partnership. But, he is allowed to share the profits from a partnership business.
• No partner is allowed to transfer his share in partnership to any other person without the consent of all the other partners.
• There is a presumption of utmost good faith between partners.
• Every partner contributes to the business in some form or the other. It may be in the form of time, money, skills and/or goodwill.

 Registration of Partnership Firm:
A partnership firm can be registered whether at the time of its formation or even subsequently. You need to file an application with the Registrar of Firms of the area in which your business is located.
 Ensure that the following documents and prescribed fees are enclosed with the registration application :
• Application for Registration in the prescribed Form – I
• Duly filled Specimen of Affidavit
• Certified copy of the Partnership deed
• Proof of ownership of the place of business or the rental/lease agreement.

 Application for partnership registration should include the following information:
• Name of your firm
• Name of the place where business is carried on
• Names of any other place where business is carried on
• Date of partners joining the firm
• Full name and permanent address of partners.
• Duration of the firm
• Every partner needs to verify and sign the application

Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.
3. ONE PERSON COMPANY
The concept of One Person Company (OPC) was introduced by the Companies Act of 2013. It is a cross or hybrid between the sole proprietorship and company forms of business and combines the best features of both. As the name suggests, it allows a single individual to form a company. It combines the freedom of a sole proprietorship business with the limited liability and various other benefits that come with operating as a company.
 Following are some essential features of a One Person Company:
• Any natural person can form a company. i.e. an individual
• The person must be an Indian citizen or a person who is resident in India
• Such person will be the shareholder and member of the company. No other shareholder is required.
• Such shareholder must nominate a person to act as his nominee to act as the shareholder/member in the event of his/her death incapacity.
• Consent must be obtained from a person before designating him/her as the nominee.
• An OPC must have a minimum of one director.
• The person forming the company may also act as the director.
• Such company can only be incorporated as a private company.
• It may be a company limited by shares, by guarantee, or an unlimited company.
• Minimum capital requirements are the same as applicable to a private company i.e. INR One (1) Lakh.

4. LIMITED LIABILITY PARTNERSHIP
An LLP is a unique mode of doing business which offers a combination of the flexibility of a partnership and limited liability of a company. It is governed by the Limited Liability Partnership Act, 2008. An LLP is the most preferred route taken by startups to incorporate their business.
 Following are some essential features of a LLP:
• It is a corporate body.
• It is a legal person separate from its partners.
• All the partners have limited liability.
• It provides perpetual succession to the business.
• Requires at least two partners and at least two individuals as designated partners.
• At least one designated partner must be a resident of India.
• Winding up may be voluntary or may be initiated by a tribunal/High Court.
• The Indian Partnership Act does not apply to an LLP.
• The Central Government is allowed to apply provisions of Companies Act to an LLP.

5. PRIVATE LIMITED COMPANY
Generically defined, a private company would be an association of persons who share a common purpose and pool their resources in order to achieve that purpose.
As per The Companies Act, 2013, a minimum of two persons can form a private company.

 Following are some essential features of a Private Limited Company:

• Huge capital
• Raise capital from angel investors, venture funds etc.
• Maximum number of members is 200 for private company.
• Limited Liability of all the members.
• Separate Legal Entity
• The memorandum must state the word ‘private limited’ with the name of the company.
• Minimum number of directors is 2 for a private company.
• Right to transfer shares is restricted in the case of a private company.
• The minimum capital requirement of INR 1 lakh for private companies
• Use of common seal is optional.

 Private Limited Company – The most successful business type.
In a private company, the business owners hold all shares of the company privately. Shareholders may operate the business themselves, or hire directors to manage the company on their behalf. Registering a private limited company results in protection of personal assets, access to more resources, financial assistance and greater credibility.
 Limited Liability Partnership (LLP) – A corporate form of Partnership
It exhibits elements of both partnership and corporation. In LLP, one partner is not responsible or liable for another partner’s misconduct or negligence unlike a traditional partnership in which each partner has joint and several liability.
All these three forms of business have the feature if Limited Liability and Separate Legal Entity, ie, the members or partners have no personal liability. Yet, they are different from each other in various aspects.
 One Person Company (OPC) – A corporate form of Proprietorship.
One Person Company (OPC) has been recently introduced in India to promote business enterprises that are owned and managed by a single Entrepreneur. OPC allows for a single individual to own and manage the business. One Person Company is therefore a viable option for those looking to start an unregistered Proprietorship.
 Documents required for Private Limited Company Registration
For Directors/Shareholders
• One Photograph.
• Copy of PAN Card.
• Copy of Address proof – Aadhaar Card/Driving License/Passport/Voter ID.
• Copy of Bank Statement/Mobile Phone/Landline Telephone Bill.
• Copy of Aadhaar Card.

