India’s tax framework combines direct and indirect levies to fund public expenditure, shape economic behavior, and promote equity and efficiency across markets. For financial institutions and corporates, understanding how Income Tax, Commodity Transaction Tax, and GST interact is essential for compliance, pricing, and risk management. Income Tax Commodity Transaction Tax (CTT) Goods and Services Tax…
In commercial contracts—especially sale of goods and service arrangements—understanding conditions and warranties is essential for drafting, risk allocation, enforcement, and remedies. The distinction determines whether a breach allows termination or only damages, which is critical for supply, procurement, and banking vendor contracts. Meaning Practical difference Implied conditions Implied warranties Banking and finance relevance Drafting tips…
Partners in a firm stand in a fiduciary relationship, obligated to act with utmost good faith for the greatest common advantage of the firm, while sharing profits and losses per agreement or equally in default of contract. The Indian Partnership Act, 1932 permits partners to vary mutual rights and duties by contract, subject to core…
A partnership is the relation between persons who agree to share the profits of a business carried on by all or any of them acting for all, capturing the core idea of mutual agency and shared profit motive under the Indian framework. The form balances entrepreneurial flexibility with personal liability, making it suitable for closely…
Partners are agents of the firm for business purposes, so acts within the usual course bind the firm and all partners to third parties, subject to statutory limits, agreed restrictions known to outsiders, and protections for good‑faith third parties. The Indian Partnership Act, 1932 codifies these rules on partner authority, firm liability, holding out, and…
Dissolution of a firm means the complete breakup of the partnership relation among all partners and cessation of the firm’s business, followed by winding up, realization of assets, discharge of liabilities, and distribution of any surplus as per rights and agreements. In practice, clear documentation, timely public notice, and disciplined settlement of accounts are critical…
Non‑registration does not invalidate the partnership, but it imposes significant disabilities on enforcing contractual rights in courts; registration cures these disabilities by enabling the firm and partners to sue, claim set‑off, and be formally recognized on the Register of Firms. Section 69 of the Indian Partnership Act, 1932 is the central provision governing these effects…
In modern business law and finance, the company has emerged as the most dominant form of business organization, offering features that distinguish it from traditional structures like partnership firms. To understand why companies are preferred for large-scale operations while partnerships remain important for smaller ventures, it is essential to examine the definition, key features, and…
Companies in India are classified along multiple dimensions—how they are formed, member liability, public-interest footprint, and control relationships such as holding–subsidiary—each with distinct compliance and governance implications for banking and finance stakeholders. This guide maps these dimensions under the Companies Act, 2013 and related frameworks to aid structuring, risk assessment, and regulatory alignment. Mode of…
The Memorandum of Association (MoA) and Articles of Association (AoA) are the two core constitutional documents of a company: the MoA defines the company’s external scope and objects, while the AoA governs internal rules and management; put simply, the MoA is the company’s charter and the AoA is its rulebook. Definitions Legal effect Contents at…