Introduction to law and Science You and a friend from University have an idea for a...

Introduction to law and Science

You and a friend from University have an idea for a new invention. In order to develop your idea into a commercially viable product, you have decided to go into business together. Compare an unincorporated partnership and an incorporated private limited company (Ltd). Specify which format you would choose, setting out arguments in favour of your choice.

You may use whichever referencing style you prefer, just ensure that you are consistent throughout your answer.

Your essay should be no more than 3,000 words long.

Expert Solution

It is in best interest for both to take Private Limited Company route for following reasons:

Since both may be owners or director they havr to form legal private limited comoany under Companies Act 2013 and are not personally liable for any liabilities of company which prevents them from litigation because of lack of experience
Only minimum two persons required and maximum of 200 member
Even ownership can be transferred during staje sale or outright sale of company in case of acquisitions.
Can be dissolved voluntarily by regulatory authorities
Only disadvantage is taxation will be 30percent plus cess and income tax returns every year and annual general body meeting every year however this kind of policy sustains them from litigation and legal tangles
Incase they pursue private partnership they can be under legality for any misconduct or undue practice and can result in complete closure of company and also foreign direct investment cannot be accepted because of this structure which will limit its growth considering fact that it is technology company which requires continuous capital expenditure

Rahul Sunny answered 2 years ago

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