Notary Service in India !!!

Notary or Notary Public is a person assigned by the Central Government or State Government under the Notaries Act, 1952. Notary or Notary Public is authorised to carry out certain legal formalities or activities. This would include drafting and validating contracts, deeds and other such legal documents. The foremost role of a Notary Public is to act as an unbiased witness while discharging fraud deterrent activities related to legaldocuments. This particular act is usually referred to as notarization.

                                   

Functions of Notary Public in India:-

Duties of a Notary public are commanded by the Notaries Act,1952, and they are:-

Certify, attest or authenticate any instrument

• Instrument certification, attesting or authenticating instrument.
• Translate the legal documents from one language to another and verify such documents
• To perform the function of an arbitrator, counsellor or mediator
• To record proof/evidence in criminal or civil trials and to act as commissioner if so directed

Significance Of Notarization:-

Rule 12 of the Notary Rules, 1956 advice that every notary shall use a plain circular seal of a diameter of 5 c.m. contains his name, the registration number, expiry date and the circumscription ‘NOTARY’, the jurisdictional area in which he has been appointed to exercise his functions, and also the name of the Government which appointed him.

The Notarial seal implies the seal of verification. It means that the facts mentioned and the signatures on the document are indeed authentic. It validates the fact that the identities of the people signing the document have been verified. It helps prevent fake documents.

If a Notary seal present in a document for any legal proceeding, it will act as confirmation for the courts that the signatures were placed by a genuine person and not forged or fabricated. It also proves that the individual was not forced into signing it. As one of the many functions of a Notary Public is to witness the notarization renders a document authentic, the document being signed, true and voluntarily drafted in many senses.

Consequences Of Not Notarizing A Document:-

No need to notarise all legal documents, but some documents should be notarised and it is mandatory. For those documents the lack of motorization can lead to the document being declared legally unenforceable or invalid. The consequences relating to notarisation vary from state to state in India. But if you do not notarize a document, its legally validity and authenticity will be doubtful.

Verify Notary public:-

Even if the Job of Notary Public is to verify the person who is getting the document notarized, there have been occasions where fake Notary Public was found to be using a fake notary seal. It has become necessary to confirm the Notary Public it. You should ensure that seal with the registration number of Notary Person is present on all documents.

 Get A Document Notarised through Licit:-  

 E-Stamp Paper (Service Charges: Stamp Duty Amt. Rs. 1 TO 100 = Rs. 10/-, Rs. 101            TO 5000 = Rs. 20/-, Above Rs. 5000 = NIL) 

Get E-stamp paper (Stamp Duty Cost + Rs 75 delivery charges) Minimum Rs.20, Enter    First Party Name, Enter Second Party Name, Enter E-Stamp Description (Affidavit / Agreement / MoU / Contract)

All your legal documentation requirements can be met with Licit. For online legal consultancies from the best lawyer and for notarising visit the biggest online legal solution www.licit.ooo or can download the app https://goo.gl/L8GeYk

  

Company Registration in India!!!

A company is any body that engages in business. A company can be arranged in many ways, such as a partnership, sole proprietorship or a corporation. It depends on which type of company you are dealing with, that may be owned by one person or group of people.  

A registered / incorporated company in India is a company which is formed and registered under the Companies Act, 1956, including companies which are earlier registered under any of the previous company is called as the registered / incorporated company. Registrar of companies provides an identifying number and which is printed on the certificate of incorporation(ROC). This company indentification  number is unique in nature.

Advantages of registering a company in India

Establishing Business Bank Accounts:- 

To start a business bank account, you need to properly register your business with the state. And it is very important for separating your personal activity with business activity. It is more professional to give a business account details to your client than giving personal account details.

Getting Loans:- 

When you are applying for a small business loan you need to prove that you are actually a business. The lenders and investors are asking for business registration along with other documents. If you are applying for a credit card as business, creditors may also ask for business registration documents.    

Reputation with Customers:- 

Registering your business has helped to get a reputation for your company in front of your clients and especially other people whom you are not working with.   

