The smallest entities are referred to as micro-enterprises, and they are those where the investment in plant, machinery, or equipment does not exceed Rs. 1 crore. The investment cap for service businesses is set at Rs. 10 lakhs.
2. Small Businesses: Small businesses are those where the investment in plant, machinery, or equipment is greater than 1 crore rupees but less than 10 crores rupees. The investment cap for service businesses is higher than Rs. 10 lakhs but not higher than Rs. 2 crores.
3. Medium Businesses: A medium business is one where the investment in plant, machinery, or equipment is greater than Rs. 10 crores but not greater than Rs. 50 crores. The investment cap for service businesses is higher than Rs. 2 crores but not higher than Rs. 5 crores.
Can a CPA join a law practice as a partner? A Chartered Accountant (CA) is eligible to join a law practice as a partner. There are several ethical and professional factors that should be taken into account, but there is no legal bar on a CA becoming a partner in a law firm. 2. Is it possible to run a law company without having a law degree? It is not necessary to be a lawyer in India in order to own a law company. However, you must register as an advocate with the Bar Council of India if you intend to practice law or represent clients in court. Can lawyers serve as directors?
3. In accordance with the 2013 Companies Act’s requirements, lawyers may serve as directors of a corporation. A lawyer, however, is not permitted to serve as both a director and an advocate for the same business. What distinguishes an advocate from a lawyer, furthermore? An advocate in India is someone who has registered with the Bar Council of India and has been granted permission to practice law in courts. On the other hand, a lawyer is someone who has studied law but may not always be registered as an advocate. As a result, while all attorneys are also advocates, not all advocates are also lawyers.
In conclusion, MSMEs are crucial to the Indian economy, and the government has put in place a number of policies to encourage their expansion. MSMEs are categorized depending on the amount invested in machinery and/or equipment. In addition, both lawyers and CAs are eligible to serve as directors of a company. However, one must enroll as an advocate with the Bar Council of India in order to practice law in courts.