What is an body corporate?
Definition of Body Corporate. Body corporate is a specific type of business structure that provides the company with a distinct legal identity that is completely separate from that of its owners or members.
What is a body corporate legal definition?
A corporation consisting of a body of persons legally authorized to act as one person, while being distinct from that person. For example, the shareholders of a company are separate from the company.
What is the definition of body corporate under GST?
As per sub section (11) of section (2) of Companies Act, 2013 “body corporate” or “corporation” includes a company incorporated outside India, but does not include Co-operative societies or any other Body corporate specify central government in this behalf.
Is LLP a body corporate under service tax?
The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that a Limited Liability Partnership (LLP), being not a “Body Corporate” under section 2(7) Companies Act,2013, is not liable to pay service tax under the reverse charge mechanism (RCM).
What is the difference between corporate and body corporate?
A Corporate is a business structure or a legal form of organization. It has a separate legal identity distinct from its owners….Company and Corporate:
| Criterion | Company | Corporate |
|---|---|---|
| Suitability | Smaller businesses or entities | Large businesses or entities |
| Owners | Members | Shareholders |
What is a body corporate example?
Effective from 12-09-2013. “body corporate” or “corporation” includes a company incorporated outside India, but does not include— (i) a co-operative society registered under any law relating to co-operative societies; and.
Is a body corporate the same as a corporation?
A legal entity, other than a body politic or a natural person. It includes a statutory corporation, a company and an incorporated association.
Is HUF a body corporate?
An HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become designated partner in LLP.
Do body corporates have to be registered?
Body Corporates and Home Owners Associations need to register the property development with the Ombud’s offices. They also need to ensure that all complex management and conduct rules, together with any changes which have historically been made to these rules, are filed with the Ombud.
Is LLP a body corporate under GST?
• LLP is a body corporate – The definition of ‘body corporate’ under the Limited Liability Partnership Act, 2008(‘LLP Act’) specifically includes LLP registered under the LLP Act. – LLP is formed and incorporated under the Companies Act with perpetual succession.
Can an individual be a body corporate?
Under the Companies Act, 2013, any person can become a shareholder and a person could mean an individual, body corporate, an association or a company irrespective of its incorporation.
What is the difference between a company and a body corporate?
A Corporate is a business structure or a legal form of organization. It has a separate legal identity distinct from its owners. The owners of a corporate are called as shareholders….Company and Corporate:
| Criterion | Company | Corporate |
|---|---|---|
| Suitability | Smaller businesses or entities | Large businesses or entities |
| Owners | Members | Shareholders |