Category: Ranker Webinars

The government has introduced in the Rajya Sabha the Limited Liability Partnership (Amendment) Bill, which seeks to encourage the startup ecosystem and further boost ease of doing business in the country.

Key changes as proposed in the bill includes as viz. introduction of the concept of ‘small companies’, decriminalization of certain offences, empowering Govt. to establish special courts etc.

What are LLPs?

• A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations.
• In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
• This is an important difference from that of an unlimited partnership.
• In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.

Liability. But against whom?

• Limited liability means that if the partnership fails, then creditors cannot go after a partner’s personal assets or income.
• LLPs are common in professional business-like law firms, accounting firms, and wealth managers.

Benefits offered by an LLP

• Risk avoidance: For a long time, a need has been felt to provide for a business format that would combine the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost.
• Flexibility: The LLP format is an alternative corporate business vehicle that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement.
• Startup-promotion: This format would be quite useful for small and medium enterprises in general and for the enterprises in services sector in particular.
• Service-oriented: Internationally, LLPs are the preferred vehicle of business particularly for service industry or for activities involving professionals.  
• Investment promotion: The hybrid structure of LLP will facilitate entrepreneurs, service providers and professionals to organize and operate in an innovative and efficient manner for effectively competing in the global market.
• Ease of Doing Business: The cost of forming an LLP is low and there’s’ less compliance and regulatory burden. It has no requirement of minimum capital contribution.

Limitations of LLP

• Penalty on non-compliance: The compliance that is to be followed by LLP is minimal. But, if these compliances are not completed on time, then the LLP will have to pay a heavy penalty.
• Winding up and dissolution of LLP: A minimum of two partners is required to form an LLP. If the minimum number of partners is below two for six months, then the LLP will be dissolved. It may be dissolved if the LLP is unable to pay its debts. 
• Difficulty to raise capital: The LLP does not have the concept of an IPO (equity or shareholders like a company). Angel investors and venture capitalists cannot invest in the LLP as shareholders.

LLPs in India

• The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008.
• An LLP has the characteristics of both the partnership firm and company.
• The Limited liability Partnership Act, 2008 regulates the LLP in India.
• Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP. 

Setting up of an LLP

• Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.
• Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be resident in India.
• The rights and duties of designated partners are governed by the LLP agreement.
• They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.
• The rights and duties of designated partners are governed by the LLP agreement.
• They are directly responsible for the compliance of all the provisions of the LLP Act 2008 and provisions specified in the LLP agreement.

LLP Amendment Bill, 2021

Key Highlights:

• Total of 12 offences to be decriminalized under LLPs. The decriminalized offences will then get shifted to an internal adjudication mechanism to help unclog criminal courts from routine cases.
• The government has also approved creation of a class of small LLPs to encourage entrepreneurs. These LLPs will be subject to fewer compliances, reduced fee or additional fee, and smaller penalties in the event of default.
• The changes, including removing criminal action for failure to comply with provisions of the Act, will help about 2.30 lakh such firms in the country.
• A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat.

New Concepts:

• Definition of Small Company:  The government will also introduce a new definition of small LLPs based on their turnover size and contributions by partners or proprietors. At present, there are relaxations for thresholds up to turnover size and partner’s contribution of Rs 40 lakh and Rs 25 lakh, respectively.
• Lower compliance: It will incentivize unincorporated micro and small partnerships to convert into the organized structure of an LLP and derive its benefits. The corporate affairs ministry is also working towards setting up an e-adjudication platform as part of the new version of the MCA21 portal.

A dream does not become reality through magic; it takes sweat, determination, and hard work. 

The Streak Daily Initiative is aimed to help out UPSC aspirants in their day-to-day preparation. You can follow the monthly, weekly, and daily timetables and continue this streak until you find yourself on the final list.

So, let us look at Today’s activities.

For full-time Aspirants

1. Historical background and making of the Constitution

For working Aspirants

1. Special Provisions for some states, Union Territories, Scheduled and Tribal Areas

Target Assignment by Ravi Sir:

Try these Prelims Questions :

Q. Consider the following statements about Delhi
legislative assembly

1. The strength of the council of ministers is fixed
   at fifteen percent of the total strength of the
   assembly.
2. The chief minister is appointed by the Lt.
   Governor.
3. The ministers hold office during the pleasure of
   the Lt. Governor.
   Which of the statements given above is/are
   correct?

