Law can be understood as the body of rules, established by the appropriate authority and adopted by the country as rules and principles that govern the actions of its members, that can be put into practice by the imposition of penalties. There are two types of laws, that are adopted in many countries, namely common law and statutory law. The common law implies the law that emerges from new decisions made by the judges, courts and tribunals. On the other hand, the statutory law means a formal … [Read more...]

Meeting of members should be held to take members approval on some business matters. To transact ordinary business and the special business (if any) of the company, the annual general meeting is held by the board, whereas special business is discussed in the extraordinary general meeting. A company has a separate legal identity distinct from its members, but they are the ones who establish the company as a corporate entity. Nevertheless, the company is an artificial person, and so its will is … [Read more...]

When it comes to taxes, one needs to be registered with the appropriate authority, who allots a number, for the identification of the assessee. The terms PAN and TAN are used in this context. PAN stands for Permanent Account Number which is a unique identification number, for income tax purposes. TAN, on the other extreme, expands to Tax deduction and collection Account Number, which identifies every person who is liable for the deduction or collection of tax at source. Both PAN and TAN … [Read more...]

The contract can be defined as any agreement which is legally enforceable. So, the fundamental elements of a contract are agreement and enforceability as per law, wherein the agreement is a result of offer and acceptance. Based on the formation, contracts are grouped as, express contract, implied contract and quasi-contract. Express contracts connote the type of contract whose terms are expressly declared. On the other extreme, implied contracts are those contracts which are not expressly … [Read more...]

The most important feature of the negotiable instrument is that it can be freely transferred, which is possible in two ways, i.e. negotiation and assignment. Negotiation implies the transfer of negotiable instrument, that takes place in order to make the transferee, the holder of the instrument. On the other hand, assignment alludes to the transfer of ownership of the negotiable instrument, in which the assignee gets the right to receive the amount due on the instrument from the prior … [Read more...]

Law implies a body of rules which are recognized by a country to govern the action and behavior of the citizens. It can be grouped as substantive law - that ascertains the rights of the parties and procedural/adjective law - that determines the practice, procedure and machinery to implement the rights and duties. On the grounds of decree or order, a judgment is passed by the court. An order is nothing but a judgment while a decree is a final part of judgement. The primary difference between … [Read more...]

Every country's constitution enforces certain laws, for the purpose of maintaining order and protecting the society from crimes. These laws are broadly classified into two categories, i.e. Civil Law and Criminal Law. The Civil law lays emphasis on resolving the dispute like family dispute, rent matters, disputes relating to the sale and so forth. On the other hand, Criminal law stresses on punishment to the offender, who breaches the law by acts such as, murder, rape, theft, smuggling, … [Read more...]

General Agreement on Tariffs and Trade (GATT) was made in the year 1947, that aimed at initiating an international trade, by liberalizing policies and removing tariffs. It was succeeded by World Trade Organization (WTO), which is a global organization, that encourages and facilitates inter-country trade and also helps in resolving trade disputes. GATT is a multilateral agreement, between several nations of the world, that regulates international trade. Its primary objective is to reduce … [Read more...]

When we talk about life insurance, we often hear the terms nomination and assignment. The former refers to the appointment of a person, to receive the proceeds upon the demise of the policyholder, whereas the latter implies the legal transfer of rights to the benefits of the policy to another person, i.e. assignee. In the nomination, the property or amount secured by the policy remains at the disposal of the assured, till the time he/she is alive and the person appointed as the nominee is … [Read more...]

e-Government implies the implementation of information and communication technology like internet, to improve government activities and process, with the aim of increasing efficiency, transparency, and citizen involvement. On the other hand, e-Governance means governing or administering a country/state or organization, with the help of information and communication technology. Many think that these two are related to delivering government services through the internet, but the fact is they … [Read more...]