Proprietorship Firm is most common structure opted by merchants and service providers. A sole proprietor becomes single owner of business. The law treats sole proprietor and his business as same and he is held personally liable for all business debts. The low cost of registration, minimum compliances make it a desirable option for small businesses.
Partnership Registration is necessary for any association of people to join for a business purpose and continue with legal bindings, sharing their profits according to law. We are giving the best services for Partnership Registration in Bangalore. We prepare Partnership Deed with the help of professionals according to the requirement of the customer and register the Partnership Firm with Registrar of Firms on behalf of the customer.
A One Person Company is a company with a single member. It was introduced by the Companies Act, 2013. OPC extends the concept of limited liability to a company run by a single person. It is similar in respects to a private limited company with certain differences like fewer compliances and relaxation of certain restrictions. Thus, an OPC is subject to all the provisions of the Act like a private limited company unless expressly excluded.
Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well received with over 1 lakhs registration so far until September, 2014.
One of the most popular types of business entities is a Private Limited Company. A company registration in India requires a minimum of two members and directors. The directors of a private limited company have limited liability to creditors. In a case of default, banks/creditors can only sell company's assets but not personal assets of directors.
Nidhi is a Hindi word, which means finance or fund. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.
Widely known as Section-8 companies, these organizations are registered under the Section-8 of Companies Act 2013. These companies intend to promote art, commerce, sports, safety, science, research, healthcare, social welfare, religion, protection of the environment, etc. The main object of these companies ensures the promotion of above-mentioned fields, provided the profit is used for promoting only objects of the company (Sec 8(1)(b)). Sec 8 (1) (c) states the prohibition of payment of any dividend to its members. Ministry of Corporate Affairs (MCA), administers and maintains the rules and regulations through ROC in all of the states of India.
Any business in India that supplies goods or services with turnover exceeding Rs. 20 lakhs (Rs. 10 lakhs for North Eastern and hill states) has to get registered under GST.