Naming & Registration – Simplified
Right name, startup structure, filings and registration – making it seamless at every step.
Forming a business takes a registration procedure as per the type of organization you want to create. This procedure takes about 15 to 30 days, depending upon the type of organization you plan to commence business with. The deciding factors that help you form your decision regarding the type of organization you choose to incorporate are:
01
Scale of business
02
Type of business conducted
03
The funding support a business structure can bring forth
04
Company formation costs
05
Compliance and documentation involved
06
Taxation advantages offered by the Government
Based on the different types of purposes and other criteria of a business, you can form a company from the types mentioned below:
Private Ltd. Company Registration
A private limited company is that which has members between 2 to 200 in number while their minimum share capital is of rupees 1 Lakh. The number of directors is limited to two, and this makes it a closed system that has many benefits in terms of decision making and share stake. A private limited company is a great way to establish business with family and friends as the liability is limited and there is no scope of any outsider influence. If you’re interested in registering your business as a private limited company, you can use our filing tools that will make registration a simple process without any confusion faced for documentation and other formalities.
Public Ltd. Company Registration
A public limited company has limited liability and offers shares to the general public, requiring a minimum paid-up capital of 5 lakhs. The minimum number of directors required to form a public limited company is 3. Establishing a public limited company has certain benefits that include raising capital through public issue of shares, increasing the shareholder base, and stakeholder confidence in the sense of the status of a public limited company.
LLP Registration
A Limited Liability Partnership (LLP) is a type of business that gives the partners the best of both worlds. It integrates the benefits of both a partnership as well as a limited company in terms of the structure. LLP as a business type was brought forth in India in April, 2009 with the Limited Liability Partnership Act, 2008. In a Limited Liability Partnership (LLP), none of the partners are responsible or liable for the other partner’s act of misconduct, fraud or losses. Instead, all the registered partners are given a limited liability, which is constrained only to their own actions of either commission or omission, which is similar to the shareholders’ limited liabilities in a private limited company.
OPC Registration
The One Person Company was introduced through the Companies Act, 2013 in India to show support to entrepreneurs who had the ambition to create a business involving a single person. It is different from a sole proprietor because the owner and the business become two separate entities upon registration. One of the greatest advantages of a One Person Company (OPC) is that it has only one person for a member in an OPC. The condition for a Private Limited Company or a Limited Liability Partnership (LLP) to be registered is to have a minimum of 2 members. Just like a Private Limited Company, the One Person Company assumes a separate legal entity from its owner, member, or promoter, which offers them the protection of limited liability while enjoying the perpetuity of the business and being simple to incorporate.
Partnership Firm Registration
A Partnership firm is a business entity made by two or more people that have agreed to share the profits and losses of the business in a predetermined ratio. Partnerships are an excellent choice of conducting business for small businesses where two or more people come together to contribute within a business and share its gains or risks. Partnerships are one of the most common types of business entities found in India due to the ease of formation and minimal compliance required. The Partnership Act, 1932 has been in motion long before India was declared an independent country. An evolved version of a partnership was brought forth by the Limited Liability Partnership or LLP in 2010.
Nidhi Company Registration
Nidhi Companies are special business entities in India that are created to inculcate the habit of thrifting and saving between the company’s members. Nidhi companies are permitted to make borrowings from their members and also lend capital to their members. Hence, the amount that is contributed to a Nidhi company comes only from the members or stakeholders. Therefore, Nidhi companies are mainly promoted for savings. It creates a legal scape for some sense of liability to conduct official business rather than resort to unofficial lending. Thus, Nidhi Companies also act as a conduit to promote the eradication of black money circulation for internal loans and lending.
Section 8 Company Registration
Any not for profit organisation or an NGO can register itself as a trust by executing a trust deed or as a society under the Registrar of Societies, or as a not for profit company under Section 8 Company of the Companies Act, 2013. A Section 8 Company is a special entity and the same as a Section 25 company under The Old Companies Act, 1956. Under The New Companies Act 2013, Section 25 Companies have now been renamed as a Section 8 Company.
Producer Company
The Companies Act, 2013 defines a Producer as: “Any person engaged in any activity associated with or relatable to any primary produce”. Here the term produce means – “Things that have been produced or grown, especially by farming”.
Societies Registration
A society is an association of several parties brought together by a mutual accord to decide, govern and act in co-operation for a collective purpose. Societies are generally created for the betterment of charitable activities like education, music, sports, religion, culture, sports, and others. Society Registration, is governed by The Society Registration Act, India. This act was implemented with the aim to augment the legal stipulations of a society’s registration for the betterment of fields such as science, literature, fine arts, or creation of awareness regarding several fields. The Society Registration Act, 1860 is accepted by many state governments with or without any further amendments.
Sole Proprietorship
A proprietorship is a kind of unregistered business entity that is owned, managed, and controlled by only one person. The sole proprietorship business is the most commonly found business in India and is operated by the majority of the micro and small businesses present in the unorganised sector of the economy. Sole proprietorship businesses are simple to commence and have the least amount of regulatory compliance requirements for their working. This business works the best for solitary entrepreneurs who are stepping into the business world for the first time and prefer to deal with only small businesses with a limited number of clients.
