10 Salient Features of Limited Liability Partnership Act, 2008

Investment
Limited Liability Partnership (LLP) is a new corporate form to provide an alternative to the traditional partnership with unlimited personal liability on the one hand, and, the statute-based governance structure of the limited liability company on the other. LLP is a good hybrid of partnership and company which enables professional expertise and entrepreneurial initiative to operate in flexible and efficient manner. LLP provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. Owing to flexibility in its structure and operation, the LLP is a suitable vehicle for small enterprises and for investment by venture capital. (i) The LLP is a body corporate and a legal entity separate from its partners. Any two or more…
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Useful Notes on the Meaning of “Illegal Association”–Indian Companies Act, 1956

Investment
Combination of persons for achievement of common objects is called an ‘association’. In order to protect public from the mischief of large trading associations, whose membership may go on constantly changing, section 11 provides for their compulsory registration.According to section 11 every association consisting of more than 10 persons in banking business and 20 in the case of any other business must either be registered as a company under the Companies Act or be formed according to the provisions of some other Indian Law. An association not so registered is an illegal association having no legal existence.An illegal association is an association of more than 20 persons (10 in case of banking business) which carries a business without being registered under any law. Image Source: pearlsofprofundity.files.wordpress.com ADVERTISEMENTS: An association will…
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Powers of the Board of Directors of a Company as per the Indian Companies Act, 1956

Investment
All the powers that a company is vested with can be exercised by the board of directors of the company, subject to the applicable law.The powers of the directors can be exercised either in a board meeting by passing a resolution in the meeting itself or by circulation or by way of delegation to various committees constituted by the board or to the appropriate officials of the company. The powers of the board of directors under various provisions of the Indian Companies Act, 1956 may be grouped under four heads: I. Powers to be exercised by Resolutions Passed at Board’s Meeting: ADVERTISEMENTS: According to section 292, the following powers of the company can be exercised only by means of resolutions passed at the meeting of the Board:(a) The power to…
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Top 7 Effects of Ultra-Vires Transactions (Indian Companies Act, 1956)

Investment
Following are the effects of ultra-vires transactions: 1. Injunction: Any member of the company can bring injunction against the company to restrain it from doing ultra-vires acts. 2. Personal Liability of Directors: The directors of the company are personally liable to make good those funds of the company which they have used for ultra-vires purposes. It is the duty of the directors of the company to employ funds and properties of the company for the purposes laid down in the memorandum of association of the company. 3. Contracts Void: ADVERTISEMENTS: Any contract which is ultra-vires the company, will be void and of no effect whatsoever. “An ultra vires contract being void ab initio cannot become intra vires by reason of estoppel, lapse of time, ratification, acquiescence or delay”.However, if the…
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8 Essential Characteristics of “Social Change”

Economic Development
On the basis of the above definitions and considering the views of a large number of well known sociologists, we can identify the following essential characteristics of Social Change. 1. Universality of Social Change: Social change is universal. It characterises every society. No society is static. It is continuously in flux. This becomes evident from the fact that each modern society is today different from its past form. Under the impact of several internal and external factors, each society experiences changes in its structures, functions, institutions and processes. 2. Social Change is not Uniform: ADVERTISEMENTS: Social Change differs from society to society. Change is the law of nature. Change is the spice of life. However, it can be progressive or regressive, positive or negative, permanent or temporary, planned or unplanned,…
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6 Important Agents Which Influence the Process of Political Socialisation

Trade
In the process of Political Socialisation, several agencies or institutions play an important part. These are called agencies or agents of political socialisation. Some, like family, school, college, work (employment) institutions are sometimes called primary agencies because they are the first to provide/guide orientations to the people in the initial years of their lives.Such Socialisation resulting from the activities of primary agencies is also called primary socialisation. The orientations influenced or determined by some agencies, like mass media, peer groups, etc., are sources of secondary political socialisation. However, the difference between the primary and the secondary socialisation is not organic. Image Source: boompopmedia.com ADVERTISEMENTS: The role of the following six main agents of Political Socialisation deserves a special description:1. The Family.2. The Educational Structures.3. Reference Groups or Peer Groups. ADVERTISEMENTS:…
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4 Important Factors that Determine the Working of Pressure Groups

Trade
The following factors determine the working of pressure groups: (1) Size and Nature of Organisation: A pressure group’s size is obviously one factor affecting its ability to obtain what it wants. Other things being equal, groups with many members are likely to be more successful than groups with a few members simply because of the fact that the former represent many voters and the latter a few voters. (2) Degree of Unity among the Members of an Interest Group: ADVERTISEMENTS: Cohesion is the most single element affecting success of a group. A large but internally divided or apathetic group is defeated by a small but cohesive group. In politics as in war, ten men who work united and closely together are more powerful than a hundred whom corporate loosely or…
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8 Important Functions and Role of “Interest Groups” in Politics

Trade
Each Pressure Group is organised for securing and promoting the accepted common interest or interests of its members. Consequently, it is the basic function of each pressure group to secure its interests. However, for performing this function, each group has to act and react, and perform several functions.These groups, though non-partisan in character, participate in politics. These act to maintain the unity and solidarity of their members. They are involved in elections, though indirectly and only for securing their interests and not political power.They try to influence the rule-making, rule-application and rule-adjudication structures. Image Source: globalrec.org ADVERTISEMENTS: We can broadly study the functions and role of pressure groups under the following heads:(1) Interest groups and interest articulation,(2) Interest groups as agents of political socialisation, participation, political communication and recruitment, ADVERTISEMENTS:…
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Short Essay on “Civil Society” (320 Words)

Trade
The term Civil Society is used to collectively refer to the voluntary organizations corporate bodies, socially active groups, and firms working in each society. “Civil Society is the set of intermediate associations which is neither the state nor the family, but which plays an active and positive role in social, economic, and cultural activities.” Civil Society includes all private organizations of the people. Press, professional associations of the people, Human Right Groups and Organizations of the people, voluntary social service organizations, and in fact, all NGOs constitute the Civil Society, Image Source: 3.bp.blogspot.com ADVERTISEMENTS: Civil Society works for discharging several economic, social, cultural, moral and other responsibilities which fall in the domain of private activities. It, however, serves the public purpose of securing general welfare and development.The concept of Civil…
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10 Important Aspects of “Political Development” as defined by Eminent Scholars

Economic Development
Lucian Pye in his work ‘Aspects of Political Development’ has very systematically explained the different ways in which political Development has been defined by various political scientists. (1) Political Development as the Political Pre-requisite of Economic Development: This view of political development seeks to conceptualise it in term of economic growth. Political development is regarded as “that state of the polity which might facilitate economic growth”. Paul A. Baran, Norman S. Buchanan, Howard S. Ellis, Benzamin Higgins, Albert Hirschman, Barbaran Ward and several other social scientists have advocated this view of Political Development. Image Source: pre13.deviantart.net ADVERTISEMENTS: Firstly, it is a negative view, because in practice we can study better the hindrances which a political system can pose to economic growth than the facilities that it can provide.Secondly, since economic…
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