Professionalising Family Business

Appointing non-family board members to the Family Business Sha is the third-generation director of a mid-sized and progressive medical company. His grandfather started the organisation on a very small scale in a small town in UP. The Board of the organisation consists of his uncle (father’s younger brother, cousins (father’s elder brothers’ son and himself) - all family members. Most of the key positions in the organisation are also managed by themselves. Over the years, they have grown to be a known brand with a large presence in Central & North India. During Covid and post covid period, this organisation has achieved notable business growth, especially in nutraceutical products and in modern marketing outlets. While discussing about engaging consulting organisations to support...

Professionalising family business

The advantages of private foundations

A private foundation is a corporate entity with separate legal personality, but which has no owners, and therefore does not issue shares or other ownership interests. It is established by a founder who contributes initial funds or assets to the foundation. The foundation is governed by its constitutional documents, which typically consist of a charter and bylaws, and a governing body called directors or council members. There will typically also be a guardian or enforcer who is empowered to supervise the directors to ensure they are complying with the foundation charter and bylaws, and with their duties as directors under applicable law. The foundation’s charter or (more likely) bylaws will identify the foundation’s beneficiaries, if any, or its purpose, along with all other rules by...

private foundation

Tax planning and moving to Canada

The Importance of Tax Planning when moving to Canada For anyone planning to immigrate to Canada, or former Canadian residents preparing to return after a period of non-residency, it is worth taking the time to do some pre-immigration tax planning. It may well be that the Canadian tax environment is a lot more aggressive than where you’re coming from. If you wait until after you arrive to start arranging your affairs, it will be too late. Each personal or family situation will be unique and will benefit from bespoke professional advice, but this note will outline a few things that a prospective new/returning Canadian should bear in mind before making their move. Canada imposes tax on the basis of residency, so once you become a Canadian resident you will be subject to Canadian taxation...

moving to canada, tax planning