Small Business Law
The small business laws are formed to support easy inception and efficient management of small businesses in diverse economic fields, and to promote the optimal and desired growth and profitability of these units, within the specified country. Small businesses in general, are critically and vitally significant for ample industrial development in the manufacturing and service sectors, lavish economic growth, huge employment potential, and massive exports. Therefore, the importance of small business laws is certainly paramount and immense. Hence, ours galloping law firm inherently provides the broad-range of services regarding the small business law in countries worldwide, along with all other legal services to people and entities in all economic sectors. Most of the small businesses are privately owned and managed, and are prominent only in a limited regional areas, and are not predominating or influential in their business fields. These small businesses are classified on the criteria of persons employed, capital investment, sales turnover (annual), etc. More information about the small businesses, and what is small business law in India, is provided in the separate section below.
Small Business Law in India
Based on the definition of small business law given above, the most prominent and dominant laws in India related with small businesses are - the Shops and Establishments Act in every State; the Limited Liability Partnership Act, 2008; and the New Companies Act, 2013. In India, these small businesses are identified on the basis of total capital investment in plant and machinery, and are broadly divided into the two major categories of the manufacturing enterprises and the service enterprises. As per the latest Micro, Small and Medium Enterprises (MSME) Development Act, 2006 of India, small businesses are those businesses which have invested more than Rs.25 Lakhs and up to Rs.5 Crores in their all manufacturing and commercial activities and processes. For the service enterprises this range is from more than Rs.10 Lakhs to Rs.2 Crores. Enterprises investing less than the lower amounts mentioned in these cases, are termed as the micro enterprises. Ours seasoned and adept company attorneys provide decent and responsible services regarding these all small business laws in all across the country, in the desired fields of manufacturing and service sectors.