Supplier Arrangements:- 

A registered business also helps you to receive supplier discounts that you wouldn't normally receive as an unregistered operation. 

Hiring Employees:- 

A registered company can hire full time employees and pay them according to state law. You will receive a state identification number after registering your business with state that allows you to route state taxes on the employee's behalf.  

Getting on Record:- 

Another major benefit with registering your business is safeguarding your business name. No one else can register the business with the same name Ministry of corporate Affairs ( MCA ) has ensured, every business can search the name of their business and if they find similar name, then we can choose a different name. 

Legal Liability Protection:- 

Another benefit is getting legal liability protection. If you are incorporating it is very easy to get business insurance, or attract investors, since they will know you are not personally responsible for the company’s well-being and you will not be personally responsible for certain accidents and other liabilities. 

Continuity:-

Continuity is another benefit that is registration provides a business continues even if you die or become ill. Registered company is an entity with its own rights thus another can provide ownership or control or your business can be sold.

Types of Company Registrations:-

Private limited Company 

LLP Company

One person company 

Partnership Firm

Sole proprietorship 

Private limited registration:- 

Prerequisites 

1. Have paid-up capital of INR 1,00,000

2. Need minimum of 2 directors/board members and two shareholders

3. Maximum of 50 members allowed in Pvt. Ltd

4. Cannot publicly sell shares. A Pvt. Ltd company can only invite people to buy shares by issuing a prospectus 

Step 1: - Acquire Director Identification Number. It is a unique identification number for an existing directory. According to recent amendments to the Companies Act 1956 the DIN is mandatory. Need 3 to 5 working days for this process.

Supporting documents required (soft-copies):

1. Proof of identity

2. Proof of residence

3. Photograph

4. PAN Card

Register on MCA website for login ID and password (create an account)

I. File E-Form DIN-1

1. Download E-Form DIN-1

2. Fill the form

3. Attach necessary documents

4. Sign using digital signature

5. “Check Form”

6. Upload E-Form

7. Pay fees

8. Note Service Request Number.

9. Check acknowledgement

10 Intimate approved DIN to your company

11. Download DIN- 2 Form 

Step 2- Acquire Digital signature certificate 

Step 3- This is the final and major step that is applying for a company to be registered which contain incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary. And also about the take and pay for their qualification shares.

LLP Registration:-  

A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities and it depends on the jurisdiction. Therefore, it shows elements of partnerships and corporations. In lap one partner is not liable for other partner’s misconduct.  

Prerequisites

Minimum of two partners and two designated partners with DPIN (Designated Partner Identification Number) just like DIN are required. 

No limit for maximum number of partners. 

It is not compulsory to make partnership deed or LLP agreement, but it may help in any dispute occurred.

Step1- Apply for DPIN for designated partners. 

Step2- Obtain digital signature 

Step 3- Apply for LLP name. First apply for company name in form 1A. 

Step 4 – Register LLP

Step 5 – Apply for PAN and TAN

One person company registration: -

One person company is a new concept introduced by The Companies Act, 2013 [No.18 of 2013]. 

Pre-requisites:- 

Only one share holder

The share holder can nominate any other person who can be share holder in case of death or incapacity of original share holder

Must have minimum of one director and maximum of 15 directors

Step 1- Obtain digital signature

Step2- Get DIN 

Step 3- Select suitable Company Name, and make an application to the Ministry of Corporate Office for availability of name.

Step4- Prepare Memorandum of Association and Articles of Association. 

Step5- Payment of Requisite fee to the Ministry of Corporate Affairs and also Stamp Duty. 

Step6- Scrutiny of documents at Registrar of Companies [ROC].

Step7- Get certificate from ROC 

Partnership Firm registration: - 

Pre-requisites: - 

Two persons are required as partners. 

Partners share their duties and responsibilities

More capital can brought into the business 

Step 1- Select suitable Company Name

Step 2- Create Partnership Agreement or Deed

Step3- Apply for PAN Card on the name of Partnership Firm.

Step4- Opening of Current Bank Account on the basis of PAN Card and Registered Partnership Deed. 

