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FAQs
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How do I register a startup in India? How much money and time does it take? If am currently only 17, what issues will I face dur
Algorithm for starting a Private Limited Company: Engineer's View Personally I believe, If someone is starting a company with long term perspective or to bring some change through their unique Product/Services, one must go for Private limited firm. Prime reason for this is easy to raise funds from Angels/VC in case you go for investment. Step 1. Registration of Company 1. Name Selection: Check whether your desired company name is available or not at MCA website [ http://www.mca.gov.in/ ]. Name must be unique & must resemble with business you intend to do (highlighted one). EX: Arihant Labs Retail Services Pvt. Ltd 2. Registration of Name at ROC: Name approval usually takes maximum of 14 days. This is done online through MCA website. Moreover, you need to apply with at least 4 names for approval with a writeup about significance of names with main business of the company. 3. 1. Documents Required: 2. 1. Options for names for the proposed Company (on the basis of preference) 2. Amount of Share Capital; proposed shareholding ratio 3. A paragraph on the proposed major line of business of the company (main objects) 4. City of Registered Office. 5. Copy of ownership deed/sale deed(if property is owned) 6. Copy of rent agreement with NOC (if property is rented) 7. Copy of latest electricity bill/telephone bill/mobile bill for both directors 8. Copy of latest electric bill/telephone bill for the registered office proof. 4. Obtaining DIN & DSC: 5. 1. Documents Required 2. 1. PAN Card copies for directors and shareholders. 2. Voter ID/Passport/Driving License for directors and shareholders. 3. Occupation of the Directors for directors and shareholders. 4. E-Mail IDs of all directors and shareholders. 5. Phone Numbers for all directors and shareholders. 6. Photos for directors and shareholders 6. Company Incorporation: After above mentioned formalities have been completed, we need to file following forms/docs in Rs 100 stamp paper: 7. 1. Affidavits for non- acceptance 2. INC 9, INC 10 3. DIR 2 4. NOC : This is required to be filed by the owner of the property on which your company will be situated. 5. Subscriber Sheets of MOA & AOA 6. Documents required for filling MOA & AOA 7. 1. Must be filled on OWN handwriting 2. Passport size photos 3. Sheets needs to be witnessed by CA/CS/Advocate Step 2. Obtaining PAN/TAN: After company gets incorporated, you may apply for PAN/TAN. Step 3. Trade Licence in case you are selling PRODUCTS: This is required in some places for carrying out sales. You can obtain this from local Municipality. Step 4. VAT/CST registration for selling Products: For selling intra-state, you need VAT registration & for selling inter-state, you need to register for CST. 1. Documents Required: 2. 1. Trade Licence 2. Company Incorporation Certificate 3. PAN card of company as well as of all the directors 4. Proof of residence of Directors 5. Proof of occupancy of place of business (Rent agreement/ ownership deed, Rent Bills etc) 6. MOA & AOA of company 7. Current Account in the name of company in any national bank Step 5. Service tax registration for Service Industry: In India, you need to pay service tax of 14.5% on every services you have charged customer for. 1. Documents Required: 2. 1. Company Incorporation Certificate 2. PAN card of company as well as of all the directors 3. Proof of residence of Directors 4. Proof of occupancy of place of business (Rent agreement/ ownership deed, Rent Bills etc) 5. MOA & AOA of company 6. Current Account in the name of company in any national bank That's All folks! Your STARTUP is up to Conquer the World. UPVOTE & SHARE your views/issues We at labkafe [ http://labkafe.com/ ], prefer taxmantra [ http://taxmantra.com/ ] for our legal requirements.
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How do I register a private limited company in India?
Most of the times, a no. of Businessmen who want to incorporate the company, instead of taking the initial help/ consultancy of PROFESSIONALS, try to search the benefits and procedure of incorporation of company on internet. There are a no. of sites/ Blogs which provide the complete and thorough procedure of incorporation of company but after going through the complicated language used and the lengthy procedure in such sites, the individual gets confused and his mind diverted to the other forms of business i.e. Proprietorship/ Partnership Firms. So, here I have tried with my experience to elaborate the simple procedure in just 10 points to incorporate the company which will be beneficial for the Corporates/ Individuals/ Business man as well as Emerging Professionals:1. For incorporating a private limited company, there must be: At Least 2 Promoters: Promoters who will promote/ incorporate the company. Promoters may be individual or body corporate. ANDAt Least 2 Directors: Directors should be individual only. No Body corporate/ HUF or Partnership Firm can be appointed as Directors. For this the individuals will apply for DIN i.e. Director Identification Number in Form DIN 1 along with affidavit of Rs. 10 (Depending upon the stamp duty rates of the States) as an attachment along with PAN card copy and address proof (Driving Licence/ Passport copy/ Voter ID Card/ Electricity Bill/ Telephone Bill) which should either be self attested by Individual or notary attested. This DIN 1 has to be certified by the Professional i.e. CA/ CS/CWA who will signNow that the documents attached is the true copy of the original documents and the photo attached is of the individual who is applying DIN and that individual is known to such Professional or has come to him along with the original documents. The DIN will have then to be applied and will get approved through STP on the basis of Certification of Professional as if correct information is being filed.Generally, in most of the cases, Promoters and Directors are the same in Private Limited Companies.2. One of such two directors must have DIGITAL SIGNATURE who can apply with any of DSC Vender i.e. E Mudra/ Siffy/ TCS etc. These vender are known as signNowing Agencies who are duly appointed office of the Controller of Certification Agencies (CCA) under the provisions of IT Act, 2000. There are a total of seven Certification Agencies authorised by the CCA to issue the Digital Signature Certificates (DSCs). The details of these Certification Agencies are available on the portal of the Ministry Ministry Of Corporate Affairs. This Digital Signature has to be affixed over all the E Forms i.e. Form 1A, Form 1, Form 32 and Form 18 required for incorporation of Company.3. Then the promoters should apply for the name of the company to be approved with the concerned ROC of the State where the company has to be formed in E Form 1A by payment of Rs. 1000 through Credit Card or Net Banking, describing the capital of company, main objects, state in which the company is to be incorporated and to affix the digital of Applicant. The promoter can apply for 6 names amongst which the ROC will approve only 1. If the ROC rejects all the names, the applicant have another two chances to apply the name again with the same fees he has incurred while filing Form 1A.4. After the name is approved, the Directors/ promoters are to draft MOA and AOA. In MOA, the 5 clause mainly i.e. Name Clause, Registered Office Clause, Main Object Clause, Capital Clause