List of Corporate Laws in India
India’s legal framework ensures transparency, accountability, and fairness in business affairs. Here’s an overview of key corporate laws in India:-
- Companies Act, 2013:
Provisions in the Companies Act cover legalities relating to company formation, management, and closure, detailed aspects like corporate structures, governance, audit processes, and directorial duties.
- Limited Liability Partnership (LLP) Act, 2008:
In India, LLPs operate under the provisions of this Act. Limited liability partnerships, known as LLPs, offer the freedom of a partnership while also shielding the partners from bearing total liability.
- Insolvency and Bankruptcy Code (IBC), 2016:
In India, the IBC has set a time limit on corporate and individual insolvency resolution. To achieve this objective, one must consider all the interests of various stakeholders so that business affairs can be conducted in a smooth manner.
- Foreign Exchange Management Act (FEMA), 1999:
To control exports and imports, India has its own regulatory body called the Foreign Exchange Management Act, which supports free trade and provides hassle free International payments and equities system.
- Income Tax Act, 1961:
The legal framework for income tax, encompassing determination, assessment, collection, and retention, is under the sections of the Income Tax Act as well as the direct taxation Act.
- Goods and Services Tax (GST) Act, 2017:
The GST is one of the most important examples of universal indirect tax that has absorbed many central and state taxes. It has simplified the tax structure and made it easier for businesses to function.
- Indian Contract Act, 1872:
The Contract Act takes into account various stages connected with the formation and performance of contracts. Provisions of Contract Act ensures that business deals and agreements are conducted in a fair and a smooth way.
- Intellectual Property Laws:
In this field, there are various laws that govern different kinds of intellectual property rights which include but are not limited to the Patents Act, Trade Marks Act, Copyright Act, and Designs Act.
- Consumer Protection Act, 2019:
This Act also enlists several provisions regarding the rights and remedies of the consumers and also removes the elements of wrong practice, and recommends a consumer dispute redressal tribunal.
- Data Protection Laws:
India is formulating a comprehensive data protection law. Currently, the 2011 IT Rules provide some guidelines on data protection.
Role of Knowledgentia Consultants:
It is Knowledgentia Consultants, your strategic legal partner, which provides all necessary, professional support to business ventures, struggling to understand and operate in the complexities of the Indian corporate legal environment. Expertise spanning Companies Act 2013, LLP Act 2008, and SEBI Act 1992 ensures governance compliance. From the subtlety of the Income Tax Act, 1961 to the complications under the GST Act, 2017 we have precise and direct guidelines offering a smooth process of compliance. Our experts can help you navigate the way smoothly out of any complexities ensuring smooth functioning as well as growth of your corporate ventures.
