Promoters of a company

A promoter considers a thought for setting-up a specific business at a given place and performs different conventions required for beginning an organization. A promoter might be an individual, firm, relationship of people or an organization. The people who help the promoter in finishing different lawful customs are proficient individuals like Counsels, Solicitors, Accountants and so on and not promoters.

“A promoter is the one, who undertakes to form a company with reference to a given object and sets it going and takes the necessary steps to accomplish that purpose.” —Justice C.J. Cokburn

“A promoter is the person conscious of the possibility of transforming an idea into a business capable of yielding a profit; who brings together various persons concerned and who finally, superintendents the various steps necessary to bring the new business into existence.” —Arthur Dewing

CHARACTERISTICS OF A PROMOTER

1. A promoter conceives an idea for the setting-up a business.
2. He makes preliminary investigations and ensures about the future prospects of the business.
3. He brings together various persons who agree to associate with him and share the business responsibilities.
4. He prepares various documents and gets the company incorporated.
5. He raises the required finances and gets the company going.

KINDS OF PROMOTERS

PROFESSIONAL PROMOTERS

These are the people who represent considerable authority in advancement of organizations. They hand over the organizations to shareholders when the business begins. In India, there is absence of expert promoters. In numerous different nations, proficient promoters have assumed a vital part and pushed the business group, all things considered. In England, Issue Houses; In U.S.A., Investment Banks and in Germany, Joint Stock Banks have assumed the part of promoters apparently.

OCCASIONAL PROMOTERS

These promoters appreciate coasting a few organizations. They are not in advancement deal with a consistent premise but rather take up the advancement of some organization and after that go to their prior calling. For example, engineers, legal advisors, and so forth may glide a few organizations.

FINANCIAL PROMOTERS

Some budgetary organizations of lenders may take up the advancement of an organization. They for the most part take up this work when money related environment is ideal at the time.

LEGAL POSITION OF PROMOTER

The organizationof law has not given any legitimate status to promoters. A promoter is neither an operator nor a trustee of the organization since it is a non-substance before joining. Some legitimate cases have attempted to determine the status of a promoter. He remains in a guardian position.

The promoter shape and makes the organization and under his watch it appears. It is the obligation of the promoter to get greatest advantages for the organization. He ought not get mystery benefits from the organization. On the off chance that he offers his property to organization, then he ought to clarify his enthusiasm for such property.

Author: This blog is written by Ms. Ayushi Mishra, a passionate blogger & intern at  Aapka Consultant.

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HOW TO OPEN A SAVING ACCOUNT IN INDIA?

WHAT IS A SAVINGS BANK ACCOUNT?

In today’s world keeping hard cash at home is not the safest and smartest way to manage your finances. A savings account is a place where bank assures you that you can safely hand-over your cash to them.

WHY OPEN A SAVINGS ACCOUNT?

There are few characteristics of savings account:

• Most savings account in India require account holder name and a minimum amount in the account to continue the savings, or else they charge fine for the breach.
• Savings bank account in India usually charges higher interest rates then the rate of inflation to keep the real value of money stable throughout the year.
• Nowadays, savings account is feature packed, they offer bills payment, quick transactions etc.

DIFFERENT TYPES OF SAVINGS ACCOUNT AVAILABLE TODAY

Below is a list of few kinds of savings account present today:

1. REGULAR SAVINGS ACCOUNT– these are opened on the banks having most basic terms and conditions.
2. SALARY BASED SAVINGS ACCOUNT– These are often opened by banks on the request of large companies.
3. SAVINGS ACCOUNT FOR SENIOR CITIZENS– These accounts are opened for senior citizens with specific functionality and benefits.
4. SAVINGS ACCOUNT FOR CHILDREN AND MINORS– These accounts don’t generally have a minimum balance requirement and function in the same way.
5. EXCLUSIVE BENEFITS ACCOUNTS FOR WOMEN– This is the new offering from many banks to promote women empowerment.
6. ZERO BALANCE SAVINGS ACCOUNT– This type is a merging of savings account and current account.