For Company Address
• Proof of Registered Address – Sale Deed/Rental Agreement
• Copy of Utility bill – Electricity/Landline telephone/Gas Bill – not older than two months.
• No Objection Certificate for use of premises, if required

It usually takes 15-20 days to Register a Private Limited Company through SPICe INC-32 (A single application for Reservation of Name, Incorporation of Company and Allotment of DIN), subject to ROC processing time.
These are four major steps:
• Acquiring Digital Signature Certificate(DSC)
• Acquiring Director Identification Number(DIN)
• Filing an e-Form or New user registration
• Incorporate the company

It’s necessary to get registered yourself to run your business without any legal problem. India is a land of opportunity, no matter in which field your business is operating the chances of getting success is very high, so it just needs a start. starting an entrepreneurship in India would fetch you great success. fallow this post sincerely till you incorporate your final claim for your company. We assure one will end up in getting their business registered after following this procedure.
Private company may have two directors, but a public company must have at least three directors.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 31st, 2018|Uncategorized|Comments Off

Advocates for agreement in Pune

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.
1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is paid on the Market Value of the property and not on the amount of consideration stated in the Document.
2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax. And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 31st, 2018|Uncategorized|Comments Off

CONVEYANCE SERVICES FOR SOCIETIES

In most of the cases people believe that a Purchase Agreement is the final document they need to own. However, a mere purchase agreement does not pass on the developer’s rights on the land to the society. Societies need to make sure they have the complete right to the land, and mere society registration and formation does not provide those rights.
A Conveyance Deed helps societies to gain the right of their land. Post this builder relinquishes his legal right on the land.
We the “VED LEGAL” provide end-to-end conveyance services to the societies including execution of Conveyance Deed, Deemed Conveyance, and Deed of Apartments. We work closely with co-operative societies and government officials and make sure the complete process is hassle free.
With our team of legal advisers and professional approach, we have handled more than 100 cases across Pune. We guide our clients through the complete process of transferring builder’s rights, allocation of additional space and finally establishment of society rights, as per the law.
Our conveyance services include:
Apartment formation:
• Deed of Declaration • Deed of Apartment
Co-operative Societies Conveyance:
• Conveyance deed with builder’s consent • Deemed Conveyance – without builder’s consent

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 31st, 2018|Uncategorized|Comments Off

Advocates for Agreement to Sale

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.
1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is paid on the Market Value of the property and not on the amount of consideration stated in the Document.
2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax. And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 30th, 2018|Uncategorized|Comments Off

WHY CONVEYANCE DEED IS AN IMPORTANT DOCUMENT?

A deed is a written document or an instrument that is sealed, signed and delivered by all parties to the contract (buyer and seller). It is a contractual document that includes legally valid terms, and is enforceable in a court of law. It is mandatory that a deed should be in writing, and that both parties involved must sign the document.
There are different kinds of deeds, such as lease deeds, partnership deeds, trust deeds, gift deeds etc.

A conveyance deed is essentially one wherein the seller transfers all rights to legally own, keep and enjoy a particular asset, immovable or movable. In this case the assets under consideration are immovable, namely property.

On signing a conveyance deed, the original owner transfers all legal rights over the property in question to the buyer, against a valid consideration (usually monetary). This consideration, however, is irrelevant in the case of gift deeds, as they are based on fraternal or familial bonds.

A ‘conveyance deed’ or ‘sale deed’ implies that the seller signs a document stating that all authority and ownership of the property in question has been transferred to the buyer.
It is required to contain the following:

• Defined demarcation of the boundaries of the property
• Other rights (if applicable) annexed to the property and its use
• The chain of title i.e. all legal rights to the present seller.
• The method of delivery of the given property to the buyer.
• A memo of the consideration, stating how it has been received
• Any other terms and conditions that are applicable as far as the transfer of ownership rights are concerned.

Once the conveyance (or sale) deed has been executed on non judicial stamp paper, it needs to be registered. This can be done by presenting it at the Registrar’s office, and remittance of the registration fee.

Once the registration is done, the transfer moves into the public domain. The Government obtains its revenue in the form of Stamp Duty and Registration Fees, and at this point the process of conveyance is officially over.

get the rights for re-construction of the building only when the deemed conveyance is executed.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 30th, 2018|Uncategorized|Comments Off

CONVEYANCE VS DEEMED CONVEYANCE

Conveyance Deed is a document executed to transfer the title of land and building in favour of Society.

MEANING OF DEEMED CONVEYANCE:

The Promoter (Builder/ Developer) is legally required to convey the land and the building within 4 months of formation to the society or any legal body of the flat purchasers. However, it has been the experience that many promoters (Builders/Developers) have not conveyed the land and building to the legal bodies. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favour of the legal bodies. Under the provision, deemed conveyance means after the expiry of 4 months of formation of the legal body, the land and building is deemed to have been conveyed to the legal body and to bring the same in the revenue record, a Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favour of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favour of the society and execute on behalf of non co-operative builder or the land owner. Getting the title of land and building by adopting the above procedure is known as deemed conveyance.

DIFFERENCE BETWEEN THE DEEMED CONVEYANCE AND THE REGULAR CONVEYANCE

In case of regular conveyance, the builder/ Developer/ Land owner prepare a conveyance deed, execute the same and appear before the Sub-Registrar of assurance for admitting their signature. Without any problem, the legal bodies get the conveyance with the co-operation of the builder/ landowner.

