Legal Question in Business Law in India
I want to start a marketing consultancy company with focus on Insurance Products including ULIP plans and traditional plans. For this I have spoken to the insurance advisors of Bajaj Allianz and Birla Sunlife Co. Ltd. and with the mentors (business assocites) who would be hiring the marketing support of the planned company.
As a Company I would like to promote the sales of these advisors through MLM (multi level marketing) concept entailing Binary compensation plan for the members of the network. There will be no entrance fee for the members and all the amount taken would be for the insurance policy. Also for all the members whether active or dormant there would be group achievement rewards based upon the growth of the company, so as to boost the motivation level and revive dormant members. This compensation will be paid out of the business development charges received from the insurance advisor and mentor.
Sir, I would like to know whether this is a legal format to be followed for insurance industry?
What is the legal procedure to register a company into MLM business so as to comply with the rules and regulations prescribed by the government?
1 Answer from Attorneys
Hi,
My best wishes in your new business start up. However, MLM business will have to be studied carefully in minute details before an opinion on legality of the business can be given. Also the manner in which the business can commence also has to clear a few legal steps.
You can send the details by email to me about : Exact Business methods ( You probably have done presentation to the Insurance companies about this), the Payment pattern and I wil advice on chargeable basis.
As already advised, it is possible to obtain divorce within 3 months.
Contact with details like place of marriage, date of marriage, proof of marriage and proof or residence of both the spouses etc the lawyer for the filing of divorce case.
S.Seshadri
Advocate
Emails: [email protected]
website: www.lawconcern.com
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