Is it illegal to have an unregistered business in Trinidad?
It is a legal requirement by the Government of Trinidad & Tobago. You’ll be able to declare tax-deductible business expenses. Being unregistered prohibits you from growing, since you’ll have to avoid being noticed by the Government.
What is Section 337C?
Section 337C(1) Where a declaration has been submitted to the company, by a shareholder who is not a beneficial owner of the company, tick this box and state the date on which the declaration was Page 1 of 11 Page 2 DISCLAMER: This document is intended for information and general guidance on how to complete Form 45 …
How do I remove a director from my company in Trinidad?
Removal of directors If a director does not stand for re-election after serving a term of more than a year, the shareholders can remove him by ordinary resolution.
How many directors can a company have Trinidad?
two directors
A company shall have at least two directors but a public company shall have no fewer than three directors, at least two of whom are not officers or employees of the company or any of its affiliates.
Is a sole trader a business?
A sole trader is a self-employed person who owns and runs their own business as an individual. A sole trader business doesn’t have any legal identity separate to its owner, leading many to say that as a sole trader you are the business.
Do sole traders pay tax?
A sole trader must pay tax on business profits (minus expenses). If a sole trader has a business bank account that is separate from their personal one, they can claim tax relief on interest and charges. When a sole trader sells assets or the business, any monetary gain is taxed.
Can a company have only one director?
You can run a limited company with just a sole director Understandably, in the case of a company with a sole director, this has to be a ‘natural person’ (i.e. an individual), however, another company can become a co-director if an individual has already been appointed.
How do I register a company law?
How to Register a Company in India?
- Step 1: Digital Signature Certificate (DSC)
- Step 2: Director Identification Number (DIN)
- Step 3: Registration on the MCA Portal.
- Step 4: Certificate of Incorporation.
Can directors be personally liable in a limited company?
Simply put, limited liability is a layer of protection placed between the company and its individual directors. This means the directors cannot be held personally responsible if the company is unable to pay its debts.
Is a director entitled to see accounts?
So, in summary, the law is clear that a director has the right to access accounting records, unless he is seeking to access them for an improper purpose, and the burden is on the company seeking to deny access to prove that the director’s motives are “improper”.
Can a director be liable for company debts?
As has already been discussed, a director cannot be held responsible for the debts of his or her company due to the protection offered by limited liability. This means directors will need to pay back the money they have borrowed from the company so that it can be used to repay creditors.
Can a director take action against another director?
India: Liabilities Of Directors; Persons Who Can Bring Actions Against The Directors. Directors can be held liable both jointly and collectively, for any and every act, commission or omission which is prejudicial to the interests of the company and violates any of the duties to be discharged by them.
What is the thirteenth schedule of the Companies Act?
The Thirteenth Schedule deals with “Rules in regards to Certified Copies, etc., required under the Act and as to General Forms” and is incorporated in the Act as the THIRD SCHEDULE). MINISTRYWWOFWWTHEWWATTORNEYWWGENERALWWANDWWLEGALWWAFFAIRS wwwnlegalaffairsngovntt
When to apply for Certificate of continuance under Companies Act 1997?
Section 340 of the Act states that every former-Act company shall within two years after the commencement date of the Act (i.e., 15th April 1997) apply to the Registrar for a Certificate of Continuance.
What does ” former ACT ” mean in the Companies Act?
Sections 2, 3 and 4 of the Companies (Former-Act Companies) (Validation) Act, 2003 (Act No. 12 of 2003) provides as follows: 2. In this Act— “Act” means the Companies Act, 1995; “certificate of continuance” has the meaning assigned to it in Part V, Division 3 of the Act; “former-Act company” has the meaning assigned to it in section 4 of the Act.