and Subscribers Clause will have to take into consideration. And in Articles all the bye laws of the company corresponding to Companies Act, 1956 have to be considered. The names of First Director are mandatory to be given in AOA.5. These MOA and AOA should be followed by the tables of subscribers to be signed by subscribers in their own handwriting along with the shares to be subscribed by them before any person who will act as witness and will sign in the witness column that the subscribers have signed in his presence. The word subscribers here used is because of the reason that these subscribers will subscribe for the shares in the company at time of incorporation and will invest the minimum capital i.e. Rs. 1, 00, 000. They will contribute the amount by way of cash or cheque when the company gets incorporated and shares will be allotted to them followed by the share certificates6. After the MOA and AOA are drafted, Director will take the Professional Service i.e. from CA/ CS/ CWA to incorporate the company. Professional Service is mandatory as for incorporation, E Forms 1, 18 and 32 are to be filed which are to be Digitally signed by any One Director followed by Digital Signatures of Professional who signNow that all the documents and information is correct one.7. Form 1, 18 and 32 are to be filed online after the MOA and AOA are drafted. The E Forms have been described as follows:E Form 1: In such form, the Director is to give declaration that he is going to incorporate the company and the information filled is true and to the best knowledge to him. Information entered in E Form 1 is: The Authorised and Paid up capital of the company, Particulars of Promoters along with information of at least 2 Directors, The information about the companies in which such promoters are already acting as directors, The Stamp Duty fees to be paid and to attach the scanned copies of MOA and AOA along with their tables, duly signed by all the directorsE Form 32: In this E Form, the applicant is to give information about the first Directors of the company i.e. email id etc along with their(i) DESIGNATION i.e. Director/ Additional Director/ Managing Director(ii) Category i.e. Promoter/ Professional/ Independent/ Chairman/ Executive Director/ Non Executive DirectorThis E Form 32 is then digitally signed by one Director followed by signatures of Professional who will give verification that the appointed director has given declaration to the company that he/ she is not disqualified and not declared as an offender by any Court. The attachment in case of Private Limited Company in form of consent by Director to act as Director is optional but it is better to attach the same.E Form 18: The Applicant is to give here the office address as well as nearby police station address. Here the Applicant is required to attach the scanned copies of Rent Agreement for the office in case the office is taken on rent OR NOC from the person/ entity if the office is not taken on rent. The Proof of registered office address is mandatory which can be electricity bill/ telephone bill on any individual name but must be of that building where the office is to situate exhibiting that the building is in existence and not a fake one. This documents is to be digitally signed by the Director followed by Professional signNowing that he has visited the particular address given in E Form 18 and verified the same.8. The Applicant will then make the payment of Government Fees as well as Stamp Duty Fees through Credit Card or Net Banking after the E Forms are filed if the Government Fee is less than Rs. 50, 000 and can pay by challan to be deposited in bank if the fee is more than Rs. 50, 000. The E Forms then will be checked by the ROC at their level. And will approve if found all the information in order or may not approve if require some extra information or of the information is not in order. Then the applicant is to give that information and to file the necessary documents if requisite E Form 61 or to re-submit the forms if any form is not found in order.9. If the E Forms are found to be in order and gets approved by ROC, Certificate of Incorporation will be generated and will be dispatch online at the email id of the person/ entity given in the e forms.10. The Directors are to get the MOA AOA printed and to comply all the compliances after the company gets incorporated.Conclusion: Hope this above article will serve the purpose of incorporation of the Private Limited Company Registration for those Individuals/ Professional/ Business Man who does not find the required matter/ detailed Practical information etc. over the internet or somewhere else.
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How do I register a Pvt. Ltd. company?
Steps to Register Private Limited Company:-Step 1. Digital Signature Certificate(DSC) RequiredThe first and foremost step to start the registration process is to have directors & shareholders Digital Signature Certificate. Digital Signature are nothing but a USB drive(DSC token) which contains the encrypted digital signature of a person.It is same as a person is signing with a pen on a paper and with digital signature, a person can sign a document on Computer.Step 2. Directors Identification Number(DIN)Directors Identification Number(DIN) are mandatory for every person, who wishes to become a director in any company. PAN card is mandatory to have a DIN number. Director Identification Number is a unique code which has lifetime validity.Documents required for DIN ApplicationPAN CardAdhar CardElectricity BillPhone billMobile BillBank StatementNote: There can be Maximum 15 Directors in a Private Limited Company which can be received by giving Notice to ROCStep 3. Name ReservationAfter having DIN number. Name Reservation Application can be filed through Form INC-1 and Name will be reserved by the DIN numbers of the Directors. Following points should be considered while making the application for Name Reservation.The name should not be similar to any existing company or LLP name.The name should not be similar to any Registered Intellectual Property.In the event of winding-up of a company, the name of such entity will not be available for use for the next 2 years. However, if company winds up by the court order, then the name of such entity will not be available for use for the next 20 years.Step 4. Drafting of Memorandum of Association(MOA) and Article of Association(AOA)Memorandum of Association: It is the constitution of a company. It is a document, which among other things, defines the areas within which the company can act. It states the objects for which the company has been formed. Articles of Association: It contains the rules and regulations relating to the internal management of a company. It serves as a binding contract between the company and its members. Once the company name is approved by the ROC, the subsequent step is to draft the MoA and AoA. The subscribers need to determine their name, address, and occupation in their own particular handwriting and sign the subscription pages of MoA and AoA.Step 5. Certificate of IncorporationAfter the submission and completion of all the necessary documents, the registrar of the company shall retain and register the memorandum and articles. After the registration of the Memorandum of a company, the registrar shall signNow that the company is incorporated. The digitally signed "certificate of incorporation" then will be emailed to the directors.
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Should India become digital country or paperless?
