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A Limited Liability Partnership (LLP) that is registered in India may, under certain circumstances, need to change its name. The reasons can be business-related or on account of certain directives from the central government (if the name of the LLP is considered undesirable or similar to an already existing LLP, the government can ask for a name change and failure to comply with the directives could attract a penalty of up to Rs. 5 lakh for the business and up to Rs. 1 lakh for each partner).
As we see India growing leaps and bounds as a destination for commerce, the importance of the trademark is growing. Trademark registration in India is governed by the Trademark Act of 1999. The trademark, which is the exclusive identity of a business, is generally issued for a period of 10 years. After this period, it needs to be renewed.
Various returns are required to filed under the new Goods and Services Tax Law. Compliance will be taken very seriously, with various checks in place to ensure that no registrant gets away without either paying fines or complying with the law.
The One Person Company was introduced in the Companies Act to make sure a sole entrepreneur could start and manage a legal entity with...
A One Person Company (OPC) is best suited for people who wish to be sole entrepreneurs. While even a sole proprietorship offers the same benefit, unlike a sole proprietorship, an OPC offers limited liability and also a separate entity status, along with a better standing in the market (increased trust and respect).