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Essential Highlights On Nidhi Company Registration


A Nidhi company is categorised as the NBFC but it doesn’t involve RBI license.

A Nidhi company Registration comes under the section 406 of the companies Act, 2013. The fundamental business is taking and giving money (a borrowing and lending by monitory means) within its members making it a mutually benefiting company.
These activities are controlled by the ministry of corporate affairs. Nidhi Company has its basic concept of mutuality principals or “paraspar sahayata”, which work for the benefit of members or shareholders.

How was Nidhi Company formed in India?

To form a Nidhi company in India, you will have to incorporate a limited company, under the company act 2013. With at least 3 directors and 7 shareholders, a Nidhi Company can be formed. However precautions must be taken as to make sure that the aim of the company is encourage savings among its members. The borrowing and lending of the money among the members only for their mutual benefit.

After the Nidhi company Registration, it should have the following:-
  • At least 200 of the shareholders.
  • The net owned funds by the Nidhi Company must be at least 10 lakhs or more.
  • The net owned fund ratio of deposits must be 1:20.
What are the advantages of Nidhi company registration?
  • There are institute offices that are single and have no outside interference.
  • There must be mutually beneficial societies building a habit of saving between their involved members and work for the benefit of their depositing and borrowing members.
  • Deposits are usually much lesser than handled by the other institutions in financial sectors.
  • The term deposit is accepted by the members of only for a period of safe returns. It wouldn’t require any RBI license.
  • This should provide easy loans to the involved members. The repayment is limited to just one year and 7 years, against the immovable property or the jewellery as their security. The less rate of interest is charged as compared to the bank loans.
What are the essential points of Nidhi company registration?
  • Nidhi Company has to be incorporated as a public limited company with minimum of 3 directors and 7 shareholders and a sum of 10 lakh rupees as capital.
  • Nidhi company registration is done as a public company registration, and the process is same as a public company except for few additional steps.
  • The net owned funds must be 10lakhs or more than that.
  • The company must have no burden or impediment deposits not less than 10% of the outstanding deposits.
  • A Nidhi company registration in India should have registered as nidhi limited being part of its name.
  • A Nidhi company must not issue preference shares.
  • The ratio is 1:20 and not exceeding net owned funds.
In case if you are looking forward to get the help of a professional who can guide you how to apply for Nidhi Company Registration then feel free to contact us anytime, we will guide you properly with a step-by-step procedure.
 
Original Source:- https://swaritadvisorsindia.wordpress.com/2018/06/01/essential-highlights-on-nidhi-company-registration/

What Are The Key Highlights Of Limited Liability Partnership?

The limited liability partnership is a certain body that has its own separate entity from it’s partners and perpetual succession.The limited liability partnership in our country is governed by the limited liability partnership act 2008 and hence the provisions of Indian partnership act 1932 are not applicable to it.Each of the limited liability partnership is supposed to use the words “limited liability partnership” or it’s short form “LLP” as the last words of its name. A limited liability partnership is basically a result of an agreement between certain partners with mutual rights and certain duties of the limited liability partnership and that is determined by the agreement subject to by provisions of limited liability partnership act 2008.

Because limited liability partnership is a separate legal entity, it is liable for it’s all the assets, with the partners limited to only the amount of contribution by them. Just like a company. There shall be no partner individually liable for any of the wrong doings of other partners. But however if a limited liability partnership was formed for the mare purpose of defrauding the ones to credit for or in the matter of any fraudulent purposes, then here liability of partners with their knowledge shall have unlimited liability.

There has to be at least two of the designated partners in each limited liability partnership that are residents of India.
  • Each limited liability partnership must maintain accounts annually showing it’s true states of affairs. It must also prepare a statement of accounts and periodically it has to be every year and has to be filed with the registrar.
  • The central government, investigate, whenever they feel it’s fit to do so of the limited liability partnership by appointing a good and competent inspector.
  • A private company, firm or any unlisted public company has the option of converting itself into limited liability partnership as per the provisions of the 2008 act. On such conversion, the registrar shall issue a certificate to that effect. After issuing that certificate of the Registration, all of the property of firm or the supposed company shall stand dissolved. The company name is then removed from registrar of the firms or the registrar of the companies, whichever shall be the case.
  • Just like any company, a limited liability partnership may wind up, either voluntarily of by the Tribunal that is established under the companies act.
  • The limited liability partnership act 2008 will enable the central government for applying the provisions of the companies act, whenever it shall think it’s appreciate and must then issue notification to that effect provided. Such a notification has to be laid down before each of the house of the parliament for a time period of 30 days and then it shall subject to any of the modifications as they may be approved by both house.
Form where did limited liability partnership in India came from?

Recommendations that came from J.J Irani committee and the Naresh chandra committee -2 had led to the formation of a draft bill that produced the limited liability partnership in India. The cabinet had approved their bill on 7th of December, 2006. This was then tabled in Rajya sabha on the 15th December 2006. The final report to the ministry for corporate affairs by submitted by the committee. In the bill limited liability partnership, got approved by the cabinet on 1stMay 2008, making the provisions for the formation and regulations. Both the houses in parliament passed the supposed bill without any recommended changes. This bill later got assent of the president on 7th of January 2009. This bill in the form of limited liability partnership act 2008 was published in official Gazette of India on the date of 9th of January 2009. The limited liability partnership act 2008 hereby provides the formation and the regulation of limited liability partnerships and all the matters that are connected to it.

Original Source:- https://swaritadvisors.com/learning/what-are-the-key-highlights-of-limited-liability-partnership/