YES Obviously,Six months ago, when Bill Gates, Chairman of Microsoft, visited Bengaluru and met the iSpirit team, he was curious about ‘India Stack’. He was also eager to know about the rapid pace at which the country managed to register 95 percent of its citizens on an identification database called Aadhaar. The volunteers of iSpirit—a software product think tank—obliged and a crack team consisting of Nandan Nilekani, Pramod Varma, Sanjay Jain along with Sharad Sharma, Founder of iSpirit, made a presentation to Gates about India’s digital revolution waiting in the wings.In the end, Gates saw the ‘India Stack’ as the shining beacon of technology to propel change. He is known to have used the words “cutting-edge” and was overheard saying, “there are few countries which can boast of a digital infrastructure as sophisticated.” He added that the vision of transforming India through application of technology had received new impetus.On India Stack, Nilekani, Co-founder of Infosys and former Chairman of Unique Identification Authority of India (UIDAI), says, “This is a technology platform that delivers complete services to citizens transparently and is focussed on improving lives.”. He adds that it was a product of several years of innovation starting with the UIDAI’s Aadhaar platform. “This is India’s single most important innovation to formalise India’s domestic economy through digital services,” he says.What is India Stack?In simple terms, India Stack is:· A paperless and cashless service delivery system.· The stack is a new technology paradigm that is scalable to handle massive data inflows, and is poised to enable entrepreneurs, citizens and governments to interact with each other transparently.· It is an open system to electronically verify businesses, people and services.· It gives the data to the concerned individual and lets him decide who he can share the data with. The smartphone will be the delivery platform for services such as digital payments, identification and digital lockers.· It is the largest application programming interface (API) on the planet.· Poised to change the lives of 1.1 billion Indians.This open API policy was conceived around 2012, when the Central government realised that it cannot deliver citizen services on its own efficiently. So it proposed, based on its experience with Aadhaar, an open-data initiative supported by an open API policy, which would pave the way for private technology solutions to build services on top of Aadhaar. This was a signNow development because it was the first time that the government conceded it needed entrepreneurs to build on top of a stack to deliver services.Here are the 5 tenets of India Stack and the Startups leveraging itPaperless identification: Aadhaar’s 12-digit unique identification number, floated by the UIDAI in 2009, has more than one billion Indians registered who have became the basis for the India Stack. The government uses the platform to transfer subsidies directly into the beneficiaries' accounts. Today, Jandhan Yojana (the subsidy scheme) and Aadhaar, along with mobile, are termed as the JAM trinity for public services. The JAM has delivered direct benefits of Rs 61,000 crore in the form of fertilizer subsidies and other welfare schemes. Over 190 million accounts have been opened so far as per records available on Jandhan website. All these accounts have been opened after using Aadhaar, which has helped beneficiaries receive money in their accounts.“The advantages of such a system are that all leakages in the subsidy and welfare system disappear,” says Nilekani.This system of identification and delivery of services is already being used by the startup world. One only has to visit the 50,000 merchants aggregated by Novo Pay to understand how money transfers happen digitally for citizens with the aid of the local kirana store. Novo Pay uses the Aadhaar platform to verify citizens to enable them to open bank accounts or transfer money to any bank across the country, or make payments for bills or buy products through the kirana network.“We use Aadhaar to deliver banking services to citizens. Novo Pay’s network operating centre also tracks the business cycle of each kirana which gives them an overview of the financial services that consumers experience,” says Srikanth Nadhamuni, Co-founder of NovoPay. In the future, the company can also work with banks to verify and provide loans to people through the kirana network. “We are going after the long tail and it is a business that takes years to build, which when it signNowes critical mass can change financial services in the country,” says Nadhamuni. The smartphone can also become central to verification because all the information goes to the registered phone number.(from L-R) Sridhar Rao, CEO Novopay with Vinod Khosla, Chairman Khosla Labs and Srikanth Nadhamuni, Chairman NovopayPaperless payments: Novo Pay also allows mobile payments through the smartphone. This can become India Stack’s signature delivery mechanism to make India a digital cash economy. The paperless payment is a brainchild of the National Payments Council of India (NPCI), which is a consortium of Indian banks. This organisation along with iSpirit floated the Unified Payments Interface (UPI), which will make mobile payments cardless and completely digital. It will break the back of foreign payment platforms or switches (MasterCard and Visa), which so far charged high commissions to settle rupee transactions.The UPI allows consumers to transact directly through their bank account with a unique UPI identity, which syncs to Aadhaar’s verification and connects to the merchant, the settlement and the issuing bank to close a transaction. In a single swipe the transaction is complete, without any middleman (like the Visa and Mastercard switch) to facilitate the transaction.Here is an explanation of how this system works.There are several companies offering paperless payments today, like PayTM, FreeCharge and MobiKwik. There is a startup called FonePaisa, which is aggregating all payment apps under one platform to pay the kirana or any business. YourStory reported first on how Flipkart can use PhonePe, a startup that it acquired, to enable payments through the UPI. Let us say that the consumer is browsing through a catalogue and he finds his favourite product. He opts to pay through the UPI method. Flipkart’s system asks the consumer for his or her UPI identity and the consumer inputs it. Then, a bank notification pops up on the Flipkart app or in the bank’s app asking the consumer to authenticate the transaction. The consumer inputs his fingerprint as authentication and the transaction is settled between the banks, the e-commerce company and the customer.“Most of us are building this form of payment for even retail transactions. Imagine that this system can bring 50 million mom-and-pop stores online and they can accept digital payments because of the UPI,” says Ritesh Agarwal, Co-founder of FonePaisa, adding that India will have a hybrid payments industry and that there will not be any one payment stack that will remain popular.FonePaisa's team is building seamless digital payments for consumes with offline merchants & can build on top of the Aadhaar framework to enable payments.However, the UPI will benefit Indians who have never experienced digital payments, and is clearly focussed on bringing 900 million Indians into the digital fold. “The only problem with the long tail is cultural. Will people begin to trust digital cash over physical cash? It becomes a hard habit to break. However, it is an opportunity nevertheless,” says Sarath Naru, Managing Partner of VentureEast.Paperless documents: Although digitisation is growing, India consumes the largest amount of paper. According to corporate ratings and research agency India Ratings, the per-capita consumption of paper is 9kg and is all set to double by 2020 because of the growth of the education industry. But with smartphone prices dropping, at least financial services and the healthcare industry can move to a paperless scenario in major cities with the help of India Stack. The Stack’s APIs allow startups to bring solutions that can make documents go digital.A large consumer goods company can use the India Stack to file taxes and track the filings made by its entire ecosystem, of distributors or dealers to reconcile taxes, to avoid legal complications arising from double taxation. This automated service provided by startups with the India Stack gives the corporate a dashboard and performance analytics on the right amount of taxes paid and owed. Startups like Clear Tax and Tax Mantra can provide this scalability by using India Stack. The platform can also be secured for each corporate with their own digital identity. The use cases for paperless documents are plenty.E-KYC: Today, many banks are yet to insist on an e-KYC (electronic Know Your Customer) on their platforms. However, when they integrate their infrastructure with India Stack, the Aadhaar number becomes the defacto KYC. Prepaid digital wallet Oxigen allows e-KYC. Axis Bank has allowed Aadhaar to become the e-KYC platform across all its 2,000 branches.“A key challenge for the customers while opening bank accounts is providing address proof, identity proof and physical copies of documents. E-KYC simplifies the customer experience for the Aadhaar-registered individuals to open bank accounts” says Shikha Sharma, CEO of Axis Bank. Only the top 50 banks in India have agree to make e-KYC a norm.Digital signature: This would be the last mile to cross, and can be made simple between two or more parties executing contracts over the mobile. Individuals or entities can use the Aadhaar ecosystem to send digital signatures on a certified or legal document. Today, most HR offers are online documents that contain digital signatures. But there is a single source of paper still. Imagine, if the entire document is a digital template. When an employee has to accept an offer, he sends the document duly signed by a digital signature. This has several applications too.A road not far awayIn many ways, India is a complex nation. It has cultural differences, yet technology seems to be the tool that can break barriers. Yet, England’s exit from Europe signals a new shift in the world. It is fast becoming a world that is shrinking back into nationalism and protected markets. India has a huge domestic market where services can be streamlined with the help of technology. Any delay on that front can be detrimental, in the form of lack of education and healthcare. “India is a nation of extremes. We are solving problems, but the services aided by technology must signNow a larger mass of people faster,”
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What are the steps required to form a partnership firm in India without registration?