HOW TO OPEN AN ACCOUNT

• Research about different banks who offer savings account and their interests rates, and find the one that matches your requirement.
• Take a copy of your identity proof, address proof, photographs, employment proof, age proof and move straight to the nearest branch of that bank.
• Once, reached the bank, tell the clerk that you wish to open a savings account, and he/she will give you the required form.
• Fill that form as required and submit that form with all the documents to the clerk.
• Then your form will be submitted for the application of process and your account will be opened and functional in between 1- 12 days.

FEW BEST SAVINGS ACCOUNT IN INDIA

• SBI SAVINGS ACCOUNT
• ICICI SAVINGS ACCOUNT
• HDFC BANK SAVINGS ACCOUNT

Author: This blog is written by Ms. Ayushi Mishra, a passionate blogger & intern at  Aapka Consultant.

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Eligibility for the New Startup Scheme in India

Prime Minister Mr. Narendra Modi on 16th Jan 2016, announced certain benefits and schemes to promote start-ups in India. The event was ‘Startup India, Stand up India’. Startup India is a flagship initiative of the Government of India mainly to promote and ensure proper nurturing of start-ups in India. This will not only promote new start-ups but will also create new employment opportunities.Various benefits can be availed because of this theme. To meet the objectives of this initiative, Government of India announced an action plan which is divided in 3 main areas namely Simplification and Handholding, Funding Support and Incentives, Industry-Academia Partnership and Incubation. However, to get those benefits the start-up needs to be eligible as per the given criteria

The criteria for eligibility of any company to avail benefits under newly launched startup scheme go as follows:-

• Business entity must be Pvt. Ltd. Company / Partnership firm/ LLP
• It should not be older than 5 year
• Turnover in preceding year should not exceed 25 Crore
• It should not be formed by splitting off or reconstruction of existing business
• Startup should work towards innovation, development, deployment or commercialization of new / significantly improved product, process or service driven by technology or intellectual property
• Aim of startup is to develop a new product, Service or process from existing one.
• Obtain certificate from Inter Ministerial Board set up by DIPP to validate innovative idea and which is supported by either of the following seven

Apart from the above stated points the following recommendations and requirements also needs to be fulfilled:

• Recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India
• An incubator, which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation
• Recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GoI or
• Should be funded by an Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI that endorses innovative nature of the business or
• Should be funded by GoI as part of any specified scheme to promote innovation or
• Should have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted
• An incubator, which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation

Thus, if your start-up fulfills the given criteria you can easily avail the benefits of this scheme.

Good luck with your start-up!

1. To get trademark for your Brand name click here
2. To get ISO Certification click here
3. To register your company click here

Author: This blog is written by Ms. Eishani Behl, a passionate blogger & intern at  Aapka Consultant.

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Startups Intellectual Property Right Protection Scheme

Startups Intellectual Property Right Protection Scheme

Intellectual Property Rights are very important asset for Startups in India and it is important to protect them by taking effective measures. Intellectual Property Rights are very effective tool for any Business Organisation to boost Industrial Competitiveness. Various business groups should focus to protect their IP (Intellectual Property) along with other important things. The Startup India Action Plan 2016 through the “Scheme for Facilitating Startups Intellectual Property Protection” promotes Intellectual Property Registration. The scheme for facilitating Startups Intellectual Property Protection is made to protect Patent, Trademarks and Designs of Startups.

Scheme for Facilitating Startups Intellectual Property protection (SIPP)

The scheme is released by the Office of Comptroller General of Patents Designs and Trademarks on 22nd April 2016 with the objective to protect and promote Intellectual Property Rights awareness for Startups in India. By this scheme the appointment of experienced and registered Trade Marks /patent Agents as Facilitator to guide and help the Startups in matters relating to protection of Intellectual Property. The Startups shall not have to pay any kind of fees for availing services from the Facilitators because they are directly paid by the Central Government. The Objective of this Scheme is to assist the Startups in protection and promotion of their Intellectual Property by providing good IP services. This Scheme is designed to promote awareness and adoption of Intellectual Property Rights.

Intellectual Property Facilitators

For the effective implementation of the scheme the Controller General of Patent, Trademark and Design appoint Facilitators to assist the Startups in protecting the Intellectual Property Rights. There is a list of persons who can be appointed as Facilitators:

• Any Patent Agent registered with the Controller General of patent, Design, Trademark (CGPDTM)
• Any Trademark Agent registered with the Controller General of Patent, Design, Trademark (CGPDTM)
• Any Advocate as defined under The Advocates Act, 1961 who is actively involved in filing and disposal of applications for Patents, Trademarks and Designs.
• Government Departments, Organisation, Agencies.

