A trustee is a person or an entity created and entrusted with property to deal with for the benefit of certain person or persons called beneficiaries. A trust is created by means of written document known as trust deed. The trust deed contains important details. Object of the trust, Names of trustees and power vested…
The sole proprietor is an individual owner of a business or contract. He/ She are liable to pay liability of the proprietorship as personal liability and also pay income tax on personal income earned through business. As such many businessmen do business or trade on their personal name as separate business name is not necessary.…
The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…
In partnership businesses we find different types partners viz. nominal or ostensible partner, sub-partner, partner by estoppel or holding out, partners in profits only, minor as a partner, others. The different kinds of Partners that we may normally notice in Partnership Firms are as under. Nominal Partner: When a well-known personality in the society who…
The partnership firms can be commonly distinguished as a general partnership and limited liability partnership (LLP). The General Partnership can be further divided into three groups’ viz. partnership at will, particular partnership and fixed term partnership. The agreement for PARTNERSHIP AT WILL is formed for carrying on general business and it does not specify the…
There are two possibilities in a bank account maintained by a customer viz. (i) a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc. (ii) A deposit account is opened in…
There are two possibilities in a bank account maintained by a customer viz. (i) a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc. (ii) A deposit account is opened in…
The point in time when one precisely becomes a customer of the bank is extensively debated on and off. The subject of deeming a person as a customer of the bank is important more so to bankers in the following situations. The banker may risk forfeiting immunity provided to him under section 131 of NI…
Whether authorized signatories of a company are customers of the bank? Whether Power of Attorneys or Mandate holders or intermediaries who operate the bank accounts on behalf of someone are the customers of the bank? Whether the walk-in customers who do not have the account with the bank but use the services of the bank…
HUF is the acronym for Hindu Undivided Family. A HUF can be formed by members of a family, wherein the members are lineal ascendants or descendants of Hindus, Buddhists, Jains, and Sikhs religions. The eldest member becomes the Karta of HUF. Other members of the family are called coparceners. The coparceners share equally with the…