Compared to company and LLP, Partnership is simple to form and manage. However, in case of change in address, addition / removal of partner, change in firm name or business place etc there are requirements of filing various forms. This article gives you a tabular presentation of requirement for filing forms in Maharashtra State with time limit, documentation, section of Act, Filing fees and PenaltiesSubjectRegistration of Partnership FirmForm NoATime Limit1 yearSection58(1) &(1A)Enclosures1. Rs. 5 court fee stamp with the Forwarding letter.2. Rs. 10 Non judicial stamp paper3. Copy of partnership deed certified by C.A. /Adv.4. Marathi translation of Partnership deed duly certified by C.A./Adv.Filing Fees1500Other Charges100PenaltiesRs. 100/- year or part thereofDocument and Stamp Duty AmountInstrument of Partnership1. Rs.500 for no share of contribution or share contribution in cash of Rs.50000 or part thereof subject to a maximum of Rs. 50003. For share of contribution brought in by way of property (excluding cash, --- same duty will be leviable as on conveyance on the market value of the property (For rates, refer Scheduled of Bombay Stamp Act)SubjectChange in Principal Place/ nature of business / firm nameForm NoBTime Limit90 DaysSection60(1)Enclosures1. Forwarding letter with Rs. 5 court fee stamp2. Rs. 10 Non judicial stamp paper3. Copy of proof duly certified by C.A./Adv.Filing Fees1000Other Charges200PenaltiesUp to Rs. 10/ dayDocument and Stamp Duty AmountProof for date of change like certified copy of possession letter, Sale Deed, Leave License Agreement or copy of Supplementary Deed.SubjectOpening and closing of branchesForm NoCTime Limit90 DaysSection61Enclosures1. Forwarding letter with Rs. 5 court fee stamp2. Rs. 10 Non-judicial stamp paper3. Copy of proof duly certified by C.A./Adv.Filing Fees1000Other Charges200Penalties69ADocument and Stamp Duty AmountProof for date of change like certified copy of possession letter, Sale Deed, Leave License Agreement or copy of Supplementary Deed.SubjectChange in the name (person/limited company and address of the partner)Form NoDTime Limit90 DaysSection62Enclosures1. Forwarding letter with Rs. 5 court fee stamp2. Rs. 10 Non-judicial stamp paper3. Copy of proof duly certified by C.A./Adv.4. Certificate of R.O.C. or Certified copy of Government GazetteFiling Fees1000Other Charges200PenaltiesUp to Rs. 10/dayDocument and Stamp Duty AmountCopy of Supplementary Deed if anySubjectChange in Constitution-Admission/Retirement/Dissolution/ Death of Partner/minor partnerForm NoETime Limit90 DaysSection63Enclosures1. Rs. 5 court fee stamp along with Forwarding letter2. Rs. 10 Non-judicial stamp paper3. Copy of partnership deed certified by C.A./AdvFiling Fees1000Other Charges200PenaltiesUp to Rs. 10/dayDocument and Stamp Duty Amount(a) Instrument of Partnership on reconstitution of the firm(b) Instrument of Dissolution/Retirement on Rs. 200/- (Please refer Bombay Stamp Act)SubjectMinor attaining majority and elects to become/ not to become a PartnerForm NoFTime Limit90 DaysSection63(2)Enclosures1. Forwarding letter with Rs. 5 court fee stamp2. Rs. 10 Non-judicial stamp paper3. Copy of partnership deed certified by C.A./Adv4. If minor is retiring in age of minority then Affidavit of Guardian in support of retirementFiling Fees1000Other Charges200PenaltiesUp to Rs. 10/dayDocument and Stamp Duty Amount-SubjectRectificationForm No-Time Limit-Section64(2)EnclosuresAn application for Rectification and Documentary ProofFiling Fees1000Other Charges200Penalties-Document and Stamp Duty AmountDocumentary proof of Rectification.SubjectInspection of RegisterForm No-Time Limit-Section66(1)Enclosures1. For Inspection an application is essential.Filing Fees100Other Charges-Penalties-Document and Stamp Duty Amount-SubjectInspection of documentsForm No-Time Limit-Section66(2)Enclosures1. An application for InspectionFiling Fees100Other Charges-Penalties-Document and Stamp Duty Amount-SubjectCertified copyForm No-Time Limit-Section67Enclosures1. An application for certified copy2. Non-judicial Stamp Paper of Rs. 10/-3. Rs.5/- Court Fee stampFiling FeesRs. 100/100 words or part thereofOther Charges-Penalties-Document and Stamp Duty Amount-SubjectAppeal against refusal by registrar to register the firm under a particular nameForm NoPlain paperTime Limit30 DaysSection58(4)Enclosures1. Copy of order appealed against2. Copy of receiptFiling Fees1000Other ChargesPenaltiesDocument and Stamp Duty AmountAppeal is to be filed before the Competent Authority, Law and Judiciary Department, Mantralaya, Mumbai –400 032SOME IMPORTANT POINTS TO BE REMEMBERRED TO AVOID OBJECTIONS FROM REGISTRAR OF FIRM IN RESPECT OF FORMS FILED.1. A New ID for every Firm in case Online filing is required to be created by a CA/Adv.2. On the Deed of Partnership and on all the Forms you are to write full Name with correct spellings.3. Stamp paper must be in the name of firm or partners.4. Both Forms E & B or D is required to be filed in case where change in constitution is simultaneous with change in address.5. Change in Karta is in case of HUF is required to be intimated in Form E. In case Death of Karta Form E has to be submitted.6. Date of filling of documents must be within one month of such notarization.7. Check date of stamp paper, date of execution of deed and effective date of partnership deed.8. Form D is required to be filed along with attested copy of Marriage Certificate which should necessarily contain changed name and address both in case of change in name and also the change in address of the female partner if occurs on account of marriage.9. Ensure that the Seal of Notary is put with Red ink and initials of Notary on all pages of the document or form, which is signNowd. Name and Address stamp of the Notary on the signNowd document or form, along with serial number in the Notary Register of the document being signNowd.10. Rectification application filed under section 64, requesting correction of error signatures of all existing partners is necessary on the application.11. Any one of the existing partners can sign the Letter of authority to appear before the Registrar of Firms for personal hearing.12. The stamp paper which is used for execution of Deed of Partnership should be dated within 6 months of the date of issue of such stamp paper. From 1-12-1989 this provision is made effective.13. Any particular business requiring License to carry out the business the copy of License is to be submitted along with the submission. An Undertaking in Affidavit form signed by all the partners should be submitted if the License is not obtained.14. The business like Petrol Pump/L.P.G.Gas/Kerosene, Ration Shop/Liquor requires the permission of Licensing authority to carry out business in partnership. Copy of License is mandatory in such cases.15. The deed is required to be adjudicated by the Stamp Authority in cases where Deed is not duly stamp or in other case if six month has been lapsed after the execution of deed.16. An Authority letter signed by all the partners is required to be submitted along with the application if application is submitted through C.A. or Advocate or any third party other than the firm itself.I hope this was helpful for your query, For more information visit Expertmile
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What are the ways to get a start-up registered into PVT LTD company within India?