Functions of Facilitators

The functions of Facilitators are decided by the Controller General of Patent, Design, and Trademark (CGPDTM). The Facilitators provides following Intellectual Property Protection Services to the Startups:

• It provides general advice on different Intellectual Property Rights to Startups.
• It provides assistance in filing and disposal of the Intellectual Property applications related to Trademarks, patents, designs.
• It provides assistance for inventions of Startups.
• It prepares and files responses to examination reports and other notices, letters by the IP office.
• It appears at hearing on behalf of the Startup.
• It contests opposition by other parties.
• It provides information on protection and promotion of IPR to Startups in other Countries.

These are the basic functions of Facilitators which they are bound to perform during their duty. The facilitators can be removed from the office by Controller General of Patent, Design, and Trademark (CGPDTM) if:

• He receives any information about the professional misconduct of Facilitator.
• He receives any complaint from the Startups.

Intellectual Property Rights are very important tool for a Business Organisation in achieving the success. It is the main reason why we should protect the IPR in Startups. Every Startup should have the knowledge of protecting the Intellectual property (Patent, Trademarks, and Designs etc). For the protection of Startup IP the Central Government had taken a good initiative by making the scheme for facilitating Startups IPR. For the effective enforcement of the scheme the Government appointed facilitator. These Facilitators provides the advice and assistance to Startups in protecting the Intellectual Property. They also provide awareness to the Startups to protect their Intellectual Property Rights. Overall this Scheme is objected to protect the Startups Intellectual Property Rights.

Author: This blog is written by Ms. Harshita Jangid, a passionate blogger & intern at  Aapka Consultant.

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Startups Intellectual Property Right Protection Scheme

Colour Trade Mark in India

A Trade mark is a symbol of representation of goods and services of one person which distinguishes them from similar goods and services. It may include device, brand, heading, label, name, numeral, shape of goods. Trademarks are used to identify the goods and services from particular business. For the protection of trademarks the trademark registration is necessary. A trademark registration can also be obtained for colours which represent a business. In order to obtain colour trademark registration, the colour or combination of colours must be capable of distinguishing the products of one entity from other entity. Colour is the important factor of branding because many brands are known to the consumers on the basis of colour.

Colour as a Trade Mark

Section 10of the Trade Marks Act states that trade mark can be limited to particular colour or combination of colour. A person can register the colour trademark. The Trademarks Act clearly states that trade mark include colour or combination of colours which is capable of distinguishing the goods and services from other similar goods and services. The applicant (who wants to avail the registration) has to show the evidence which proves that particular colour combination is associated with the applicant or completely designates his goods/services. To constitute a colour as trademark two conditions need to be fulfilled:-

• The colour or combination of colour is capable of distinguishing a product from other similar products.
• The colour or combination of colour is exclusively connected with the applicant who wants registration of Colour as trade mark.

Registration of Colour Trademark

The procedure of registration of colour trademark is provided in the Trademark Act. First of all, the person who wants to acquire registration is required to file an application for registration of trademark in respect of goods or services to the competent Registrar of trademark. The Registrar may either refuse or accept the application. If the Registrar accepts the application then the next step is to advertise the application. When an application has not been opposed and accepted, the registrar registers the particular trademark.

Registration of Single Colour Trademark

Registration of single colour trademark is granted only in irregular cases because many of the average consumers not assume the origin of goods and services based exclusively on their colour. It can be registered if two things are there:

• If it is very unusual and peculiar in a business.
• If it is recognised by consumers that it serves as a symbol of origin for particular goods.

In most of the cases application for single colour trademark registration is objected by the Trademark Examiner because they lack the capacity to distinguish particular goods from similar goods.

Registration of Combination of Colour Trademark

A combination of colours can be registered. Two things are required for this purpose:

• They should be unique.
• They are capable of distinguishing goods and services from similar goods and services.

To receive combination of colour trademark registration it is necessary to prove that the colours are likely to strike the consumer as an indication of trade source.