1 and 2 only

1 and 3 only

2 and 3 only

None of the above

Q. Consider the following statements about Inner
Line Permit

1. It is a document required by non- natives to visit
   or stay in a state that is protected under the ILP
   system.
2. Northeastern states covered under ILP are
   Arunachal Pradesh, Mizoram, Meghalaya and
   Nagaland.
3. All domestic and foreign tourists visiting states
   covered under ILP need to seek a permit.
   Which of the statements given above is/are
   correct?

1 only

2 only

1 and 3 only

1 and 2 only

Q. Consider the following statements regarding administration of the Union Territories:

1. An administrator of the Union Territory is an agent of the President and Head of the State like Governor.
2. Parliament can make a law on any subject of the three lists for any Union Territory.
3. Ministry of Home affairs is the nodal ministry for all matters of the Union Territories related to legislation, finance and budget.

Which of the statements given above is/are correct?

A. 1 only

B. 2 and 3 only

C. 1 and 3 only

D. 1, 2 and 3

17. Consider the following statements regarding the 6^th scheduled areas of the country

1. Governor of the State declares the scheduled areas within a particular state
2. Executive power of centre extends to these areas related to administration of these areas
3. Acts of Parliament or state legislature do not apply to these areas unless Governor decides so
4. Tribal Advisory council consists of 24 members of tribal community to advise governor.

Which of above statements are true?

1. 1,2 and 3
2. 2, 3 and 4
3. 2 only
4. All of them

Q. Which of the statements given below about administration of scheduled and tribal areas?

1. While 5^th schedule deals with administration of scheduled areas, 6^th schedule deals with administration of tribal areas

2. Each autonomous district council have elected members only to ensure more autonomy.
3. There are 10 district autonomous councils in 4 states of North East. 

4. Scheduled areas have more autonomy than tribal areas.

Select the correct answer using the codes given below

1. 1,2 and 3
2. 1 and 3 only
3. 2 and 3 only 
4. All of them

Video Discussion of Prelims Questions by Santosh Sir:

https://www.youtube.com/watch?v=YXWwN2gLt5A

Try these Mains Questions :

Q: ‘The constituent assembly debates give an insight into the minds of our constitution makers.’ Justify. (10)

Q: Secularism in indian constitution ensures citizens rights of equality and places duties on the state at the same time. Explain. (250 words)

Video Discussion of Mains Questions by Sukanya Ma’am:

Stay tuned with us for tomorrow’s targets.

——————————————————————————————–

Visit our course page for further details

Topics for Today’s questions:

GS-1 Indian culture will cover the salient aspects of art forms, literature and architecture from ancient to modern times

GS-2 Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests.

GS-3 Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.

GS-4 Attitude: content, structure, function; its influence
and relation with thought and behaviour; moral and political attitudes; social influence and persuasion.

Questions:

Question 1)

Q.1) In India’s rich musical heritage, ‘Khyal’ and ‘Thumri’ hold a prominent place. Discuss. (10 Marks)

Question 2)

Q.2 “Amid Turkey’s quest for regional dominance and hostility towards India, the deepening engagement between India, the UAE and Israel can be converted into a formal coalition on the lines of Abraham Accords” Comment. (10 Marks)

Question 3)

Q.3 India imports approximately 85 per cent of its crude oil requirements and is exposed to the volatility of the international oil market. In light of this, suggest the policy measures for harnessing India’s indigenous petroleum resources and mitigation of supply shocks. (10 Marks)

Question 4)  

Q.4) Positive attitude without skills can’t ensure success in one’s professional life. Do you agree? Substantiate. (10 Marks)

HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?

1. Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.

2. A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.

3. You can write your answer on an A4 sheet and scan/click pictures of the same.

4.  Upload the scanned answer in the comment section of the same question.

5. Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.

6. If you upload the answer on the same day like the answer of 1st August is uploaded on 1st August then your answer will be checked within 72 hours. Also, reviews will be in the order of submission- First come first serve basis

7. If you are writing answers late, for example, 1st August is uploaded on 3rd August, then these answers will be evaluated as per the mentor’s schedule.

8. We encourage you to write answers on the same day. However, if you are uploading an answer late then tag the mentor like @Staff so that the mentor is notified about your answer.