Sole proprietorship registration: - 

Pre-requisites: -  

  

Single owner for the business. 

Easy to start and easy to close 

Complete control resides on single owner 

Step1- Draft documents required for sole Proprietorship Registration.

Step2- Apply for the Service Tax or VAT.

Step3- Get Service tax or a VAT Registration Certificate.

Step4- Apply for a current bank account in any bank with complete documentation.

Registered company will be treated as a legal entity. It has a separate identity and existence of its own. In the case of unregistered company, the shareholders are liable for the transactions they do in the company's name. They are not separated from the company. In fact an unregistered company is non-existent, insignificant in the eyes of law.

For online legal consultancies from the best corporate lawyer to get clarity on registering your company visit the biggest online legal solution www.licit.ooo or can download the app https://goo.gl/L8GeYk  

Silicon India 2017 list ranked Licit among “10 best Startups in Legal and Advisory”

We are proud to announce that SiliconIndia Magazine has ranked Licit among India’s 10 best Startups in Legal and Advisory of 2017 in a list announced this week.

The list of Best Startups in Legal and Advisory is made by a distinct panel of judges including CEOs, CIOs, CXOs, analysts and startup editorial board.

“Our inclusion on this list is a wonderful recognition of team Licit which over the years has set a strong foothold as a full fledged online legal platform that has got 500+ clients and 94 percent success rate”.

 “Licit has assured to deliver solutions that will help businesses to be updated and secured in the legal field. Licit aims to make the right blend of law with technology for establishing a system profound with innovative process, ensuring proper justice and verification. With the motive of helping business in understanding their risks they also focus on their growth by creating and handling their contracts, policies, and documents on basis of proper research along with an array of services,” Says Startupeditorial board.

SiliconIndia is the largest community of Indian professionals featuring technology, Business, entrepreneur news.

We truly appreciate all the initiatives that the Silicon India will be taking to support startups. Connect with the expert Legal consultants of Licit. For online legal consultation from the best lawyer visit www.licit.ooo or download the Licit app https://goo.gl/L8GeYk

Linking Aadhar card with PAN card is mandatory!!!

As the government decided to go ahead with linking Aadhar cardwith a permanent account number (PAN) the public has been confused about lot of rumours surrounding. A biometric identification system is an essential feature of the current society, and the scheme of PAN had become conjecture as it could be falsified, while Aadhar is a secure and vigorous system by which the identity of an individual cannot be faked.

A unique 10 character code is assigned to all tax paying entities in India referred as PAN Card. A PAN card is issued by the Income Tax Department and the card links all transactions that attract tax under a single source, making it appropriate for the government to keep track of all transactions. A PAN card is obligatory for filing Income Tax returns in the country, and all individuals and entities that pay taxes, including foreigners are expected to have one. Apart from its primary use, a PAN card can be used as proof of identity and age.

The Aadhar card is a unique identification card. It is assigned to every Indian citizen and it furnished by the Unique IdentificationAuthority of India. It’s a 12 digit number that will be used as a proof of identity and proof of address. Aadhar is an enterprise by the government to have a single identification document for the whole citizen in the country. The card holds individual’s biometric and demographic information so it serves as a personal identification card.

                          

Procedure for LinkingPAN Card and Aadhar Card:-

To link the Pan Card with the Aadhar Card, the taxpayers have to first register on the Income tax e-Filing portal for linking the Aadhar card and PAN card. After registering, follow the below steps:-

•  Using log-in ID, password and date of birth user can login to the E-Filing portal of the Income Tax Department.
• After logging into the site a window will appear encouraging you to link your PAN card with Aadhar card.
• Details such as name, gender and date of birth will already be disclosed as per the details submitted at the time of registration to the E-Filing portal.
•  Verify the details mentioned with the Aadhar card.
• After verifying details with other card you can enter the Aadhar number and click on the “link now” button
• A pop up message will appear regarding your successful linking of PAN and Aadhar card.

Importance of Linking PAN Card with Aadhar Card:-

Aadhar card and PAN card are unique identification cards and both are required as proof of identity that are necessary for registration and verification purposes.

