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Is it possible to have multiple shareholders in an OPC (one person company) in India?

Submitted by LegalWizin on Tue, 08/24/2021 - 03:25

OPC- a One Person Company, the name suggests that it is a company of one person. Hence in an OPC there cannot be more than one shareholder. However, there can be more than one director to manage the company. It is new concept given by Companies Act, 2013 to empower a single person to run a corporate business.

If one has to add a shareholder for the investment in an OPC then it must be converted into a private limited company. But there is a lock in period of 2 years for voluntary conversion of OPC into a private limited company.​

Will it be legal to use a small part of an existing big trademark-name for a domain-name?

Submitted by LegalWizin on Thu, 08/19/2021 - 04:03

It is always better to use original and coined names when you are registering a new trademark. It gives the assurance of a seamless registration process and it would prevent any unwanted infringement cases against you. Sometimes using famous trademarks as a prefix or suffix can end up in expensive lawsuits. And as it is for a domain the chances of someone filing an infringement case are higher.

Can a sole proprietor in India open an offshore bank account in other countries for business?

Submitted by LegalWizin on Thu, 08/19/2021 - 03:08

A person can open a current account in foreign countries in following cases.

​1) A student who has gone abroad for studies. All the credits to the account from India should be made in according to FEMA law.

2) An Indian resident who is on a visit to a foreign country for the period of stay abroad. The balance amount must be repatriated to India on return of the account holder to India.

3) A person going abroad for an exhibition/ trade fair for crediting the sale of goods. The balance must be repatriated to India within one month from the date of closure of the fair.

I want to start an export/import business from India to Europe. How should I go about it?

Submitted by LegalWizin on Wed, 08/11/2021 - 02:07

To start a business of Import Export following steps must be taken.

  • Registration of firm (Proprietorship/Partnership/LLP/Company)
  • Take other registration as applicable such as GST, Shop & Establishment, MSME, etc
  • Start your business

Also read advantages of import export code for businesses.

If a food business is registered under proprietorship and now wants to take up a business partner, what should be done in terms of agreement and taxation?

Submitted by LegalWizin on Wed, 08/11/2021 - 02:04

The Proprietorship firm must be converted into Partnership firm. Hence a partnership firm is to be registered with Registrar of Firms. Following points must be considered to start a partnership firm.

Is it mandatory to file a Nil GSTR-3B return every month if I have registered in the GST portal and have a GSTIN?

Submitted by LegalWizin on Wed, 08/11/2021 - 01:58

Yes, GST return filings are mandatory. If there are no transactions then also one has to file nil return with the GST department. If returns are not filed, then Ministry will charge penalties per day. So to avoid it filing of returns are necessary.

What are the benefits of a Ltd company?

Submitted by LegalWizin on Thu, 08/05/2021 - 03:16

Public company means a company which can offer its shares to the public. It is also known as public ally held company. The advantages of a public limited company are as under.

  • Availability of more capital
  • Risk is shared among public
  • The shares can be easily transferred
  • Public company has more goodwill than other type of company
  • It can easily grow in the market

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