*In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*. 

For the philosophy of AWE and payment: 

Topics for Today’s questions:

GS-1 Indian culture will cover the salient aspects of art forms, literature and architecture from ancient to modern times

GS-2 Important Aspects of Governance, Transparency and Accountability

GS-3 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment

GS-4 Human Values – lessons from the lives and teachings of great leaders, reformers and administrators; role of family, society and educational institutions in inculcating values

Questions:

Question 1)

Q.1) Highlighting the unique features of Vesara style, discuss how it symbolizes confluence of Dravidian and Nagada styles of temple architecture.(15 Marks)

Question 2)

Q.2 What are the issues with Section 124A of the Indian Penal Code? Suggest the ways to deal with the issues. (15 Marks)

Question 3)

Q.3 Do you agree with the view that the Indian economy is in the cycle of low growth and higher inflation? Give reasons in support of your argument.(10 Marks)

Question 4)  

Q.4) Explain in brief, what do you understand by the following: (a) Beliefs (b) Values (c) Norms (d) Ethics (e) Morals (10 Marks)

HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?

1. Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.

2. A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.

3. You can write your answer on an A4 sheet and scan/click pictures of the same.

4.  Upload the scanned answer in the comment section of the same question.

5. Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.

6. If you upload the answer on the same day like the answer of 1st June is uploaded on 1st June then your answer will be checked within 4 days. Also, reviews will be in the order of submission- First come first serve basis

7. If you are writing answers late, for example, 1st June is uploaded on 3rd June, then these answers will be evaluated as per the mentor’s schedule.

8. We encourage you to write answers on the same day. However, if you are uploading an answer late then tag the mentor like @CD @staff so that the mentor is notified about your answer.

*In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*. 

Webinar Date: 1st August 2021

Timings: Join Now for Free

Webinar Joining Link: https://zoom.us/j/94501231468?pwd=eVlUMnhmbnQ2MFhEaVIzdWJWdmpXdz09

Meeting ID: 945 0123 1468
Passcode: 632515

As complicated as it may appear, the UPSC Civil services exam is more about carrying nerves. It’s also about maintaining discipline for the time being and till you succeed. Nor the subjects are esoteric or unheard of. But the character for one to be able to sacrifice the beauty called life and family is rare. Your stay in the game with the zeal to come out winning is very important.

Philosophy aside, but keeping the practical elements in mind, let’s dig a little deeper.  Also, find out what it takes for one to jump that threshold and what our toppers have said. Why have they not been able to clear earlier and what changes have they made to succeed?. These are the most sought-after info and are available on the internet. But from an individual’s perspective, one can not ignore his/her inconclusiveness due to lack of a distinct plan or direction.

Hence, we are coming up with an open session. To counter myths and give some facts which will help you see the light on the other side of the tunnel about the exam.

In this open session, we are going to give a clear insight which is important for one to save time, energy, and effort. Which might otherwise be getting wasted in the wrong direction? This is important because for an individual the first year is the year with maximum energy, expectation from self, go-getter attitude, etc..

We tend to get lost in the sea of advice and sources of studies. To save one from such torrents of information, it’s sometimes said that we need to better know “what not to follow than what to follow”.

Anyways such hypotheses aside, your time in this open session is going to be full of interaction. Some previous year aspirants are also expected to be present. We do expect that all your confusion about the exam will get clear.

Attendees can expect some takeaways too in the form of softcopies relevant to the exam. They will be available to you via email once you have done the registration for the open session.

In this webinar, Ajay Verma, Mentor Head at Civilsdaily will give you an overview:

– What UPSC expects out of you?

– Avoiding Mistakes that can cost you an attempt?

– What to do to master the IAS-Exam?

– How to clear the exam -Step-by-Step learning plan?

– An interactive Q&A session with Current Students at Civilsdaily

– How to clear the exam on the very first attempt?

– Important Civilsdaily softcopies takeaway for exam preparation.

A quick bit about Ajay :

Ajay has firsthand experience with 6 Mains and 3 interviews of UPSC. He has gathered experience working as Mentor-Head at CivilsDaily for the past 3 Yrs and helped many cross the threshold.

