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Types of Company Registration in India, Startup Knowledge | Starting a Startup - Entrepreneurship PDF Download
Before you Register a Startup you have to know about the type of business formations or registrations. so in India majorly startups choose following types of business formation -
a) Proprietorship Firm
In Simple words proprietorship is single man firm. its not a company so your liability is the unlimited in any case. so its a best way to start the business or you can say simplest way. In the case of proprietorship you need service tax registration certificate or VAT Registration certificate and open a current bank accounts. so its recommend to startups when they are just testing their ideas.
b) Partnership Firm
In Simple words partnership firm is same as proprietorship firm as a feature but its need 2 person. so in the partnership firm same as liability is the unlimited. its need a registered partnership deed with current bank account again VAT or Service Tax Registration depend on the nature of the business.
c) Private Limited Company (Pvt Ltd)
In Simple words private limited company is the major business formation for the startups and from now in the 2015 there is very simple to register private limited company due to INC 29 Form and no requirements of minimum capital i.e 1 lac rupees. its need minimum 2 Director and best for the growing startups and want to funding from angel investor or VC Firms.
d) Limited Liability Partnership or LLP
In Simple Words its a mixture of Private Limited Company and Partnership firm so feature also as same. its need minimum 2 partners. before 2015 Startup choose this business formation more because in the pvt ltd company cost of formation is more as compare to LLP and second thing i.e is minimum requirements of 1 lac Rupees Capital.
e) One Person Company or OPC
In Simple Words OPC is same like as Private Limited Company. but its need just one person. so feature are also same as Private Limited Company.
Well there are also Public Limited Companies but we wont be discussing that since we are at the startup stage, we will be happy to guide you on the same on how to get your IPO done, when you succesfully reach that stage. Cheers
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FAQs on Types of Company Registration in India, Startup Knowledge - Starting a Startup - Entrepreneurship
| 1. What are the different types of company registrations available in India? |  |
Ans. In India, there are several types of company registrations available, including:
- Sole Proprietorship: A business owned and managed by a single individual.
- Partnership Firm: A business owned and managed by two or more individuals who share profits and losses.
- Limited Liability Partnership (LLP): A partnership where partners have limited liabilities.
- Private Limited Company: A company with a minimum of two and a maximum of 200 shareholders.
- Public Limited Company: A company that can offer its shares to the public and has a minimum of seven shareholders.
| 2. How can I register a startup company in India? | |
Ans. To register a startup company in India, you need to follow these steps:
1. Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN).
2. Register the company name with the Registrar of Companies (ROC) through the Ministry of Corporate Affairs (MCA) website.
3. Prepare and file the necessary documents, including Memorandum of Association (MOA) and Articles of Association (AOA).
4. Pay the required fees and stamp duty.
5. Obtain the Certificate of Incorporation from the ROC.
| 3. What is the difference between a private limited company and a public limited company? | |
Ans. The main differences between a private limited company and a public limited company in India are:
- Number of Shareholders: A private limited company requires a minimum of two and a maximum of 200 shareholders, while a public limited company requires a minimum of seven shareholders.
- Share Transferability: Shares of a private limited company are not freely transferable, whereas shares of a public limited company can be freely bought and sold in the stock market.
- Listing Requirement: A public limited company can offer its shares to the public and get listed on the stock exchange, while a private limited company cannot.
- Compliance Requirements: Public limited companies have more stringent compliance requirements compared to private limited companies.
| 4. What are the advantages of registering a startup as a Limited Liability Partnership (LLP)? | |
Ans. Some advantages of registering a startup as an LLP in India are:
- Limited Liability: The partners' liabilities are limited to the extent of their contribution to the LLP. Their personal assets are not at risk.
- Separate Legal Entity: LLP is considered a separate legal entity from its partners. It can own assets, enter into contracts, and sue or be sued in its name.
- Flexibility in Management: LLPs have flexible management structures, and partners can actively participate in the day-to-day operations.
- Tax Benefits: LLPs enjoy certain tax benefits, such as lower tax rates and exemption from dividend distribution tax.
- Easy to Set Up and Maintain: LLP registration process is relatively simpler and has fewer compliance requirements compared to a private limited company.
| 5. Can a foreign national register a startup company in India? | |
Ans. Yes, a foreign national can register a startup company in India. They need to follow the Foreign Direct Investment (FDI) guidelines and comply with the rules and regulations set by the Reserve Bank of India (RBI). The process usually involves obtaining the necessary approvals and complying with sector-specific investment limits, if applicable. It is advisable to consult with professionals familiar with Indian company registration and FDI regulations to ensure compliance.
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