Construction Sector – Legal Compliances By Athulya - September 5, 2018 Last Updated at: Sep 07, 2020 2515 India Ratings has revised its outlook for the construction industry to negative for FY21 on the back of muted order inflows and subdued bank credit flow. The outlook revision follows significant risks emerging from the exposure of certain construction companies to the state governments of Andhra Pradesh, Telangana, Tamil Nadu and Bihar, the ratings agency said. There is no need to file a separate mutual divorce petition. Court will convert the existing petition to mutual consent divorce petition. On the next date of hearing depending upon the agreement between the parties, court can pass order of divorce if both the parties are present and agree for the consented order. In recent times, the construction sector has garnered a lot of demand in the business field. One of the main reasons why many people are showing interest to get into the construction sector is the high growth rate in the constructions of buildings and structures for various purposes. It is good that many people are showing interest to get into this sector. It requires a lot of determination, hard work and efforts to survive in this field. But at the same time if they try to comply with all the legal requirements. And avoid getting into unnecessary legal troubles they can be much more successful in this sector. Rules One of the most essential, yet often ignored, steps to take when starting a construction business is learning the rules and regulations that govern the business. So, one needs to find out about the rules and regulations governing the operation of the construction sector in a particular city, state, or country. Business Registration To start this construction business you should do one of the important things. All you need to do is getting the business registered according to the company act, 2013. One needs to acquire the business identification number and fulfil other necessary requirements. One should be clear about all the fees for the licences and the certification. By registering with the local government or the central government one of the perks is that you can safeguard your business name. Once the business name is registered if there is any kind of legal problem arises with it then it can be solved easily without facing many complications. If the business is registered you will be not liable personally for some of the accidents or the mishaps. They take place in your construction site which is misfortune and has not occurred due to your mistakes. You will be exempted from those liabilities. This will also pave the way for easy business insurances and attract the investors quickly. Ask Free Legal advice Registered construction business is an entity in its own right, so, another person can assume ownership or control or your business can be sold. In addition to this, one should approach an attorney or accountant to find out about the tax requirements as well as the documentation. It needs to be filed for deductions and in case of an audit. Making Bond Contact a bonding company to apply for the bond. Most of the city governments and state governments provide a list of reputable companies. Even if the compass of your planned work or your local government or state government does not entail this, being bonded will make the customers feel more secure about hiring you. Bank Account A current bank account has to be opened in the name of the construction company. Insurance To avoid any kind of losses in the business, one needs to get the business insulation. When one withdraws the insurer, they can easily avoid the repairs, damages, liabilities, and indemnity. Insurance needs to be obtained for the workers, design and calculation. Apart from these legal compliances, one needs to get the MSME registration and also the GST registration for the company. If one is abiding all these legal compliances and also makes a proper business plan without fail will for sure succeed in this business. Are you also interested to get into this construction sector? Then why late? Get all the necessary registrations done and commence the business!