The Income Tax Act additionally recognizes firm as a separate authorized entity. A member can’t declare any possession rights over the corporate either single-handedly or collectively. The properties of the company can only be used for the development, betterment, upkeep, and welfare of the company and can’t be used for private benefits of the shareholders. A firm is perceived to be a definite legal entity and one that does not rely upon its members. The cash credited by the creditors of the corporate could be recovered solely from the corporate and the properties owned by the company. It has to behave through a board of shareholders elected or selected by the members of the corporate.
Law has always been about admissible proof and burden of proof except within the sale and purchase of its providers– until now. With procurement and the C-Suite within the purchase combine, the burden shifts to … Read More