Webinar Date: 1st August 2021

Timings: 7 PM

As complicated as it may appear, the UPSC Civil services exam is more about carrying nerves. It’s also about maintaining discipline for the time being and till you succeed. Nor the subjects are esoteric or unheard of. But the character for one to be able to sacrifice the beauty called life and family is rare. Your stay in the game with the zeal to come out winning is very important.

Philosophy aside, but keeping the practical elements in mind, let’s dig a little deeper.  Also, find out what it takes for one to jump that threshold and what our toppers have said. Why have they not been able to clear earlier and what changes have they made to succeed?. These are the most sought-after info and are available on the internet. But from an individual’s perspective, one can not ignore his/her inconclusiveness due to lack of a distinct plan or direction.

Hence, we are coming up with an open session. To counter myths and give some facts which will help you see the light on the other side of the tunnel about the exam.

In this open session, we are going to give a clear insight which is important for one to save time, energy, and effort. Which might otherwise be getting wasted in the wrong direction? This is important because for an individual the first year is the year with maximum energy, expectation from self, go-getter attitude, etc..

We tend to get lost in the sea of advice and sources of studies. To save one from such torrents of information, it’s sometimes said that we need to better know “what not to follow than what to follow”.

Anyways such hypotheses aside, your time in this open session is going to be full of interaction. Some previous year aspirants are also expected to be present. We do expect that all your confusion about the exam will get clear.

Attendees can expect some takeaways too in the form of softcopies relevant to the exam. They will be available to you via email once you have done the registration for the open session.

In this webinar, Ajay Verma, Mentor Head at Civilsdaily will give you an overview:

– What UPSC expects out of you?

– Avoiding Mistakes that can cost you an attempt?

– What to do to master the IAS-Exam?

– How to clear the exam -Step-by-Step learning plan?

– An interactive Q&A session with Current Students at Civilsdaily

– How to clear the exam on the very first attempt?

– Important Civilsdaily softcopies takeaway for exam preparation.

A quick bit about Ajay :

Ajay has firsthand experience with 6 Mains and 3 interviews of UPSC. He has gathered experience working as Mentor-Head at CivilsDaily for the past 3 Yrs and helped many cross the threshold.

Webinar Date: 1st August 2021

Timings: 7 PM

As complicated as it may appear, the UPSC Civil services exam is more about carrying nerves. It’s also about maintaining discipline for the time being and till you succeed. Nor the subjects are esoteric or unheard of. But the character for one to be able to sacrifice the beauty called life and family is rare. Your stay in the game with the zeal to come out winning is very important.

Philosophy aside, but keeping the practical elements in mind, let’s dig a little deeper.  Also, find out what it takes for one to jump that threshold and what our toppers have said. Why have they not been able to clear earlier and what changes have they made to succeed?. These are the most sought-after info and are available on the internet. But from an individual’s perspective, one can not ignore his/her inconclusiveness due to lack of a distinct plan or direction.

Hence, we are coming up with an open session. To counter myths and give some facts which will help you see the light on the other side of the tunnel about the exam.

In this open session, we are going to give a clear insight which is important for one to save time, energy, and effort. Which might otherwise be getting wasted in the wrong direction? This is important because for an individual the first year is the year with maximum energy, expectation from self, go-getter attitude, etc..

We tend to get lost in the sea of advice and sources of studies. To save one from such torrents of information, it’s sometimes said that we need to better know “what not to follow than what to follow”.

Anyways such hypotheses aside, your time in this open session is going to be full of interaction. Some previous year aspirants are also expected to be present. We do expect that all your confusion about the exam will get clear.

Attendees can expect some takeaways too in the form of softcopies relevant to the exam. They will be available to you via email once you have done the registration for the open session.

In this webinar, Ajay Verma, Mentor Head at Civilsdaily will give you an overview:

– What UPSC expects out of you?

– Avoiding Mistakes that can cost you an attempt?

– What to do to master the IAS-Exam?

– How to clear the exam -Step-by-Step learning plan?

– An interactive Q&A session with Current Students at Civilsdaily

– How to clear the exam on the very first attempt?

– Important Civilsdaily softcopies takeaway for exam preparation.

A quick bit about Ajay :

Ajay has firsthand experience with 6 Mains and 3 interviews of UPSC. He has gathered experience working as Mentor-Head at CivilsDaily for the past 3 Yrs and helped many cross the threshold.