To avoid any kind of objection evidences should be presented at the time of registration which clearly shows that colour trade mark is capable of representing product of a particular business organisation and it is exclusively related to the that business only. In India single Colour trademark registration is very rare. The amount of Combination of Colour Trademark registration is high. The procedure of registration of both type of trademark is similar. In India, Business Organisations can acquire Colour or Combination of Colours Trademark by adopting the procedure of registration.

Author: This blog is written by Ms. Harshita Jangid, a passionate blogger & intern at  Aapka Consultant.

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ONLINE BUSINESS IDEAS IN INDIA 2017

ONLINE BUSINESS IDEAS IN INDIA 2017

Online Businesses have emerged drastically with the advancement in technology and banking. A traditional business practice involves a buyer, a seller and a market place. There is personal touch and direct money transaction. In online businesses, however, the physical market is eliminated and a wider, virtual platform is created. This platform is available to anybody and everybody who is connected with the worldwide web. And this is just one of the dozens of other reasons why online businesses have started to make more sense and proved to be more profitable in the last decade.

• Minimal investment
• Readily available market
• Easy management
• Minimal workforce requirements
• Easy to dissolve

The best thing about this form of business is that one can set feet in various arenas of business without having to worry about making huge investments. Creativity and skill play a major role in business-hopping still.

Some of the best online business ideas which have emerged/ sustained in 2016 are –

BLOGGING- In simple terms, blogging refers to writing about events, situations, social topics, passions or life in general and sharing them with the world on a virtual platform. The thing about blogging is that once you start writing a blog, you won’t really think of it as a source of money making but engaging in ones hobby of writing and sharing. All it takes is creating a blog on WordPress or Blogspot and keep filling it up with content until one day you have enough viewers who have read and shared your work. As the network of reader increases you can start making money through one or more variety of income streams. Sometimes the website which holds your blog might even ask you to start paying for the space you occupy but it will be nothing compared to the royalty you generate from the readership.

RETAIL– Online retail is basically platforms which provide online shopping facilities to customers. It is directing the goods and services from a seller over the internet using a web browser and delivering it to the customer at his doorstep. This is popular and not restrictive to those individuals who can arrange and invest on a large scale as to compete with online shopping giants like Flipkart and Amazon. All one needs is minimal investment, sellers, a website, access to various payment options and goods to sell.

CONTENT WRITING– Content writing is similar to writing blogs. Except it is written for somebody else on the basis of a certain specifications given to you prior the content is written. Most companies have tie ups with advertising agencies to advertise their products. However, what they usually lack is catchy descriptions to advertise their product with. The job of a content writer is to very crisply elaborate on the uses and benefits of a product or an idea for the company to use.

ANIMATION AND GRAPHIC DESIGN– Animators are geeks who have proficiency in technology. Animation can be learnt as side course or one can graduate training as a career advancement option. Animators make motion pictures out of two dimensional images. A graphic designer, on the other hand, has a much simpler job of creating two dimensional images which are usually used as logos, etc..

CONSULTATION– Online consultations are popular on the internet. The consultation present ranges from medical consultation to legal to business to educational to so on and so forth. One is required to ensure that the consultation provided or the content shared is 100% legitimate and reliable. If you have expertise in any field, consultation should be a good business option for you.

SELLINGMUSIC– SellingMusic is another online business to start with. You can record and sell your music online at marketplace like AudioJungle, Pond5 or Bandcamp. Music is the most selling product on the internet after clothes and books.

MAKING APPS– If you are a good programmer then you can also start an online business which involves making apps. You can get these apps verified by Google or other such bodies and then sell them to people.

FREELANCING- Freelancing is another best online business opportunity to explore. There are number of best freelancing sites where you can signup & provide number of services to the people or companies.You can charge a fixed amount or on hourly basis for a particular project. There are many online services you can provide as a freelancer.

Author: This blog is written by Ms. Falaq Patel, a passionate blogger & intern at  Aapka Consultant.

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LEGAL DOCUMENTATION FOR E-COMMERCE STARTUPS

LEGAL DOCUMENTATION FOR E-COMMERCE STARTUPS

If you are starting a new business, these following legal documents for e-commerce startups can make the difference between a successful venture and one that is headed for failure:-

1. FOUNDERS AGREEMENT

A Founders’ Agreement outlines the roles and responsibilities of the founding members of a company, the equity vested in them, the ownership of intellectual property created by them etc. It is a broad agreement covering various aspects of the venture that the founders are about to undertake, including the consequences of their departure or death.