Private Limited Company registration is as follows:-These are the required documents-I) Documentation Required For Shareholders and DirectorsNote: If you have an Aadhaar Card which is linked to a mobile number then you can skip point 1 below as we will issue you a digital signature through a paperless process!Signed Digital Signature Form.2 copies of Bank Manager or Post Master Attested AND Self Attested PAN Card.2 copies Bank Manager or Post Master Attested AND Self Attested ID Proof (Any one of the following- Aadhaar Card, Passport, Election Card or Driving License)2 copies Bank Manager or Post Master Attested AND Self Attested Address Proof (Any one of the following- Aadhaar Card , Bank Statement, Electricity Bill, Telephone Bill or Mobile Bill ) (Should not be older than 2 months)Passport size photoII) For Registering Office Address (Note: You can start company from a Residential Address as well)IF the Premises IS taken on Lease by the Company.Scanned Copy of Lease Deed/Rent Agreement.Scanned copy of any one of the Latest Electricity Bill/Telephone Bill/Gas Bill.Scanned copy of the Self attested Signature Proof of the Owner. (Any one of Passport, PAN, Driving License, Voter ID Card) (To be provided only if agreement is not registered)2) IF the Premises IS NOT taken on Lease by the Company.Scanned copy Letter of Consent from the Owner of the Premises (Format will be sent to you once you scan and send the electricity bill)Scanned copy of any one of the Latest Electricity Bill/Telephone Bill/Gas Bill.Scanned copy of the Self attested Signature Proof of the Owner giving the Consent (Passport, PAN, Driving License, Voter ID Card)III) For IncorporationScanned Form INC-9. Note: Form INC-9 has to be printed on a Rs 100/- stamp paper and has to be signNowd by YOUScanned Copy of Form DIR-2One can now Incorporate his / her Private Limited Company / LLP for FREE! Contact us for any support and further details.
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Where can I find inexpensive jewelry online?
Believe there are many people may have confusion when choosing an engagement rings or bare your heart or choose a gift for your life love, in this article, we chose online jewelry stores that offer great and diverse selection, allowing you to browse the best diamond rings, gemstones, necklaces and earrings from the comfort of your own home.There is no site that is better to buy jewellery online but choosing effectively where you buy from will dictate if you have taken the decision correctly.Few mistakes that every jewellery buyer makes a purchase:Trusting the word of the Online/Offline Jeweller: The biggest mistake every customer makes is to trust the word of the seller about the quality of the their Jewels. Never take their word because they are their to convince you to buy from them.Best and Lowest Price on Jewellery: For a layman to understand what is the best jewellery price has always been the most challenging part. Paying the right or best price for your jewellery will create a win-win situation for you. Do you know an online jeweller ends up selling diamonds at thrice its original cost price. And this figure can go up to five times for a branded jeweller.Designs are exquisite and unique: This is the biggest assumption every jewellery buyer makes which is completely wrong.Now that you know the mistakes to avoid while buying diamonds.Now that you know the mistakes to avoid while buying diamonds.The below steps will help you tackle all the above issues:Diamond Certification:For Jewelry always ask for an IGI, GII, SGL labs strictly as these are the only three well renowned labs for grading diamond jewelry. These are the three labs that have high diamond jewelry grading standards and exclusive machines to check for synthetic or man-made diamonds too.For Diamond Solitaires always ask for a GIA, IGI, HRD cetificate only because these are the only three labs which are worldwide accepted and trusted by every jeweller in every nook and corner of the world. Do not accept any certificate other than these.Jewellery Pricing: To make your life easier I have created a go to list where you can just confirm the prices being paid by you are correct or not.For Best Price on Diamond Jewelry refer to this table below. The prices are in indian rupees per carat. (1 INR = 0.015 USD)How to read the table - F-G color with VVS-VS clarity will cost you Rs. 38,000 per carat. So for example you plan to buy a 0.50 carat ring with F-g color and VVS-VS clarity the diamonds will cost you 38,000 * 0.50 = Rs. 19,000 and the rest would be the gold and making part.b.b. For Best Price on Diamond Solitaires always ask for a certificate copy of GIA, IGI or HRD from your trusted source and then you can always contact me at Shining Rock Jewellery to compare the rates and help you take an informed decision. For an example price on 1 carat GIA certified Solitaire Diamond you can follow this link: What is the cost of a one carat diamond in India?3. For the best designs for diamond engagement ring , pendant, earring ,etc. you can always look on the internet because you get a wider choice than just going in a particular store. With the advent of Computer Aided Designing(CAD) and Computer Aided manufacturing(CAM) any one in the industry can make any intricate design you would want. So if you have a design in mind it can be custom made by anyone out there.If you can master the above steps you can never just go wrong. Never go by the words of a particular seller as he wants to get the money from your pocket to his.A bit about me. I am a certified IGI Gemologist and a wholesaler of diamond solitaires and diamond Jewelry based out from Mumbai, India. I can guarantee the best prices for your diamond solitaire purchase and diamond jewelry pieces.Shining Rock’s Price challenge - If you can find anything cheaper I will provide you the price difference. You can check out my Page - Shining Rock Jewellery10. Brilliant earth Brilliant Earth is an online jeweler with a selection of unique, ethical jewelry worthy of a look. This online jewelry store isn’t as large or feature rich as some of its more well-known competitors. However, Brilliant Earth is a go-to source if choosing sustainable fine jewelry and supporting an ethical jeweler is important to you.There are thousands of sites available for jewelry. But from my personal experience, Divine Jewels is the best online store which has low-cost jewelry. The place to shop for sensible quality and trending reasonable jewelry for men and women is Divine Jewels.Divine Jewels is one in every of my personal favorites to search out cheap jewelry on-line.They sell Antique jewelry rings with a good quality for a extremely low-cost worth. I believe is one in every of the foremost distinctive collections of camp-made jewelry, that includes beautiful necklaces, bracelets, rings and earrings created by a proficient Italian artificer.the combination of class and creative thinking make ranges of jewelries that highlight the dear tradition of Italian accomplishment. shopping for camp-made jewelry is a simple place to start out once you’re trying to make a greener consumption pattern.Not solely square measure there such a lot of lovely camp-made things obtainable, every item has most to supply the giver and also the receiver.Now I am going to represent some jewelry products of Divine Jewels..Buy EarringsBuy BanglesBuyThis is a tough question indeed. Fashion jewellery for women should be of elite class and a women should feel proud to wear it. I have gone through lots of sites but if you are looking for women's fashion jewellery marketplace/webstore, Beadsnfashion is what I would recommend to everyone. They have millions of products of fashion jewelry and they update new styles everyday. Not