Business Collaboration, Agreements And Changes In Business

 

Franchise Agreement

An agreement wherein the franchisor agrees to lend the trade name or business system to another person or entity (the franchisee).

Advice on Requirements

We’ll help you find out what you need covered

Document Drafting

The first draft will be shared with you in four days

Iterations

We do two rounds of iterations at no extra cost

Memorandum of Understanding

A contractual agreement in which two parties, a client and service provider, agree to terms and conditions that are to govern all transactions between them for the long-term.

Advice on Requirements

We’ll help you find out what you need covered

Document Drafting

The first draft will be shared with you in four days

Two Iterations

We do two rounds of iterations at no extra cost

Joint Venture Agreement

Such an agreement is legally binding and clearly lays down the areas of cooperation and divergence, and makes provisions for profit-sharing and operations.

Advice on Requirements

We’ll help you find out what you need covered

Document Drafting

The first draft will be shared with you in four days

Iterations

We do two rounds of iterations at no extra cost

Adding a Director

To add a director, the person appointed must be eligible as per the Articles of Association and give his consent in writing.

Adding a Director

As per section 260 and section 284 of the Companies Act, 1956, the Articles of Association of a company are the source of authority from where the Board of Directors draws the right to add new directors to the Board or remove existing ones. The Articles of Incorporation must provide for the addition of Directors. The person appointed must be eligible as per the relevant clauses in the Articles of Association and must give his consent to be a director in written form which the company must register with itself.

Change LLP Agreement

The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement. The second step is to file Form 3 with the Registrar within 30 days of the amendment in the agreement.

Change in Registered Office Address

The registered office of a company or LLP is the principle place of business and all official correspondence from the Ministry of Corporate Affairs is sent to the mentioned location. The registered office address can be changed within the local limits of the city, town or village by simply giving notice to the concerned registrar within 30 days from the date of change. If, however, you are moving the registered office to another state, a special resolution needs to be passed and an advertisement needs to be placed in a newspaper, before notice is given to government.

Change in Name & Objectives

To change the goals or aims and objectives of your business, you need to amend the Memorandum of Association. The MoA contains the object clause. Now, this can be difficult to do, particularly if you’re a young company looking to completely change the main objects. But if you follow the right methods, it can be done quickly. For example, one mistake many companies make is to include several domains in the main objects. This will not be approved. For example, if you are in the software business, you can cover all software services in the main objects, but other services, such as design, should be included in ancillary or other objects of the company.

Adding a Designated Partner

In case of a Limited Liability Partnership (LLP), at least two individuals who are partners shall act as designated partners. These partners must have a Designated Partner Identification Number and their names must feature in the LLP agreement.

Removing a Director

A company can remove a director if he incurs any of the disqualifications specified under the Act, absents himself from board meetings over 12 months, enters into contracts or arrangements against the provisions of section 184, is disqualified by an order of a court or Tribunal, or is convicted by a court of any offence and sentenced to imprisonment for not less than six months.