If you want to get it drafted from our legal experts, then kindly click here

2. VENDOR/SELLERS AGREEMENT

A Vendor Agreement is an agreement stipulating the conditions under which the work is to be performed by the vendor. It is a comprehensive agreement covering various aspects such as the quality of goods supplied or service provided, duration of the contract, terms and mode of payment. Such an agreement would be useful to those hosting a large event (a trade exhibition, for example) where several vendors will be selling their wares.

If you want to get it drafted from our legal experts, then kindly click here

3. NON DISCLOSURE AGREEMENT

A non-disclosure agreement (NDA) is a legal contract stating that certain information is confidential, and the extent to which its disclosure is restricted to third parties. It can be entered into with a person or organisation. Confidential information includes trade secrets, business plans, business methods and strategies, drawings, charts and more. Software programs and code are also confidential information.

If you want to get it drafted from our legal experts, then kindly click here

4. WEBSITE TERMS & POLICIES

All online businesses need a terms of service agreement and privacy policy prominently displayed on their website. Most users ignore them and perhaps wonder whether they’re of any use at all, but all entrepreneurs know their importance. The terms of service agreement explains the conditions on which service is being delivered. Privacy Policy: Website Privacy Policy Agreement is a legal document which states that any information which is being gathered by any website will not be disclosed to the third party without any permission or legal action. According to the Information Technology Rule, 2011 in India there is a corporate body to provide a privacy policy for handling of or dealing in personal information, making the privacy policy a must-have for websites. Disclaimer: A disclaimer is a statement/notice informing the user of any product or service of the possible consequences of the same. The law mandates the display of a disclaimer in certain cases, such as where there is an inherent risk of harm to one’s health (the warnings displayed on cigarettes are a prime example), but are used commonly in all product and service literature. A disclaimer helps to clearly establish/limit one’s rights and liabilities with respect to the user of a particular product or service. It is used in situations which involve an element of risk or uncertainty.

If you want to get it drafted from our legal experts, then kindly click here

5. NON-COMPETE AGREEMENT

A Non-Compete Agreement is a contract between two parties, where one party agrees not to compete with the other for a period of time. It lessens the possibility that knowledge gained by an employee or business partner will be used in the future to compete against them. In return, for not competing, the party is paid a fee. In most cases, the Non-Compete Agreement would prevent someone who signed it from competing directly, or from working for a competitor. This agreement outlines the duration of the agreement, any geographical limitations, and what subjects or markets it covers.

If you want to get it drafted from our legal experts, then kindly click here

6. FRANCHISE AGREEMENT

It is a legal contract between a franchisor and a franchisee. The agreement’s content can vary depending upon the franchise’s system, the state jurisdiction of the franchisor, the franchisee, and the arbitrator. It provides the investor with a product, a branded name and recognition, and a support system.

If you want to get it drafted from our legal experts, then kindly click here

7. MEMORANDUM OF UNDERSTANDING (MOU)

A Memorandum of Understanding (MoU) is a document in which two or more parties declare that they agree on a common course of action or business. It is the first stage of the making of a contract. An MoU is generally recognised as binding even though it creates no rights and obligations in itself. To be legally operative, an MoU must identify the contracting parties, spell out the subject matter of the agreement and its objectives, summarise the essential terms and must be signed by the contracting parties.

If you want to get it drafted from our legal experts, then kindly click here

8. JOINT VENTURE AGREEMENT

A joint venture (JV) agreement is entered into by a group of persons or companies to do business together or to collaborate on a particular project without losing their individual legal identities. Such an agreement is legally binding and clearly lays down the areas of cooperation and divergence, and makes provisions for profit-sharing and operations. Usually, before entering into such a formal agreement, the parties sign a Memorandum of Understanding (MoU).

If you want to get it drafted from our legal experts, then kindly click here

9. NON-SOLICITATION AGREEMENT

A Non-Solicitation Agreement is a contract whereby an employee agrees not to solicit a company’s clients or customers, for his or her own benefit or for the benefit of a competitor, after leaving the company. It can also include an agreement by the employee not to solicit other employees to leave when he or she quits or otherwise moves on.

If you want to get it drafted from our legal experts, then kindly click here

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