to mention that they also offer wholesale prices.In my opinion beadsnfashion is a very good source of online fashion jewelry.9. ICE Jewelry & Accessories and MORE has deals for up to 20% of designer jewelry items. You can order any design online and get a 30 day money back guarantee. Shop at Jewelry & Accessories and MORE is the best way to find the way you are looking for.8. AllurezAllurez boasts an extensive product selection, from diamonds and rubies to pearl jewelry and platinum wedding bands. The online jewelry store has mostly everything you’d expect to find with a top-notch retailer – with the exception of watches and corporate gifts.Like the best online jeweler, Allurez’s every diamond has a grading report or diamond certificate. These reports are issued by one of the independent diamond laboratories and provide detailed information on the characteristics and authenticity of the stone.7. Astley ClarkeDon’t be deterred by the word “fine”; prices online range hugely, so if your budget’s at the lower end, it’s worth searching by price. This site’s not as all-singing as some out there, but there are some good features.We particularly like the ‘Drop a Hint’ feature which lets you e-mail links of products you’re lusting after; perfect for when you know exactly what you’d like to receive on your birthday.6.Links of London USAWith an eclectic mix of 18-carat gold jewelry and sterling silver pieces, Links of London USA is known for its simple yet sleek jewelry designs.This online jewelry store is clearly not for the masses; its scant inventory and services are geared toward the distinctive and singular. But if you’re looking for a unique, modern piece that can be personalized, Links of London may be the perfect source.5. Kay JewelersLike most prominent online jewelry stores, Kay supplies a vast assortment of fine pieces for both men and women. Kay has a feature-rich website and comprehensive customer service options to make shopping for quality fashion jewelry online convenient and enjoyable.4. JaredJared’s jewelery fair is famous for its huge ring – you can find thousands of different designs online. It also carries more than 1,000 bracelets, nearly 3,500 necklaces, as well as tons of earrings, charms and watches. Although Jared sells fine jewels on precious stones such as platinum, gold and diamonds, it also offers stylish jewelry at an affordable price.You can design your own ring or choose one from several series. Jared offers classic diamond rings, including cards, three stones and aura. You can also choose colored diamonds. Every diamond, sapphire, ruby and emerald are all guaranteed for life, so if the stone is fragmented, broken or lost, you can get replaced. Even if you buy online, you can enjoy a clean and check free at Jared location.3. ZalesSince its inception, Zales has become one of the largest and most well-known jewelery retailers in the United States. In addition to hundreds of physical stores, jewelers are also online to create a strong network presence, capturing a considerable market share, selling high-end jewelry network.It has a huge online inventory, an unparalleled return policy, and useful service and website features.Zales gives you 60 days to return a piece that doesn’t fit your finger, wrist or taste. The only exception to this rule is if there is any damage to the jewelry, or if the piece has been altered in any way, which includes engraved items and special orders. Also, your package is protected if the jewelry you’ve purchased is worth $100 or more – a signature is required to receive it.2. Blue NileBlue Nile is one of the biggest online retailers and is known for its design-your-own-engagement-ring feature. First, you choose your diamond based on cut, clarity, color and carat. You can see the price next to the stone, which makes it easy to shop based on price too.After that, you choose a setting based on design and then your metal preference afterward.Blue Nile is also known for its educational section that teaches you all about diamonds, metals and ring sizes, so you can get everything just right.1. Tiffany & Co.The small blue jewelry box with the white ribbon has become synonymous with one of America’s most well-known luxury jewelers:Tiffany & Co. Known as an authority of style and taste, Tiffany offers pieces that are distinctive and high quality. Because the brand is so illustrious and niche, its offerings are narrower – and typically more expensive – than other online jewelry stores.You can also check here.453 Views ·Hi,Finding or choosing right diamond Jewelry Store is as tough as selecting perfect diamond jewelry. As numerous jewelry stores are available in the market, but the challenge is to find the reputed & professional jewelry store.A few tips that can help you to select reliable & a trustworthy Jewelry store that can not only ensure you with fantastic jewelry experience but also provide you with the value of money jewelry.Established Jewelry Store for 10-15 years with good reputationCheck jewelry certificationCheck the Quality of ServiceCheck their Diamond Education about 4CsCheck Reviews &TestimonialsAre you seeking a reputed Jewelry Store that can provide you with the wide range of jewelry service? Visit the store – Baxter’s Fine Jewelry, which is a 50-year-old award-winning Jewelry store, who have made a long-lasting relationship with their clientTo be honest, I hate when people tell me they want to promote their business online. It makes me feel sick. But because I like you, I'll give you the best advice you can't find elsewhere other than Quora!What is it?Let me tell you something.I went to my favorite blutique two years ago and bought lots of clothes that should be enough for me for the next four years.Look silly?Well, I wanted to live a frugal life in the next 4 years (2 years remaining). I bought some nice jewelries too.Now lets assume you meet me and you tell me about your nice jewelries store, asking me to come buy from your you, will I really do that?No. Why is because I'm currently living a frugal lifestyle so I won't come and buy anything from you.But there's a way you can delight me and convince me to buy your jewelries. Without me even knowing, I could buy lots of jewelries from you and still be thinking I'm living a frugal lifestyle.There's something you can do. It's called inbound maketing.This is how it works:You could meet some really pretty women and interview them. Ask them what they think about men who like jewelries. Are they attracted to them? Why? What types of jewelries they'll like to see on their boyfriends?The truth is, a guy like me who cares about what he wears would be there listening to what those pretty girls are saying.Yeah, this is informative and I will like to watch more videos like that.Then I'll be interested in buying some of those jewelries because I want to look cool to pretty ladies around here.You know what?I willl happily buy your jewelries and still be happy after buying.Then I'll go back and tell my friends about this wonderful video I watched online. I want them to buy too. I want us all to look cool.And I don't want them mocking me because I broke my rule of not spending money on clothings for 4 years. So I'll make sure they buy from you.That's the power of inbound marketing.Instead of promoting your business to people who may want to buy jewelries online, you're developing relationship with the whole world.Now when anyone think of buying jewelries, your store will come to their mind.How can you start doing inbound marketing today? Just start blogging and put out quality contents that will attract your ideal prospects.
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What is it like to be a small business owner in Brazil? What makes it good? What are the challenges?
