A Nidhi Company is a kind of Non-Banking Financial Company (NBFC) which does not require any license from RBI. This type of Company is incorporated under Section 20A of the Companies Act 1956 and is governed by the Ministry of Corporate Affairs (MCA). It is formed to borrow and lend money to its members. The main idea behind the Nidhi Company Registration is developing the habit of savings among its members for mutual benefits. The primary source of funding for Nidhi Companies is the contributions made by the members of the Company. Nidhi Companies are largely famous in the Southern part of the country. Nidhi Company is registered as a Public Company and should have “Nidhi Limited” as the last words of its name. Documents Needed to Register a Nidhi Company Rent/Lease agreement of the registered place of business. A No Objection Certificate signed by the owner/landlord Address proofs of the members of the Company Identity proofs of the members Copies of PAN Cards of the me
Why Convert Partnership Company to LLP? A Limited Liability Partnership (LLP) may prove to be a much superior business structure than a regular partnership. LLP has minimal compliances, tax benefits, limited liability, separate legal entity, no audit requirements below a certain capital, no cap with regard to the number of partners, etc. Nowadays partnership firms are being converted into a Limited Liability Partnership (LLP). LLP offers a bunch of great features such as limited liability protection, transferability, unlimited partners, survivability, etc., making LLP structure more attractive than a partnership firm. The list of other benefits is as below. a) Private assets remain secured in LLP b) It’s easy for LLP to raise funds c) Great tax advantages as compared to a partnership d) No minimum capital requirement Conversion of Partnership into LLP The first thing you need to do while the conversion of a partnership into an LLP is to get a DSC (Di