In case of deemed conveyance, the builder/ land owner or their legal heirs are not co-operating, therefore, the aggrieved parties appear before the Designated Competent Authority, who hears all the parties and passes the necessary order of conveyance. Deemed Conveyance is obtained as a legal remedy against the defaulter builder/ landowner who don’t want to part with the land and the building in favour of the society.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 30th, 2018|Uncategorized|Comments Off

CONVEYANCE VS DEEMED CONVEYANCE

Conveyance Deed is a document executed to transfer the title of land and building in favour of Society.

MEANING OF DEEMED CONVEYANCE:

The Promoter (Builder/ Developer) is legally required to convey the land and the building within 4 months of formation to the society or any legal body of the flat purchasers. However, it has been the experience that many promoters (Builders/Developers) have not conveyed the land and building to the legal bodies. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favour of the legal bodies. Under the provision, deemed conveyance means after the expiry of 4 months of formation of the legal body, the land and building is deemed to have been conveyed to the legal body and to bring the same in the revenue record, a Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favour of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favour of the society and execute on behalf of non co-operative builder or the land owner. Getting the title of land and building by adopting the above procedure is known as deemed conveyance.

DIFFERENCE BETWEEN THE DEEMED CONVEYANCE AND THE REGULAR CONVEYANCE

In case of regular conveyance, the builder/ Developer/ Land owner prepare a conveyance deed, execute the same and appear before the Sub-Registrar of assurance for admitting their signature. Without any problem, the legal bodies get the conveyance with the co-operation of the builder/ landowner.

In case of deemed conveyance, the builder/ land owner or their legal heirs are not co-operating, therefore, the aggrieved parties appear before the Designated Competent Authority, who hears all the parties and passes the necessary order of conveyance. Deemed Conveyance is obtained as a legal remedy against the defaulter builder/ landowner who don’t want to part with the land and the building in favour of the society.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|August 22nd, 2018|Uncategorized|Comments Off

PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA

Amendments in Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 2005 giving a huge relief to hundreds and thousands of flats purchasers in Maharashtra. Conveyance to the societies was a burning issues which have integrated many problems like property tax, housing finance documentations and major repairs or redevelopment.

The highlights of the amendments are as under:
• Builder/s will have to execute the conveyance.
Power is given to the District Deputy Registrar to act as Competent Authority. (Sec. 5A)
• Power is given to Competent Authority for registration of Co-operative Society under the provisions of Maharashtra Co-operative Societies Act, 1960. (Sec. 10(1) )
• It is the duty of the promoter (builder) to file with the Competent Authority within the prescribed period a copy of the conveyance executed by him (Sec. 11(2))
• If the promoter fails to execute the conveyance in favour of Co-operative Society, Company or Associations or Apartment Owners as the case may be, then the flat purchasers can approach the Competent Authority with true copy of registered agreement of all the flat purchasers including Occupation Certificate, Registration Certificate of the society then in such circumstances the Co-operative Society, Company or Associations is entitled to have unilateral deemed conveyance (Sec. 11(3))
• The proceedings before the Competent Authority have to be completed within a period of 6 months. The Competent Authority must verify the authenticity of the document produced before him and after giving a reasonable opportunity to the promoter, if satisfied will issue a certificate to the Sub-Registrar or any other Registration Officer under the Registration Act, 1908, certifying that it is a fit case for enforcing unilateral execution of conveyance deed conveying the right, title and interest of the promoter in the land and the building in favour of the applicant, as deemed conveyance(Sec. 11(4))
• The sub registrar after receipt of the certificate issued by the Competent Authority along with the unilateral instrument of conveyance can issue summons to the promoter to show cause why the unilateral instrument should not be registered as deemed conveyance. However, reasonable opportunity of being heard may be given to the promoter. If the Sub-Registrar is satisfied then he will register the unilateral conveyance as ‘deemed conveyance’. (Sec. 11(5))
• The Competent Authority has been created who has powers to award criminal imprisonment to the builder/s for a period not less than 6 months and not more than 1 year and / or along with fine ranging from Rs 10,000/- to 50,000/-. (Sec. 13(3)(a) & 13(3)(b))
• The builder/s if convicted will not be able to carry on construction activities for a period of five years. However, the disqualification shall not affect the permission for construction of flats already granted. (Sec. 13 (4), 13(5) & 13(6) )
• The Competent Authority shall be deemed to be a public servant as per the provisions of Indian Penal Code. (Sec. (13B)
• Proceedings before Competent Authority shall be aimed to be judicial proceedings as per the provisions of Indian Penal Code. (Sec. 13C)
• Competent Authority shall be deemed to be a Civil Court for certain purposes. (Sec. 13D)
• No action can be taken against the Competent Authority for acts done in good faith by the Competent Authority. (Sec. 13E)

FOR MORE DETAILS CALL:
VED LEGAL,
• Adv. Gajanan Rahate
• Mob: 9763040088
• E_mail: [email protected]

By admin|August 20th, 2018|Uncategorized|Comments Off