A 2011 study by SEBRAE (Brazilian Micro and Small Enterprise Support Service), an NGO that tracks down small business and tries to give them some support, found that about 28% of all micro and small enterprises (defined, respectively, as companies with revenue under R$ 300.000 and R$ 2.400.000 per year) will fold in up to two years after being established. The figure is a national mean. There are regions where the rate is much higher. The highest rate is found in the state of Pernambuco, at 45%.Surprisingly enough, excessive taxation and labour laws are not found to be the major culprits for such a high “business mortality rate” (the actual words employed by the study, translated). The culprits are:Lack of a clear business plan. That is: many entrepreneurs establish their business without a clear notion of the supply chain, the target public, the availability of workforce, how much they will spend in fixed expenditures (like water, gas, electricity, office stationery, etc.) and where they would be optimally located. They eventually create a company far from suppliers, in a place where consumers are few and from which transportation is expensive, and hiring is an afterthought. Instead of founding a company with a clear course to follow, they “learn as they go”, which means that they must have a lot of money to burn in the first years.Copying of other companies. This is not the same as counterfeiting. It means that when one company succeeds, everyone wants to do the same thing (like, for instance, sewing shirts). The market will be either saturated, driving down prices for all local competitors or the newcomers will find closed doors because the early wakers had got the best contracts. Copying is a result of a lacking business plan. Without a good notion of the market and the supply chain, you simply imitate what was good for someone else.Not actually managing the company. I work at a bank , my client portfolio is mostly small companies and am witness to this. Entrepreneurs often lack skills in computer use, accountancy and management. They hire people to do it for them, under their “supervision” (but an unskilled supervisor is no supervisor at all, of course). If you establish a company but have hired a “computer boy” to access your bank accounts and registering your invoices, an accountant to record the books and a manager to run your factory (this is the reality I often find in my clients); you are resting the fate of your company on the goodwill of other people. Their mistakes will hurt you, not them. And if they steal from you, they might do it for months or years before you notice, under your very nose.Runaway cash flow. Most entrepreneurs have no management, economy or accountability formation. They have only a dim grasp of what “cash flow” means. Even those who do know what it is, are not fast enough to do the maths. Small business are often burdened by high interest rates they pay to banks because they can’t negotiate with their customers and suppliers an adequate term for collecting their revenue and paying their purchases. This results in negative cash flow over a large part of the month, which is covered by short-term loans (bank rates range from 2.4 to 4.9 nowadays). This situation seriously affects their margins of profit, meaning that they must either sell for a higher price or face a shorter liquid revenue.Weak marketing strategy and advertisement. Most business have weak brands, like mere “letter soup” brands and don’t have standard quality products or services. Unfocused or insufficient marketing and branding strategies means that they are virtually invisible. Without any subject value added to their products or services, they subside in a mass of similar products and are forced to reduce their prices to compete on that, which shrinks their profit margin again. I would like to mention two cases. I used to eat at a snack bar in the city of Leopoldina that was called “Pastelaria Mug Two”. As the name amused me, I once asked the owner why he had given his business that strange name. After struggling with memory for a couple of minutes (!) he then remembered that the former owner of the place was nicknamed “Mug” for a reason he didn’t even remember (probably his name was Magno, but that’s a conjecture of mine). So, when he bought the place he wanted to keep a connection and named the place “Mug 2”. When he made a major overhaul of the place, the people who would do his branding changed the name to “Mug Two” because they thought it looked better in print with the font they had chosen. No kidding! He wanted to keep a connection with a business that had folded (!), using a name that referred to the former owner instead of himself (!), a name that wasn’t even good to begin with, but that he made worse adding a number, and he let someone else change the name of his business to an even worse one just because of a font (and the font was, God forbid, was Papyrus). He made nice pastels (a type of Brazilian snacks pictured below), but he was so clueless that he eventually sold his business again, to a new owner that gave it an even worse name… The other example was a hamburger restaurant named Ayooba, located in Bicas. They had an original name and made excellent burgers, but were locate at an atrocious place, close to a smelly brook (polluted). Had they found a partner to add capital to their venture, they would have rented a better place. Less than seven months after opening they were closing, unfortunately.Not adapting to changes. This hurts business after they break even in their first year if something changes in the market. Brazilians (especially those involved in business) tend to be the most boneheaded people in the world, they don’t really like “changing” things. They are averse to changes because they involve risks. A typical Brazilian entrepreneur will consider a slightly reduced profit margin or a slightly shrinking market share tolerable in order to avoid making difficult decisions, like changing a product line, adding new services, etc. However, if something changes in the market after a company establishes itself, not following the tide may set the course to failure, because you will have chosen the losing path.About the six chief reasons of small business failures, read Sebrae lista os 6 maiores erros de quem vai à falência; saiba como evitá-los.I find it quite amusing that foreigners are so much offended by our labour laws, considering that our wages are so low. Most small business I have at my client portfolio pay an average 1.5 the minimum wage. That’s about R$ 1.300. If your small business has opted for the “Simple” tax system (and you’re nuts if you haven’t) your total labour costs are of 33% more for every worker. These 33% include public pension contribution, reserve for paid vacation and Christmas bonus. As for problems with the labour courts, you are actually protected from them if you hire your employees formally. To have someone working for you without a formal contract is definitely a no-no, because that person can claim she worked for you for years instead of weeks and the judge will demand you formal evidence. If you haven’t any, then you are pretty much screwed. The very fact that you had someone hired without a formal contract lands a fine on you, even if you can prove that your employee had actually been hired yesterday. These laws are harsh in order to ensure that the public pension system is not swindled. These contributions pay the elderly and the ill so they don’t starve or have (in theory) to rely on their families. It’s something Americans are not used to, though.And labour laws are not mentioned as a chief factor for corporate death…But unskilled labour is really a problem, though SEBRAE only covered it briefly in the first item of their series of factors. It is widespread knowledge among the researchers of Brazilian corporate management that:Brazilian workers are ranked among the ones that work most, but their productivity is below average, meaning that they work more time to get less done.That is not because Brazilian workers are lazy, but because they are not skilled enough. About 10% of the Brazilian adults are illiterate and the rates of functional literacy are enormous. The IBGE (Brazilian Institute of Geography and Statistics) considers “functionally illiterate” people who can read, but do only read when pressed to, people who see something written but don’t read it promptly. The MEC (Ministry of Education) considers functionally illiterate people who can read only simple texts and are unable to coherently write any complex texts. IBGE considers that about a third of the Brazilians are functionally illiterate under its concept. MEC sets the figure at about two thirds.Functionally illiterate workers do not learn on their own and do not autonomously seek self-improvement. They must be taught everything in person, in a time-consuming system. They tend to deviate from instructions because they work following what they remember, not the directions written in the manuals, because they don’t consult the manuals. And when they do, they require someone to explain to them whatever they don’t understand, and there is always a lot they don’t.This means that a good part of average career of a Brazilin is spent struggling to understand what should be done and asking someone else what do to. Most of the time your employees need to be supervised because they may be forgetting the instructions. This translates into fitful standards for services and goods.Lacking skills coupled with functional literacy means that a lot of avoidable accidents will happen, maiming workers, damaging machines, destroying products, losing raw materials and upsetting customers. All of which add costs to the production process. All of which hurt more a small new business, which is less able to enforce standards and to supervise workers.Lacking skills and functional literacy are not the result of the workers laziness, but result from an educational system that is insufficient, underfunded and treated by nearly all Brazilian politicians as a nuisance instead of an asset for the future. The same government that creates bizarre laws that hinder entrepreneurship is undermining the future by not investing on public education.Anyway, a recent survey found that the Brazilians average as the 3th most ignorant people of the world (Brasil é o terceiro país mais ignorante do mundo, diz pesquisa).And now that we have mentioned the devil…The chief problem with Brazilian laws are not the actual labour costs they create, but the intricate legal hurdles they erect everywhere, not only about labour.Brazilian laws are self-contradicting, complex and written in a painful-to-read legalese that most people struggle to understand (remember that about two-thirds of all Brazilians are considered “functionally illiterate” by MEC standards, which are probably lower than the standards enforced anywhere in Europe). They require you to hire an attorney, for instance, even for the most basic things. Brazil is one of the countries in the world where you can’t defend yourself before a trial and one of the few where you must have an attorney even to get a divorce or to donate your property to your children. And God forbid you from crossing the path of a judge. Judges are simply above the law here.Another thing that make everyone’s lives worse are the dreaded cartórios. These are so dreaded that the word “cartório” has evolved to mean also “legal or economic privilege”. In most countries of the world there is an office where you register real estate, another where you register births, marriages and deaths and… perhaps another one. In Brazil these offices have become a required part of business. You are often required to pay fees there to get “certificates” of one thing or other, to have the register state as authentic your signature or to legalise a copy or a document… Some cartórios are at least efficient, but some are a real pain… When my brother bought his first flat, mortgaged, of course, he had wait 35 days for the register to give him back the certified copy of the contract. For all this time he was already accumulating interest to the bank (and even paid one instalment) while still living at his old place because the seller was not paid (the bank would only pay after the register OKed the transaction). To pay a high fee to obtain a copy of a public record is also something that enrages me. Most of the registers should be on the internet, but none are.And finally, there is the so-called “custo Brasil”, the costs involved on the very fact that Brazil is in South America, far from the supply chain of most business and far from most consumer markets. Producing in Brazil has its own set of natural costs that cannot be cut out, even when the waterways are ok, the ports are good and the roads are smooth.
