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FIRM REGISTRATION

Firm Registration

Business registration is required by law. This type of registration allows the public to know who is operating a company. By registering a business, you are ensuring no one else can operate a company under the same structure.

Types of Firm Registration:

 

  • Proprietorship

Proprietary companies are run by individuals , these companies are not abide by any law or striction to run their business. They can set their own laws to run the company.
Mostly proprietary conpany will go for MSME/ Aadhaar udyog certification to Register their company.

  • Partnership

Simple partnership companies are run by two or more individuals . They have simple agreement between them regarding thier investment and profit sharing.Simple partnership company doesn’t come under minister of corporate affairs .
The procedure to form Simple partnership is easy , it doesn’t requires any professional to executive it.

  • One Person Company

One Person Company means a Company which has only one person as its member. An OPC is effectively a company that has only one shareholder as its member.

  • Limited Liability Partnership

• LLP is a corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
• LLP is capable of entering into contracts and holding property in its own name.
It can continue its existence irrespective of changes in partners.
• The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. • In LLP individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct, Further, no partner is liable on account of the independent or un-authorized actions of other partners.
• Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity, LLP is called a hybrid between a company and a partnership, Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’. 

  • Private Limited Company

A Private Limited Company is a business entity registered in minister corporate affairs by a small group of people called share holders.. It is registered for pre-defined objects.
In private Limited company the shatre holder can’t sell the share to public, Startups and businesses with higher growth aspiration popularly choose Private Company as suitable business structure.
To form a private limited company, minimum 2 members are required and maximum 50 members are allowed

Benefits of Company Registration:

Registering a company offers many benefits. A registered company increases the authenticity of your business. It helps your business:

  • Shield from personal liability and protects from other risks and losses
  • Attract more customers
  • Procure bank credits and good investment from reliable investors with ease
  • Offers liability protection to protect your company’s assets
  • Greater capital contribution and greater stability
  • Increases the potential to grow big and expand


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ABOUT SOUMYA SOLUTIONS

Soumya Solution is one stop service provider for all kind of food license, trade license, GST registration, Firm registration and IT Returns filing, our decades of experience and expertiese ensures your quality service within spitulated time frame with highly compitative price. our partnership centric approuch aiming to customer delight at utmost priority. 

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