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Majorly, there are 5 types of companies that can be registered while starting up a new business:
Sole Proprietorship
Partnership Firm
One Person Company
Limited Liability Partnership
Private Limited Company
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Sole Proprietorship
A sole proprietorship is a business that is owned and managed by a single person. It is very popular among the unorganised sector, particularly small traders and merchants. There is no such thing called registration, Proprietorship recognised by other registration. Liability of the proprietor is unlimited and the firm cannot have continuous existence. It should ideally only be considered by small merchants and traders
Important registrations:
Sales Tax registration
Service Tax registration
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Partnership Firm
A simple partnership firm is similar to sole proprietorship for all practical purposes. A partnership firm also requires all the registrations required by sole proprietorship firms. Partnership firms can be either registered with registrar or remain unregistered. A pan card has to be obtained for the firm and the liability of the partners is unlimited whereas the firm cannot have continuous existence.
Important registrations:
Sales Tax registration
Service Tax registration
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One Person Company (OPC)
OPC is a recently introduced improvement on sole proprietorship firm registration. This gives the promoter an invaluable advantage of limited liability & the company can have continuous existence. OPC has to be incorporated through Ministry of Corporate Affairs. Not even an audited annual returns need to be submitted to MCA. The company can nominate any other person as director without executive powers. The service charge for this service ranges from Rs. 5000/- to Rs 12000/-
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Limited Liability Partnership (LLP)
LLP introduced in 2008, which is an improvement over general partnership. This gives promoters an invaluable advantage of limited liability & the company can have continuous existence. Company has to be incorporated through Ministry of Corporate Affairs. Not even an audited annual returns need to be submitted to MCA. The service charge for this service ranges from Rs. 6000/- to Rs 14000/-
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Private Limited Company
It is the most popular legal structure for business and allows outside funding and also employee stock options. More stringent compliance measures to be followed, hence more credibility. The company need to appoint an auditor and the audited financial statements are to be submitted to MCA annually. The company is eligible to issue debentures and convertible debentures. The service charge ranges from Rs.7000/- to Rs.15500/-
Company incorporation is streamlined with the introduction of INC-29
From May-2017, company incorporation can be divided to 2 broad steps
Obtaining Digital Signature Certificate
Preparing and submitting INC-29
Government Fees for various types of companies
One Person Company – Rs.6850/-
Limited Liability Partnership – Rs.3167/-
Private Limited Company – Rs.7800/-
Documents Required for INC-29
Director Identification Number (DIN)
Memorandum of Association (MOA)
Articles of Association (AOA)
Affidavit and declaration by first Subscribers and Directors.
Proof for Registered Office Address. – Rental Agreement / Sale Deed.
Copies of utility bill of the registered office address that are not older than 2 months.
If the proposed company name is a filed or registered trademark, then NOC from the trademark applicant or owner must be attached
