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Do You Really Need A Patent Lawyer?

You have an invention — something that would fill a need and make life easier. It might even make you some money, if you could get the exclusive right to manufacture it or sell the rights to it. In other words, you need a patent. But the patent attorney wants money to file a patent application for you. Must your invention go waste or should you apply for a patent yourself, without a lawyer?

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Difference Between Memorandum and Articles of Association

Unlike in case of Memorandum of Association (MOA), registration of the Articles of Association (AOA) is a non-binding requirement for a company. Section 5 of the Companies Act 2013 provides that the Articles of a company are to contain the rules and regulations for management. Accordingly, the MOA deals with the powers and limitations of the company, while the AOA deals with the powers/limitations of the management personnel. As mentioned, registration of the Articles is optional.

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What is A Memorandum of Association

The Memorandum of Association (MOA) is a registered document containing all the legal data essentially required for the incorporation of a company and available to the public. Section 4 of the Companies Act 2013 describes the 5 clauses that must be included in the document. The preparation of a Memorandum is a legal requirement for limited liability companies only.

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Fast-track Patent Registration in India

India wants to establish itself as a patent registration hub, such that the startups from anywhere can register here. Towards this end, the Government has implemented a lot of intellectual property related proposals laid out in the Startup India Action Plan (Read here). The proposals now have a concrete structure in the form of the Patent (Amendment) Rules, 2016. These Rules aim at lower costs and faster turnarounds.

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What is A Patent?

The Indian law for patents is enshrined in the Patents Act, 1970 as amended by the Patent (Amendment) Rules, 2016. So what is a patent? A patent is an exclusive monopoly given by the Government to an inventor over his creation (innovation) for a limited period of time. Innovation can be understood as a brand new item or process, which is ingenious and has commercial applicability. The ownership of a patent confers on the patentee the exclusive right to use, make or sell his/her creation for the term of the grant. Patent is a form of intellectual property and such rights are enforceable in the court of law.
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How To Choose Your Business Structure

If you are looking to start a new business, making your way through the legalities is the going to be the least interesting part. Though, you’ll do well to acknowledge that they actually form an essential part of initial business planning that converts your idea into a reality.

Business FormationFor instance, legal business structure is an enabler without which business operations or growth could get into a deep freeze. Let’s say, you are setting up as an online retailer. Nearly all marketplaces will ask for your business registration before discussing anything else. Similarly, most investors, credit suppliers, and channel partners would want to see your company’s existence in government records. Not to mention, it is a prima facie indicator of the seriousness and trustworthiness of an enterprise.

The choice largely boils down to compliance burden, tax implication, and ease of operation. Following are the possible ways to get going in India:
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10 Tax Announcements All Startups Should Know

Startups and MSMEs have caught the Government’s attention as potential sources of economic growth and employment generation in India. The Prime Minister rolled out Startup India Action Plan in January this year, indicating that the Government is serious towards creating an enabling environment for this sector.

Eurion Constellation published an article series on some of its key announcements:

The current year’s budget has made its recommendations and some implementation deadlines have passed. So, now is the time to evaluate whether the startup sector is really on the path to the promised land. In this series, we will cover the important new announcements and concrete policy steps taken, beginning with tax sops.

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Budget 2016 Rationalizes Presumptive Tax Provisions

One of of the key challenges faced by the Government today is increasing the ease of doing business in India that will provide impetus to self-employment and instill confidence among the investor community. Presumptive taxation is one such provision in the Income Tax Act. If you are a startup, micro or small enterprise you might want to consider it.

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Did Budget 2016 Snub Indian Taxpayers?

Budget 2016 has left behind a trail of disgruntled taxpayers with some strong pressure for rollback, particularly in case of EPF taxation. The measure in itself may not be “anti-people”, but the lack of clarity in budget speech definitely led to some misinterpretation and the Government had to clarify. Read details about why taxpayers are unhappy about certain proposals and what is the Government’s rationale behind them.Our pre-budget poll revealed a clear inclination towards change in tax slabs and increase in the exemption limit u/s 80C. However, none found way to the Finance Bill 2016.