The government has advised all citizens to link their PAN cards with their other cards.

This is being done for the following purposes:-

Prevent Tax Evasion:-

The government can keep track of the taxable transactions of a particular individual whose address and identity will be proved by his Aadhar card by linking the Aadhar and PAN cards. This will efficiently mean that the whole taxable transaction or activity will be recorded by the government. As a result of this, the government has a complete record of all financial transactions forming tax evasion a thing of the past.

Multiple PAN Cards:-

Linking PAN and Aadhar card reduces applying for multiple PAN cards by an individual in an effort to defraud the government and avoid paying taxes. By this method one’s PAN card can be used for some type of financial transaction and pay taxes applicable for those. Another one used certain other accounts and transactions that the person wishes to conceal from the Income Taxdepartment, thereby avoiding paying tax on them.

The government will be able to link the identity of a person through his/her Aadhar card, by linking the PAN and Aadhar card and later have details of all financial transactions made through the linked PAN card. The government will be able to find if multiple PAN cards linked with a same name and can take corrective action.  

Ease in Filing of Income Tax Returns:-

Every person can file their E-Returns or their online Income Tax returns perfectly and quickly after linking PAN and Aadhar card. After linking the PAN and Aadhar, entities will no longer have to submit their Income Tax acknowledgement to the IT department, thus saving taxpayers a lot of trouble.

The government has made it obligatory to link the PAN to the Aadhar before 1st of July 2017. Linking of PAN to Aadhar is required for e-filing the Income Tax Return (ITR).

To get more clarifications on the matter or for any legal assistance, connect with the expert consultants of Licit. For online legal consultation from the best lawyer visit the biggest online legal solution www.licit.ooo or download the app https://goo.gl/L8GeYk

Your Lawyer is fleecing you? Wait no more! You have got options in this Digital world.

In a country where thousands of people are fighting with the legal system, we need Lawyers who can understand the common man’s problem and stand as a bridge between them and the legal system. Lawyers must be the representative of the society and they must maintain their responsibilities in every possible way. The public responsibilities of advocates in developing countries are much more than developed countries. A developing economy requires good lawyers in every segment for its successful takeoff too.

Bar Council of India claimed that almost one third of the total lawyers in India are not genuine. The number of practicing lawyers is about to come down to 55-60% after the completion of the BCI verification process. Choosing the wrong attorney can end up costing you a lot of time and money.

Genuine Lawyers can offer legal remedies at the right time and point you in the right direction. To help the users to find right lawyers and to stop fleecing ordinary man, online lawyers portals will be the right solution on this digital world and the Indian market oversee a drastic growth for Online legal services in 2017.

The past year has been a battleground for online legal services. Finding a lawyer online was way easier than searching for the Lawyer manually. Many online platforms, including LICIT – Go Legal app or www.licit.ooo website, offer an easier and trusted way to connect with local lawyers based on your location and the type of legal cases you have. Also there are options to Chat and Video conferencing with the Lawyer in a single clickaway. This really helps the common man to save his time and money.

“Our vision is to use technology to reach out to everyone who are living in rural to urban areas, startups to big corporates and provide the best possible legal solution in a more cost-effective and affordable manner” says Santhosh Shamanna, founder of one of the biggest online legal solution providers in India, licit.ooo.

Licit- Go Legal helps you to find verified list of lawyers in India who are specialized in various legal areas & offers almost every services that is usually required in day to day life. Licit’s virtual office technologies have done the hard part for you by carefully selecting Lawyers across the country to be a part of their network. Lawyers can take advantage of this online exposure with LICIT services that double their conversions, and proven lead targeting tools.

Licit- Go Legal is the most commonly used site to search lawyers and is very simple and easy to use. Over 58 percent of clients find it way better than other online portals and commented that it is the first time they got complete satisfaction on their legal problems. 90% of users said Thumbs up to Licit’s structure and they said they will keep coming for any other legal help.

So what are you waiting for ! For any online legal consultation from the top notch lawyers in India, visit the biggest online legal solution www.licit.ooo or Download the app https://goo.gl/L8GeYk today itself.