TYPE OF BUSINESS REGISTRATION
While establishing a business or an entity, it’s essential to verify whether you’ve met all the requirements of a company or not. After that, it’s time to select the right kind of company registration depending on your company affairs and activities.
However, if you’re unaware of the types of company registration in India, don’t worry. we will help you to learn about various kinds of company registrations and their registration process in detail.
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Sole Proprietorship Registration
Sole Proprietorship means any business which is carried out by a single person. In simple words a Sole Proprietorship is a business that is owned, managed and controlled by one person .
Advantages Of Proprietorship Registration
- It's easy and quick process
- Minimum Compliance
- Relative less Expensive
- Better Control & Minimum Requirement
List of Documents for Proprietorship Registration
- Latest Passport Size Photo
- Aadhar card and Pan card
- Address Proof -light bill, rent agreement etc.
- Shop Act
- Gst Registration If applicable
- Bank Current Account
Partnership Registration
This type of company reflects sole proprietorship in several ways. However, the significant difference between sole proprietorship and partnership is the number of people involved. Partnership businesses consist of two or more people in which the responsibility of each member is stated in the agreement clearly.
Meanwhile, the profits are also shared by the partners based on the agreement. In contrast, the partners are also responsible for taking up losses similar to that of profits. These companies can run their businesses even without a license if they have registered a Partnership Deed. The partnership companies are controlled under the Indian Partnership Act of 1932.
Required Documents for Registration
- Partnership Deed
- Documents of Firm-Pan Card of Firm, and Address Proof of Firm like light bill, noc etc.
- Documents of Partners-Pan Card and Aadhaar Card of Partners.
- Gst Registration If applicable
- Bank Current Account
Advantages Of Proprietorship Registration
- It's easy and quick to get started
- Profit and Loss Sharing
- Taxation Aspect on Partnership firm
- Better Decisions & Minimum Requirement
Prviate company Registration
A private limited company is a company privately held for small businesses. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares.
Required Documents for Registration
- Pan Card and Aadhaar Card of all Director
- Address Proof of all Director-Light bill, bank statement , mobile bill etc
- Address Proof of Office-light bill, noc, rent agreement etc
Step -by -step guide to Private Company Registration
- Name approval of your company
- Obtaining DIN for two directors
- Filing SPICe+ form
- Payment of Stamp Duty for authorized capital up to Rs.1 lakh except for the states of Punjab, Madhya Pradesh and Kerala
- Issuance of Incorporation Certificate along with PAN and TAN
- Opening of current account for company
- Gst Registration
Public limited company Registration
Public Limited companies are businesses registered and incorporated as independent legal entities under the Companies Act, 2013. Such companies are owned by a group of shareholders with liabilities limited to their stakes in the company. The shares of public limited companies are easily transferable and tradeable in the stock exchange markets and are open for subscription by the general public as well. Here are the requirements to set up a Public Limited Company in India.
Minimum Requirements:
- Minimum 7 shareholders
- Minimum 3 Directors, at least one must be resident Indian
- An ROC approved Name for the Company
- DIN of all directors
- DSC of all promoters
- Registered Office of the Company
Required Documents for Registration
- Shareholder and Director’s Documents: Passport-size coloured photographs, PAN, Aadhar, Identity Proof, Address Proof etc.
- Registered Office Documents: Proof of Registered Office Address, No Objection Certificate from Office Premises owner, light bill etc
- Legal Documents: Memorandum of Association, Articles of Association
Step -by -step guide to Private Company Registration
- Acquire DSC and DIN of all Promoters
- Visit the MCA Website, Login to your account, and access the SPICe Plus / INC 32 Form
- File PART A of SPICE Plus for name approval of the Company to the ROC
- Within 3 to 7 days of name approval, file PART B of SPICe Plus for company registration
- Get Company Registration Certificate within 2 weeks
LLP Registration
A Limited Liability Partnership was introduced under the LLP Act of 2008 with the objective of overcoming all the flaws the old Partnership Firm structure had. It is a legally registered entity and operates with the identity of its own. Moreover, the partners in an LLP enjoy Limited or restricted liability as per their capital sharing ratio. Like any other Partnership business, the partners of an LLP mutually agree to certain terms and conditions before starting their business. All these terms and conditions are documented in a written agreement signed by the partners and stamped by a public notary. Here are the requirements to set up an LLP in India.
