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Recently Answered Questions

Is it necessary to have 1 Indian citizen as director of a Pvt Ltd company

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.

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Would LLP be struck off automatically if there is no transaction for 1 year

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...


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Can a foreign company and its subsidiary in India have a common Indian resident Director ? If yes, is there any cons regarding taxation etc.

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...


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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.

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...


View answer
Would LLP be struck off automatically if there is no transaction for 1 year

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...


View answer
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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.

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...


View answer

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