 

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What Budget 2016 Might Bring For Startups and SMEs

The Union Budget 2016 is expected to have a big focus on developing entrepreneurial ventures and supporting the existing micro, small and medium enterprises (MSMEs). The Government shares the industry’s view that this segment will drive the future economic growth in a big way and generate employment opportunities. Some of the key demands of the industry are around tax reforms, infrastructure and regulatory simplification.

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Startup India Action Plan: Procurement Norms and Exit Provisions

Through its draft Startup India Action Plan, the Government has indicated its commitment towards a conducive ecosystem for startups. Continued from our previous post in this series, the new norms for eligible enterprises are as follows:

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Startup India Action Plan: Intellectual Property Rights Support

Acknowledging the legal and infrastructural hurdles faced by startups, the Modi Government has announced some key initiatives through its flagship Startup India Action Plan. The proposed regulatory simplification for new ventures eligible under the Plan are:

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Startup India Action Plan: Simplified Legal Compliance

Speaking of startups, the Finance Minister said, “The more the sector becomes unregulated, the better it will be. One of the reasons why India became an important IT hub was because we had no laws governing it. The entire Startup India campaign is intended to create a supporting system.”

The Startup India Action Plan has tried to simplify the cumbersome and expensive laws that have long been blamed for adversely impacting the entrepreneurial initiative in the country, focusing on three key areas –
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Startup India Action Plan: Eligibility

It may be too early to comment upon how Startup India Action Plan will be put into practice – administratively and legally – but it is certainly a bold step forward in developing entrepreneurial initiative in India. That said, it is not free from contentious issues. With the Plan clearly underlining the Government’s inclination towards promoting technology and IP, other businesses may feel left out. There can be new or improved offerings, particularly in the services sector, that are not essentially technologically backed. Perhaps the Budget will throw more light on the subject of inclusivity. It will be an imperative to ensure that the proposed Inter-Ministerial Board does not become an enabler for red-tape the Government is so keen to curb. Broadly, eligible enterprises should meet the following conditions:          
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Indian Union Budget 2012: The Impact on Common Taxpayer

Finance Minister Pranab Mukherjee indeed had a tough job doing the balancing act between macro economic factors and interests of the masses. However, Budget 2012 has come up particularly hard-hitting for the common man. While overall prices are likely to go up, tax reliefs are not as expected. The incremental cash outflow on account of a blanket hike of 2% in Service Tax and Excise is likely to more than offset the small incremental savings from revised income tax slabs for most income brackets. It is interesting to note that the FM has completely failed to address rising prices and has instead presented an inflationary budget.
Mukherjee has rolled forward the deadline for implementation of the Direct Tax Code indefinitely, but has promised an early implementation. Citing the delay in DTC recommendations by the Parliamentary Standing Committee, he expressed his inability to incorporate the recommendations in the Union Budget. Against earlier estimates of a basic exemption limit of Rs. 2.5-3 lakhs, the FM has made a token increase to Rs. 2 lakhs, benefits for senior citizens remaining untouched. The distinction between male and female taxpayers below 60 years of age has been removed. These taxpayers have been clubbed under the ‘general’ category. The proposed income tax slabs under Budget 2012 are as follows:
General taxpayers below 60 years
0 – Rs. 2,00,000
Nil
2,00,001 – 5,00,000
10%
5,00,001 – 10,00,000
20%
10,00,001 and above
30%
Senior Citizens above 60 years but less than 80 years
0 – Rs. 2,50,000
Nil
2,50,001 – 5,00,000
10%
5,00,001 – 10,00,000
20%
10,00,001 and above
30%
Very Senior Citizens above 80 years
0 – Rs. 5,00,000
Nil
5,00,001 – 10,00,000
20%
10,00,001 and above
30%

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Indian Union Budget 2011: Tax Provisions

Union Budget 2011 was being approached by much curiosity and anxiety. FM Pranab Mukherjee presented the Budget for FY 2011-12 in the Parliament earlier today. As the provisions were rolled out, the Bill turned out to be a mixed bag. The FM had a tough task of balancing the conflicting goals of lower taxation, lower inflation, growth impetus, and budget deficit. Some of the major changes were proposed in the fiscal provisions, as highlighted below.
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