Minimum Requirements:
- Minimum 2 Partners
- Minimum 2 Designated Partners, at least one must be Resident Indian
- An ROC Approved Name for the LLP
- A Registered Office
- DPIN of all Designated Partners
- DSC of all Partners
Required Documents for Registration
- Photographs, Proof of Identity and Address of all Partners
- PAN cards of all partners
- Passport of the partner, if he is a foreigner
- Proof of address of the Registered Office
- No Objection Certificate from the owner of the Office property
- LLP Agreement, needs to be filed within 30 days after LLP Registration
Step -by -step guide to Private Company Registration
- Acquire DSC of all Partners and DPIN of all Designated Partners
- Apply for name approval of the LLP in the RUN-LLP Form
- After the name gets approved, visit the MCA Website, login to your account and access the FiLLiP form for LLP registration
- Fill out the Registration Form, Upload all the documents and attach DSC of the authorized designated partner to submit the form.
- Get LLP Registration Certificate within 2 weeks
- Submit LLP Agreement to the ROC in Form 3 within 30 days from Registration
ONE- PERSON COMPANY REGISTRATION
One Person Company is a single owner Private Limited Company registered under the Companies Act, 2013. The company has a single shareholder who is entitled to 100% ownership and 100% profit share of the company. However, since OPC is a Limited Company, the liability of the single shareholder is limited to the unpaid amount of subscribed capital only. The requirements to set up a One Person Company is quite similar to that of a Private Limited Company and are mentioned hereunder.
Minimum Requirements:
- One Shareholder who is an Indian Citizen
- At least One Director who is a Resident Indian
- An ROC approved name for the company
- A Registered Office for the company
- DIN & DSC of all directors
- One Nominee, to replace the shareholder in the event of permanent departure
Required Documents for Registration
- Promoter’s Documents: Passport-size coloured photographs, PAN, Aadhar, Identity Proof, Address Proof
- Nominee Documents: Details of the Nominee, Nominee Consent Form INC 3
- Registered Office Documents: Proof of Registered Office Address, No Objection Certificate from Office Premises owner
- Legal Documents: Memorandum of Association, Articles of Association
Step -by -step guide to Private Company Registration
- Acquire DSC and DIN of all Promoters
- Visit the MCA Website, Login to your account, and access the SPICe Plus / INC 32 Form
- File PART A of SPICE Plus for name approval of the OPC to the ROC
- Within 3 to 7 days of name approval, file PART B of SPICe Plus for OPC registration
- Get OPC Registration Certificate within 2 weeks.
Section 8 Company Registration
Section 8 of the Companies Act, 2013 mentions provisions to establish limited companies as non-profit organizations, owned by an individual or associations of people. The primary objective of these companies shall be to promote arts, commerce, education, sports, science, research, social welfare, religion, charity, and environment conservation. All the income, donations, and grants that are pocketed by a section 8 Company, must be spent in the promotion of the objects mentioned above. The company can be incorporated and operated as a separate legal entity. Donors to the companies can avail of tax benefits under Sections 12A and 80G of the Income Tax Act.
Required Documents for Registration
- Form INC-12
- e-MoA in Form INC 13
- e-AoA in Form INC 14
- Declaration forms 14 and 15
- Estimated income and expenditure for the next 3 years
- Approval/NOC from the concerned authority, the sectoral regulator in the Central or State Government
- Copy of Resolution passed by the board in a general meeting
- Financial statements, board reports and audit reports of past 1-2 years
- Assets and liabilities statement of the company from the RoC.
