A firm is a for profit organisation or a company that buys and sells products and/or services to consumers. According to Section 4 of Indian Partnership Act, 1932 Partnership is defined as an association or the relation between two or more person who has agreed to share profits of a business carried on by all…
INCOTERMS 2010 The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. INCOTERMS are the terms which buyer and seller both agree to before shipping the goods. They state which task, risk and cost shall be associated with the…
A Partnership firm can be of any of the following types- 1. Partnership at Will A partnership at will is a kind of partnership in which there is no fixed time period. In other words, when there is no fixed time period for the expiration of the partnership, it is known as partnership at will.…
Section.140: Removal, Resignation and giving of special notice 1. The auditor appointed under section.139 may be removed before the expiry of his tenure only by a special resolution of the company, after obtaining the previous approval of the Central Government. Provided before taking action as mentioned, the said Auditor should be given a reasonable opportunity…
Startup is a new business which is not tied up to any other existing business or parent organization except for the purposes of normal business activities. Startups usually facilitate new ideas and in some cases be a catalyst to exploit new ideas on the basis of already existing ideas. Startups play an important role in a nation’s economy; more startups mean more jobs…
Introduction The term “foreign ownership of Subsidiary” implies that the company is operating overseas and its headquarters are in another country which is known as the parent company. It is the dominant company which itself holds 100% stock of foreign subsidiaries known as Wholly Owned. Foreign ownership can also be termed as overseas where legislation…
Holding company A holding company is a company who has control of different subsidiaries. The primary business of a holding company is that they hold a controlling interest in the securities of different companies. It does not produce any goods and services but it holds shares of other companies to form a separate group or…
The Indian Partnership Act, 1932 or simply, The Partnership Act, 1932 is an act enacted by the Parliament of India in the year 1932. It received the assent of the Parliament on 8th of April, 1932, and the act commenced on 1st of October, 1932. What is a Partnership? A partnership is established when two…
The Turquand Rule otherwise known as the internal management rule was first developed in Royal British Bank v Turquand (1856) 6 E & B 327, 119 ER 886. It is argued by many that it was formulated as a means of counteracting the rigid doctrine of constructive notice by protecting ‘bona fide third parties’ dealing…
Introduction:Corporate social responsibility is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with the stakeholders on a voluntary basis. Social responsibility of companies was defined as responsibility to consumers, workers, stakeholders and the community. The aim of social responsibility is to create higher standards of living,…
