Insolvency and Bankruptcy Code

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Insolvency and Bankruptcy Code

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The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India that seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The code outlines separate insolvency resolution processes for individuals, companies and partnership firms. IBC allows the precedes from the company's liquidation to be distributed first to secured lenders or banks and to pay off workmen's dues before paying the unsecured and operational creditors.

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Company Registration
Private limited company is among the most popular and preferable choices of business entities in India. Minimum 2 members are required, and for medium and small size businesses and startups, this can be the best choice. It has limited liability and is also applicable for 100% foreign direct investment along with government approval.
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NGO Registration
Section 8 Company or NGO Registration indicates the registration of companies that are dealing with charitable objects. It includes the promotion of science, education, commerce, the arts, and so on. This non-profit organization has been promoted to attract the best possible opportunities for all the people living inside. In this sort of registration, there is no particular bar for the company from profit creation, but they need to get the registration to be a reputable one.
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LLP Registration
Limited liability partnership registration is a new approach in the business sector that allows the companies to get the advantages of company and partnership both. In the single business entity, they are all set to get all the advantages. In 2008 was introduced in India under the limited liability partnership act 2008. It is a superior type of partnership, and no one can discourage the same. If we focus on a normal partnership, then it has unlimited liability features, and people used to discourage the same.
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