The purpose is to find out how much a family needs, i think its reasonable to fix between 35 to 40k. One of my friend has lost his business & slipping into poverty.
On the why they have gone into poverty – loss of job, loss of business, change in macros etc is a research in motion. I am not planning to conclude that research anytime soon.
Will keep the spirits high !
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3 lac per month in expenses? How?
That’s one heck of a lifestyle, 10 lac per month.
I think he realized his answer is not relevant to the question
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Alrught @Ankit_Jain3 hypothetically speaking what would you spend 3 lacs every month on?
Wouldn’t they file bankruptcy where court would mandate minimum what a person should have for living?
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“i dont want the taxman knocking on my door.”
Oh the taxman is coming alright.
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the bankruptcy code has different meanings in US and in India.
In US if the business is bankrupt, the founder’s personal life or wealth are untouched/un recovered.
In India, the banks will come after you, seize all the assets you have put in auction & still if the bank is unable to get its money will go after your guarantors.
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Yes, the banks will auction the founder if that was possible.
In India loans to companies often require personal guarantees of the founder and/or top management.
I thought it’s not possible under LLP.
For smaller companies & startups the major chunk of collateral comes from individual, eg: land, gold or house.
If the company fails – these will be recovered. So the founder is not exactly insulated.
For big companies – the asset of the company is kept as collateral & only that is seized. Even in this case if the asset of the company doesnt fulfill the repayment due – banks will not stop there.
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This is the best question I’ve come across. As a 25 year old in a joint family I find this very relevant. Thanks @viswaram
Are the employees of the same company with same experience paid different based on which city they work?
I remember the HRA component will vary based on metro or non metro but is the overall CTC that wide?
Depends on the joining date and salary negotiation.
If both employees joined the company as freshers in same year, they will most likely be paid the same, irrespective of city.
If both employees joined as lateral recruits, it depends on project requirements, budget, existing salary of candidates and negotiation.
My engg fees , lastly at 2017 was 1.45L for that year for management seat. Just curious, what kinda school and std does your kid study? . Is it those star no1 school like Padma sheshadri where I heard back in the day they give laptops and for feild trips they take you to Singapore & Malaysia?
Considering the career prospects are the same, there is an Arbitrage opportunity. If the employee is in a city where the rental, grocery & other expenses are lesser – he will have a greater savings rate.
Then what exactly is the use of forming LLC and/or Pvt Ltd.? How can one provide personal property as collateral for a company loan?
If a company goes bankrupt, the promoters should or can not be held responsible for the company loans unless they have actually gotten loans using their personal property (in which case the lines between the company and the promoter are already blurred) or there is evidence of fraud.