“Planning to start a business” well if yes is your answer then there are few basics you have to be very much clear about. For example there are different types of entities you have to choose from, a...
“Planning to start a business” well if yes is your answer then there are few basics you have to be very much clear about. For example there are different types of entities you have to choose from, and in case you are planning to start in India then there are five different legal entities to conduct business you can choose from like private limited company, partnership firm, sole proprietorship, limited liability partnership firm and public limited company.
Although I am sure that you must be very clear about which type of entity you are planning to start with; but then below we have mentioned details of all. So that you can become more about sure about the decision you have taken and complete you company registration in India with ease.
Sole proprietorship – this is one of the easiest business entities to start with if you are in India. In fact you don’t even need a different permanent account number as the PAN of the owner works perfectly. Even registration is not required you only need it where necessary this means you don’t have to go through complete company registration procedure. For example if you are a service provider and services tax is applicable only then registration with service tax is required and same is the case with other services and taxes as well.
Partnership – partnership firm is the next type in our list and to let you be clearer this type is governed by partnership act 1932. A partnership firm can easily come into existence with the understanding of two or more people, although there is a limit for maximum which is twenty. To make it legal a partnership deed should be prepared where in all the other details are recorded, including details of profit and loss share.
Limited liability partnership – as you can see next in our list is limited liability partnership and according to what we have come to know this is more or less very much alike to the above mentioned partnership firm leaving only a few area. For example this type of organisation provides liability protection to a partner.
As we all know we have still not covered all the various entities from which a person can chose to start with but then we are in shortage of space as well. But you really don’t have to worry at all as soon we’ll be coming with another article where in you can find details related to rest of the entities. Not only this; as in there we’ll also cover few facts related to FDI Policy in India and the various rules which are related to the same.
Chartered accountancy services in India.
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Indian Chartered Accountant firm registered with Institute of Chartered Accountants of India (ICAI) and Public Company Accounting Oversight Board (PCAOB), United States of America.