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How do I start a partnership firm?
·Partnership is one of the oldest business structures in India. Partnership is relation of two or more persons who have agreed to share the profits and losses according to their ratio of business run by all or any one of them acting for all. In simple terms, partnership is a contractual relation of two or more persons carrying business to share profit or loss in an agreed ratio.In India, a partnership is governed by Indian Partnership Act, 1932, and a partnership firm does not have an independent status apart from the partners constituting it. Partnership does no have a legal entity status than of its partners. It has limited identity for the purpose of tax laws. Any two people can start partnership business under an agreement called partnership deed. It is not mandatory to register a partnership deed but it is advisable to register partnership deed but for evidential purpose.Benefits of Partnership· Easy to form:Since a partnership is a relation of two or more people, the formation is very simple. It can be created by an agreement among the partners describing terms and conditions.· Registration:As per the law, registration is not mandatory to start a partnership. However, registration is advisable for evidence if any dispute arises in future.· Flexibility:Easy to manage as no compliance requirements compared to company or LLP form of business.· Sharing of responsibilities:Partners can share the responsibility of partnership and the business. They can also share decision making.· Tax:Compared to company, tax on profit is less in a partnership. Also, no profit distribution tax is applicable to a partnership firm.· Winding up:Easy to wind-up a partnership firm than a company or LLP as partnership is created by an agreement. Partnership Firms in IndiaA Partnership is the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all. Partnerships are a very good form of business entity for small enterprises wherein more than one person decides to contribute in a partnership and share the profits. In India, Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance. In this article, we look the types of partnership, advantages and process of registering a partnership firm.Partnership FirmThere are two types of Partnership, registered Partnership and unregistered Partnership. In terms of the Indian Partnership Act, 1932, (Act), the only criterion to commence business as a partnership is the finalisation and execution of a Partnership Deed between the Partners. The Act does not require the Partnership Deed/Partnership Firm to be registered and in other words does not require the Partnership Firm to be a registered Firm. Therefore various partnership businesses exist as an unregistered Firm without impacting the business of the Firm.There are no penalties for non-registration of a partnership firm and a partnership firm can even be subsequently registered after formation. However, unregistered partnership firms have certain rights denied in Section 69 of the Partnership Act, which deals with the effects of non-registration of a partnership firm. Some of the disadvantages of an unregistered firm are: i) A partner of an unregistered firm cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act, ii) no suit to enforce a right arising from a contract shall be instituted in any Court by or on behalf of a firm against any third party unless the firm is registered, iii) an unregistered firm or any of its partners cannot claim a set off or other proceedings in a dispute with a third party. Therefore, it is advisable for any partnership to be registered sooner or later.Partnership Firm RegistrationA Partnership firm can be registered under Section 58 of the Indian Partnership Act at any time, even subsequent to formation. The registration of a partnership firm is done by filing an application with the Registrar of Firm of the area in which any place of business of the Partnership Firm is situated or proposed to be situated. When the Registrar of Firms is satisfied that the provisions of Section 58 are duly complied with, a record of entry of the statement is made in the Register of Firms and Certificate of Registration is issued. The application for registration of Partnership Firm must contain the prescribed registration form for incorporation of a company, certified true copy of the Partnership deed entered into and ownership proof of the principal place of business.Advantages of a Partnership FirmOne of the main advantages of a Partnership Firm is that there are very minimal requirements in terms of compliance. For instance, a Company requires annual filing of its financial statements with the Registrar of Companies and the part of the financial statements of the Company are made public documents. On the other hand, registered/unregistered Partnership Firms are not required to file any annual returns / the Firms financial statements with any Regulatory body. Therefore, the financial statements of a Partnership Firm are not available in the public domain. Also, the accounts of a registered / unregistered Partnership firm are not required to be audited. Whereas, the accounts of a Limited Liability Partnership are required to be audited when the turnover exceeds Rs.40 lakhs per annum or when capital contribution exceeds Rs. 25 lakhs.Disadvantages of a Partnership FirmPartnership firm do not provide its Partners with limited liability and do not have a perpetual existence. Also, the interest of a Partner in a Partnership firm is not easily transferable and the ownership structure is not conducive for Private Equity Investors. In addition to being tougher (almost impossible) to obtain private equity investment in a partnership firm, it is also harder for Partnership Firms to obtain loans from Banks & Financial Institutions. Banks / Financial Institutions prefer to lend to Companies than Partnership Firms as Companies are separate entities and the regulatory requirement for financial reporting of Companies, makes Companies more transparent and structured.Partnership Firm TaxationPartnership firms may be assessed either as a partnership firm or as an association of persons(AOP). Interest paid to partners, salary, bonus, commission, or remuneration to a partner will be allowed as a deduction if it is paid to a working partner who is an individual, when the partnership is assessed as a Partnership Firm. However, when the Partnership Firm is assessed as an AOP, the above deductions cannot be claimed. Therefore, for a partnership firm it is more advantageous to be assessed as a partnership firm than as an AOP. For a Firm to be assessed as a Partnership Firm, the Partnership Firm should be evidenced by a written partnership deed, individual shares of the partners should be very clearly specified in the deed and a certified copy of partnership deed must accompany the return of income of the firm of the previous year in which the partnership was formed.
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