Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
Recently Answered Questions
It is mandatory to have at least one resident Indian as a director in a company in India.
Please note that resident Indian does not mean an Indian citizen. A resident Indian is someone who has stayed in India for more than 182 days in the last finacnail year, either with an Indian passport or on a valid visa.
...
Wazzeer Professional Network
ProfessionalIs it necessary to have 1 Indian citizen as director of a Pvt Ltd company
Is a resident in India is there as a director, but is a foreigner, is it essential to have 1 Indian citizen also a director of a Pvt Ltd company
-
Wazzeer Professional Network
ProfessionalIt is mandatory to have at least one resident Indian as a director in a company in India.
Please note that resident Indian does not mean an Indian citizen. A resident Indian is someone who has stayed in India for more than 182 days in the last finacnail year, either with an Indian passport or on a valid visa.
11 months ago
View answer
Is it necessary to have 1 Indian citizen as director of a Pvt Ltd company
Is a resident in India is there as a director, but is a foreigner, is it essential to have 1 Indian citizen also a director of a Pvt Ltd company
-
Wazzeer Professional Network
ProfessionalIt is mandatory to have at least one resident Indian as a director in a company in India.
Please note that resident Indian does not mean an Indian citizen. A resident Indian is someone who has stayed in India for more than 182 days in the last finacnail year, either with an Indian passport or on a valid visa.
11 months ago
No. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases whe...
Wazzeer Professional Network
ProfessionalWould LLP be struck off automatically if there is no transaction for 1 year
-
Wazzeer Professional Network
ProfessionalNo. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases where the government decided to strile off a company or LLP due to non filing of the returns for many years. They have also suspended the directors/ partners of these companies. In such cases, the government reserves the rights to take actions on the directors/ promoters of the company, which might include fine and/ or jail term.
almost 1 year ago
View answer
Would LLP be struck off automatically if there is no transaction for 1 year
-
Wazzeer Professional Network
ProfessionalNo. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases where the government decided to strile off a company or LLP due to non filing of the returns for many years. They have also suspended the directors/ partners of these companies. In such cases, the government reserves the rights to take actions on the directors/ promoters of the company, which might include fine and/ or jail term.
almost 1 year ago
Any company registered in India must have at least one resident Indian as a direcors.
Yes, a subsidiary in India can have a director (Resident Indian or otherwise) common with the parent entity.
In case, the Indian entity is either billing or making a payment to the parent entity, Transfer Pricing (along with its compliances) wil...
Wazzeer Professional Network
ProfessionalCan a foreign company and its subsidiary in India have a common Indian resident Director ? If yes, is there any cons regarding taxation etc.
-
Wazzeer Professional Network
ProfessionalAny company registered in India must have at least one resident Indian as a direcors.
Yes, a subsidiary in India can have a director (Resident Indian or otherwise) common with the parent entity.
In case, the Indian entity is either billing or making a payment to the parent entity, Transfer Pricing (along with its compliances) will be applicable, since this will fall under related party transaction. This, however, will be the case even if there are no common directors, since the shares are held by the parent entity. There aren't any extra tax liability on the company for having common directors with the parent entity.
In case you need support with setting up and operating an Indian subsidiary in India, please reach out to us at enquire@wazzeer.com.
about 1 year ago
View answer
Can a foreign company and its subsidiary in India have a common Indian resident Director ? If yes, is there any cons regarding taxation etc.
-
Wazzeer Professional Network
ProfessionalAny company registered in India must have at least one resident Indian as a direcors.
Yes, a subsidiary in India can have a director (Resident Indian or otherwise) common with the parent entity.
In case, the Indian entity is either billing or making a payment to the parent entity, Transfer Pricing (along with its compliances) will be applicable, since this will fall under related party transaction. This, however, will be the case even if there are no common directors, since the shares are held by the parent entity. There aren't any extra tax liability on the company for having common directors with the parent entity.
In case you need support with setting up and operating an Indian subsidiary in India, please reach out to us at enquire@wazzeer.com.
about 1 year ago
From the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narrati...
Wazzeer Professional Network
ProfessionalI helped one of my relatives financially and getting all documentation and legal work done in getting approvals to start a petrol bunk on her name. Initially, before the application was filed to Bharat petrol bunk, we made an MOU and got the franking done in sub-registrar office on 20Rs stamp papers with terms and conditions that she should pay me 51% of profit quartley.
After Bharat petroleum approved the bunk and given Letter of Intent, my relative insisted to create another MOU with 50:50 profit ratio to be shared quarterly. New MOU created with her husband as one of the witnesse and franking did in sub-registrar office on an Rs. 500 stamp paper. the initial MOU was deliberately taken by my relative. I have the Original copy of the 2nd MOU. I have given cheques for ~8 lac and cash about 2lac which is mentioned with full details in MOU 2. Now, the Petrol bunk is starting in next 15 days. My relative is saying that she will give interest and some more money as a premium for the financial support i have provided but will not give a profit at all.. and will not go by MOU. She says that she can give money to 20 lawyers but not allow profit sharing. Kindly advice how to approach on this, please? Kindly let me know what the kind Justice in this regard.
-
Wazzeer Professional Network
ProfessionalFrom the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narration and assuming that there is an unequivocal obligation on the other party to share the profits in the MOU, appropriate proceedings before the Court of competent jurisdiction can be initiated claiming damages for breach of MOU/Contract by the other part in case the other part refuses to fulfil its payment obligations under the contract/MOU. The original/copies of the MOU’s, correspondence between the parties etc., would have to be perused for further assistance.
over 1 year ago
View answer
I helped one of my relatives financially and getting all documentation and legal work done in getting approvals to start a petrol bunk on her name. Initially, before the application was filed to Bharat petrol bunk, we made an MOU and got the franking done in sub-registrar office on 20Rs stamp papers with terms and conditions that she should pay me 51% of profit quartley.
