Category: BUSINESS LAW

TAXATION OF LIMITED LIABILITY PARTNERSHIPS (LLP’s)- With the introduction of LLP Act 2008, LLP’s have come into existence, the government after a lot of discussion with tax guru’s has decided taxation of Limited Liability partnership’s in the following manner LLP will be treated as Partnership firms for the purpose of Income Tax and will be taxed like a partnership firm. Read More …

DUTIES OF AN AGENT – Where the relationship of agency exist, following are the duties of an agent which he need to perform  towards his  principal – Duty to follow principal’s directions or customs (Sec. 211): The first duty of every agent is to act within the scope of the authority conferred upon him and perform the agency work according to Read More …

CLASSIFICATION OF AGENT On the basis of extent of authority :   Specific or particular agent: Specific or particular agent is an agent who is appointed to do a single act for the principal. His authority ends after the particular act is performed. General agent: General agent is an agent who is appointed to do all or general acts concerning Read More …

Ratification means the subsequent adoption and acceptance of an act originally done without instruction or authority. Soon after ratification, the person who has done the activity becomes agent and that person who has given ratification becomes principal. Example:  Anshul buys 5 bags of wheat on behalf of Ankul although Ankul did not appoint Anshul as his agent. On hearing this Read More …