Limited liability Partnership

Directors

For incorporating Limited Liability Partnership [LLP] at least 2 directors of the LLP must be based in India, of which one has to be based in India for more than 6 months.

Profession Tax

Director.

Non-resident director of a company registered in Maharashtra need to pay PT, even if the company does not carry out a business in Maharashtra.



Registration

Profession tax payer needs to register irrespective of number of employees working with it.

Trainees

Stipend paid to trainees do not attract PT

Shares - Fresh Issue

The Guidelines issued by SEBI for issue of fresh equity shares requires that

1. if the issue price is Rs.500 or more -- Face value of the shares may be below Rs.10/- but can not be below Rs.1/- per share.
2. if the issue price is Rs.500 -- Face value of the shares shall be Rs.10/- per share.

Shares - Split

Sub-division or Splitting of shares is carried out by passing an ordinary resolution in General meeting of shareholders.



As specified under section 95(1)(d) of the Companies Act, return in Form 5 be submitted to ROC within 30 days after sub-division of shares.