Conversion Of Partnership To Limited Liability Partnership
Converting a Partnership Firm To A LLP Partnership firms are easy and quick to form, but they hold one fundamental disadvantage of lack of Limited Liability clause. Which means the partner's personal assets could be liable for the firm debts. The introduction of Limited Liability Partnership Act 2008 has introduced the concept of a Limited Liability Partnership. The LLP is a big improvement upon a normal partnership; it brings the essence of Limited Liability Clause which was earlier [...]
Types Of Directors And Their Duties
Types Of Directors And Their Duties Duties of Directors: Since the directors are the nucleus of the company, Companies act mentions duties of the directors. Following are some important duties mentioned: To Act in good faith in order to promote the objects of the company for the benefit of its members as a whole. To Act in best interest of company as a whole, its members, its employees, shareholders, community and protection of environment. To Act Accordance with [...]
Appointment Removal and Resignation Of Directors
Appointment Removal and Resignation Of Company Directors Procedure Of Appointment of Directors: The Board of Directors / Company Directors is appointed by the members of the company in a general meeting. The first directors are generally named in the articles of the company, if not so the subscribers shall be deemed to be the directors of the company until the directors are appointed. Following is the procedure of appointment of a director: Obtain consent in Form DIR 2 [...]