After Bharat petroleum approved the bunk and given Letter of Intent, my relative insisted to create another MOU with 50:50 profit ratio to be shared quarterly. New MOU created with her husband as one of the witnesse and franking did in sub-registrar office on an Rs. 500 stamp paper. the initial MOU was deliberately taken by my relative. I have the Original copy of the 2nd MOU. I have given cheques for ~8 lac and cash about 2lac which is mentioned with full details in MOU 2. Now, the Petrol bunk is starting in next 15 days. My relative is saying that she will give interest and some more money as a premium for the financial support i have provided but will not give a profit at all.. and will not go by MOU. She says that she can give money to 20 lawyers but not allow profit sharing. Kindly advice how to approach on this, please? Kindly let me know what the kind Justice in this regard.
-
Wazzeer Professional Network
ProfessionalFrom the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narration and assuming that there is an unequivocal obligation on the other party to share the profits in the MOU, appropriate proceedings before the Court of competent jurisdiction can be initiated claiming damages for breach of MOU/Contract by the other part in case the other part refuses to fulfil its payment obligations under the contract/MOU. The original/copies of the MOU’s, correspondence between the parties etc., would have to be perused for further assistance.
over 1 year ago
No. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases whe...
Wazzeer Professional Network
ProfessionalWould LLP be struck off automatically if there is no transaction for 1 year
-
Wazzeer Professional Network
ProfessionalNo. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases where the government decided to strile off a company or LLP due to non filing of the returns for many years. They have also suspended the directors/ partners of these companies. In such cases, the government reserves the rights to take actions on the directors/ promoters of the company, which might include fine and/ or jail term.
almost 1 year ago
View answer
Would LLP be struck off automatically if there is no transaction for 1 year
-
Wazzeer Professional Network
ProfessionalNo. A LLP is not stuck if it does not do any business.
Whether the LLP does business or not, it is supposed to complete the applicable compliances like any other LLP in business. The penalties for not filing these compliances or the delay in filing are on a per day basis and pile up, in case of any delay.
Last year there were cases where the government decided to strile off a company or LLP due to non filing of the returns for many years. They have also suspended the directors/ partners of these companies. In such cases, the government reserves the rights to take actions on the directors/ promoters of the company, which might include fine and/ or jail term.
almost 1 year ago
From the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narrati...
Wazzeer Professional Network
ProfessionalI helped one of my relatives financially and getting all documentation and legal work done in getting approvals to start a petrol bunk on her name. Initially, before the application was filed to Bharat petrol bunk, we made an MOU and got the franking done in sub-registrar office on 20Rs stamp papers with terms and conditions that she should pay me 51% of profit quartley.
After Bharat petroleum approved the bunk and given Letter of Intent, my relative insisted to create another MOU with 50:50 profit ratio to be shared quarterly. New MOU created with her husband as one of the witnesse and franking did in sub-registrar office on an Rs. 500 stamp paper. the initial MOU was deliberately taken by my relative. I have the Original copy of the 2nd MOU. I have given cheques for ~8 lac and cash about 2lac which is mentioned with full details in MOU 2. Now, the Petrol bunk is starting in next 15 days. My relative is saying that she will give interest and some more money as a premium for the financial support i have provided but will not give a profit at all.. and will not go by MOU. She says that she can give money to 20 lawyers but not allow profit sharing. Kindly advice how to approach on this, please? Kindly let me know what the kind Justice in this regard.
-
Wazzeer Professional Network
ProfessionalFrom the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narration and assuming that there is an unequivocal obligation on the other party to share the profits in the MOU, appropriate proceedings before the Court of competent jurisdiction can be initiated claiming damages for breach of MOU/Contract by the other part in case the other part refuses to fulfil its payment obligations under the contract/MOU. The original/copies of the MOU’s, correspondence between the parties etc., would have to be perused for further assistance.
over 1 year ago
View answer
I helped one of my relatives financially and getting all documentation and legal work done in getting approvals to start a petrol bunk on her name. Initially, before the application was filed to Bharat petrol bunk, we made an MOU and got the franking done in sub-registrar office on 20Rs stamp papers with terms and conditions that she should pay me 51% of profit quartley.
After Bharat petroleum approved the bunk and given Letter of Intent, my relative insisted to create another MOU with 50:50 profit ratio to be shared quarterly. New MOU created with her husband as one of the witnesse and franking did in sub-registrar office on an Rs. 500 stamp paper. the initial MOU was deliberately taken by my relative. I have the Original copy of the 2nd MOU. I have given cheques for ~8 lac and cash about 2lac which is mentioned with full details in MOU 2. Now, the Petrol bunk is starting in next 15 days. My relative is saying that she will give interest and some more money as a premium for the financial support i have provided but will not give a profit at all.. and will not go by MOU. She says that she can give money to 20 lawyers but not allow profit sharing. Kindly advice how to approach on this, please? Kindly let me know what the kind Justice in this regard.
-
Wazzeer Professional Network
ProfessionalFrom the facts provided, it emerges that MOU’s were entered into between the parties regarding the capital to be invested and the sharing of profits. For absolute clarity on the issue, the terms and conditions of the MOU’s including the obligations of the respective parties are required to be seen. But from a perusal of the factual narration and assuming that there is an unequivocal obligation on the other party to share the profits in the MOU, appropriate proceedings before the Court of competent jurisdiction can be initiated claiming damages for breach of MOU/Contract by the other part in case the other part refuses to fulfil its payment obligations under the contract/MOU. The original/copies of the MOU’s, correspondence between the parties etc., would have to be perused for further assistance.
over 1 year ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.