Business Startup / Setup
Taxporium offer assistance with entity registration throughout India. There are various types of entities that can be established in India, such as Sole Proprietorship, Partnership. Private Limited, Public Limited, LLP, OPC, etc. The decision is up to you as per your business requirement, but if you’re unsure about which option is suitable and profitable for your business, don’t worry. Taxporium will provide guidance on all matters related to entity registration.
Starts with registration of entity, its PAN, TAN,MSME, UDHYAM etc
Types Of Entities
- Sole Proprietorship
- Partnership Firm
- Private Limited Company
- Public Limited Company
- Limited Liability Partnership
- One Person Company(OPC)
Cost
of Work
What is Sole Proprietorship?
It is the most basic type of business structure where an individual can run a business. This refers to a situation where a person owns and is personally liable for any losses incurred by the business.
Because it is simple, the sole proprietorship is a widely chosen type of business structure. It is easy to set up and has low costs associated with it.
Who can apply for Sole Proprietorship?
The process of applying for sole proprietorship in India is open to anyone and is considered the simplest form of business. Unlike other business structures, there are no specific laws governing sole proprietorship, making compliance requirements minimal and easy to meet. This type of business is suitable for individuals with limited resources who wish to start a business, and it can be established relatively quickly within a span of 10-15 days. Additionally, as a sole proprietor, you have complete control over the business.
What are the Advantages of Sole Proprietorship?
- Economical and easy setup
- Not much regulation
- Full control over business
What are the Disadvantages of Sole Proprietorship?
- The owners are responsible for any financial deficits, obligations, and debts associated with the business.
- No scope for bringing in liquidity by selling part ownerhip
Documents Required
- PAN Card
- Aadhar Card
- UDYAM
- MSME
- Address Proof (if Owned : Utility Bill/ if rented : NOC from Landloard)
What are the Compliances required?
- Annual Income Tax Return Filing
- Montly/Quarterly/Yearly GST Filing as case may be
- Deduction & filing of TDS/TCS if accountable for Tax Audit
What is Partnership Firm?
A partnership is a significant type of business arrangement, involving two or more individuals who join forces to establish a business and distribute their earnings according to an agreed-upon ratio. Creating an association is a straightforward process and requires minimal adherence compared to running a business.
Who can apply for Partnership Firm?
The Indian Partnership Act, 1932 governs and regulates partnership firms in India. A minimum of two persons are required to establish a partnership firm. partnership firm registration is not compulsory, the partners can apply for registration of the partnership firm either at the formation of the firm or subsequently at any time during its operation. Partnership firms are registered with the Registrar of Firms (RoF).
What are the Advantages of Partnership Firm?
- Easy to incorporate
- Less regulation
- Quick Decisions in business
What are the Disadvantages of Sole Proprietorship?
- The Partners are responsible for any financial deficits, obligations, and debts associated with the business.
- There is a restriction on the number of partners
Documents Required
- Parnership Deed
- PAN Card(Firm & Partners)
- Aadhar Card
- UDYAM
- MSME
- Address Proof (if Owned : Utility Bill/ if rented : NOC from Landloard)
What are the Compliances required?
- Annual Income Tax Return Filing
- Montly/Quarterly/Yearly GST Filing as case may be
- Deduction & filing of TDS/TCS if accountable for Tax Audit
- EPF /ESIC if applicable
What is Limited Liability Partnership (LLP) ?
A Limited Liability Partnership (LLP) is a specific type of business structure that combines the advantages of a company and a partnership. Similar to shareholders in a company, partners in an LLP have limited liability but also enjoy the simplicity and flexibility of a partnership.
Who can apply for Limited Liability Partnership (LLP)?
Limited Liability Partnership Act, 2008 governs and regulates LLP in India. Incorporating an LLP requires a minimum of two partners. On the other hand, an LLP may have an unlimited number of partners.
Two designated partners, who must be natural persons and at least one of them must reside in India. The LLP agreement specifies the responsibilities and rights of authorized partners. They bear direct responsibility for ensuring that all clauses in the LLP agreement and the LLP Act, 2008 are followed.
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What are the Advantages of Limited Liability Partnership (LLP)?
- Own Legal entity.
- Less risk for partners.
- Less compliances and low cost.
What are the Disadvantages of Limited Liability Partnership (LLP)?
- Penalty for non compliances.
- Winding up of LLP is partner is less than two for more than six months.
Documents Required
- Digital Signature Certificate (DSC)
- Designated Partners Identification Number (DPIN)
- PAN Card – Partners
- Aadhar Card
- UDYAM
- MSME
- Address Proof (if Owned : Utility Bill/ if rented : NOC from Landloard)
What are the Compliances required?
- Annual Income Tax Return Filing
- Montly/Quarterly/Yearly GST Filing as case may be
- Deduction & filing of TDS/TCS if accountable for Tax Audit
- EPF /ESIC if applicable
What is One Person Company (OPC) ?
The Companies Act of 2013 established the idea of One Person Company (OPC) registration in India, allowing one person to form a business and benefit from both a standard company structure and a sole proprietorship.
Who can apply for One Person Company (OPC)?
Companies Act, 2013 governs and regulates OPC in India. OPC can be incorporated in India by Indian resident natural person with minimum capital of 1,00,000/-. Business related to Financial activity is excluded from OPC.
What are the Advantages of One Person Company (OPC)?
- Legal Status
- Perpetual Succession
- Simple incorporation & compliances.
What are the Disadvantages of One Person Company (OPC)?
- Restriction in business
- Suitable for Small Business
Documents Required
- Digital Signature Certificate (DSC)
- DIR
- PAN Card
- Aadhar Card
- Memorandum & Article of Association
- UDYAM
- MSME
- Address Proof (if Owned : Utility Bill/ if rented : NOC from Landloard)
What are the Compliances required?
- Annual Income Tax Return / ROC Filing
- Monthly/Quarterly/Yearly GST Filing as case may be
- Deduction & filing of TDS/TCS if accountable for Tax Audit
- EPF /ESIC if applicable
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