The documents needed to register One Person Company in India include the following: Copy of PAN Card of owner Passport size photograph of owner Copy of Aadhaar Card\/ Voter Identity Card Copy of Rent agreement (If the property is rented) Electricity\/ Water bill Copy of Property papers Landlord NOC (Format provided) Registering your OPC is now a matter of few clicks, online, through our service platform.

A Private Limited Company, regulated by the Companies Act, 2013 has separate legal entity in the eyes of law. A separate legal entity means that the corporate body or business has a separate existence apart from its directors or shareholders. It has a separate legal entity. It has perpetual succession i.e. the company does not cease to exist on death of any or all of the members. The members or shareholders do not have a personal liability to discharge debts. The directors are responsible for the everyday business of the company. Easy transferability of ownership. Shares of such company cannot be floated to general public. A minimum number of two directors is required for registering the private limited company. One of the directors must be a resident of India. Mandatory to have a registered office address for all official communications.

A Sole Proprietorship is the basic unit of a business structure, managed, controlled and owned by one person. Since, the registration of sole proprietorship simplified ones, sole proprietorship is opted by small businesses working for limited time period. Certain documents and formalities to register Sole proprietorship are required. The formalities are: Registering as SME (Small and Medium Enterprise) The registration can be obtained under the MSME Act and the application can be filed electronically. Though it is not mandatory to register as an SME, it is beneficial specifically at the time of taking loan owing to concessional rate of interest. Shop and Establishment Act License This license is required to be obtained according to the local laws and is issued by the municipal party on the basis of the number of employees. It is not mandatory if not prescribed by local laws. GST Registration Since the new provisions of GST came into force it has become essential to obtain a GST number. In case of online business, the same is mandatory and otherwise one can get themselves registered if their annual turnover is more than Rs. 20 lakhs.

The legal definition of Nidhi Company is a company incorporated as Nidhi with the object of cultivating the habit of thrift and saving amongst its members receiving deposits from and lending to its members only for their mutual benefit and which complies such rules as are prescribed by the central government for regulation of such class of companies. A Nidhi Company works on three principles, namely: Encouraging the habit of saving and cost-cutting Creation of a Mutual Benefit Deposit Lending deposits as required to members.

Director Identification Number as the name suggests is the unique identification number for a director, new or existing in accordance with the Companies Act, 2013. It is an 8-digit unique number provided to a director, valid for a lifetime. Since, the role of directors in a corporate is important, DIN helps in maintaining their information. DIN is specific to the person who has obtained it and not for the Company he works in. It is now a matter of few clicks to get Director Identification Number. It is a vital step before registration of Company and appointing of directors.

Registration of a partnership firm, requires following documents: Application for Partnership registration; Original copy of Partnership Deed signed by partners; Affidavit stating the intention of partners to work together; Proof of address, including rental or lease agreement or electricity bill; Proof of Identification, including Aadhar Card, Voter ID card, PAN etc.

There can be no allotment of shares to public by LLP. There exists a thin line difference between LLP and Pvt. Ltd. Co. It is in the nature of a partnership and the only difference that exists is in the context of limited liability. Thus, it cannot issue shares to the general public or float them in the market. It is because of this reason, that it has no shareholders.

The number of members, directors and shareholders required to start an OPC in India are: Members: Minimum and maximum- 1 Shareholders: Minimum and maximum- 1 Directors: Minimum 1, maximum 15 The director and shareholder can be the same person. It is important to appoint one nominee as well.”

A Partnership Firm is a kind of business structure in which 2 or more persons start and manage a business firm. The first step in partnership registration in India is filing an application for registration with the appropriate government authority. The next step involves drafting and registering the partnership deed. After partnership deed registration, the PAN; TAN for the partnership firm is obtained from the relevant authorities. The entire process of partnership registration can take up to 8-15 days, subject to processing of applications by the government. You can register your partnership firm in India hassle free right on your mobile and computer screens.

The number of members and directors is fixed and has to be adhered to as it is the basic compliance to be followed by LLP. The number range is as follows: Members: Minimum 2, Maximum not defined. Directors: no directors Shareholders: No shareholders.

A comparison between LLP and Pvt. Ltd. Co. can be drawn on the basis of various parameters to decide which suits whom the best. There exist many disadvantages and advantages of LLP or Limited Liability Partnership, namely: ADVANTAGES: Simplified incorporation procedure with a minimal fee. Limited liability of partners. Perpetual succession. Decision-making power is in hands of directors. Transferable and heritable. DISADVANTAGES: Less recognized owing to recent introduction. Less credibility Tax benefits not provided by many States. Mutual trust necessary to ensure smooth functioning. Discord amongst partners affects the firm indirectly.

A Sole Proprietorship is the best form of Company to choose if you wish to undertake a small business for a short period of time. A Sole Proprietorship is the basic unit of a business structure, managed, controlled and owned by one person. Since, the registration and legal formalities of sole proprietorship are the most simplified ones, it is opted by small businesses working for limited time period.

To register a Private Limited Company in India, there must be at least 2 directors and 2 shareholders. The process of registration of Private limited Co. involves obtaining the Digital Signature Certificate (DSC) \u0026amp; Director Identification Number (DIN), obtaining approval for name, creating and filing of documents with RoC and filing of an application for PAN \u0026amp; TAN. It takes around 15-20 days to complete all the legal formalities to register a Private Limited Company in India. This time period is subject to the time taken by government authorities to process the application of incorporation of Private Limited Company. Consult the best corporate lawyers in India to register your Pvt. Ltd. Company.

Digital Signature Certificate is the digital equivalent of a handwritten signature or stamped seal, offering more inherent security and intends to solve the problems of tampering with or personification of or forgery in case of digital signatures. The DSC certificates can be given under three different classes i.e. Class 1, 2 and 3. You can get Digital Signature Certificate online in just a few clicks. It is an important step before incorporating a Company.

A partnership firm is formed by the signing of a partnership deed, drafted by experts. Get your partnership deed drafted online with just a click to enable hassle free incorporation. The advantages and disadvantages of such partnership firm are: ADVANTAGES: Less legal compliances and costs; Easy to start as it only requires a partnership deed attested by all on a judicial paper; Easy raising of funds; Complete control and ownership; DISADVANTAGES: Unlimited liability i.e. the personal assets of partners can be utilized to discharge debts; No central or guiding figure; Easy and abrupt dissolution can create lack of trust in general public.

Starting One Person Company (OPC) is a very easy task in today\u2019s world, and it being managed by a single person has many advantages and disadvantages to it, namely: ADVANTAGES: Tax flexibility and savings; It has perpetual succession; Elimination of a middleman; Easy availability of loans from banks; Easy management of Company; DISADVANTAGES: There exist many restrictions on the membership of OPC; Heavy tax liability as they are put in the same tax slab as the private companies; Suitable only for small businesses; Higher incorporation and compliance costs; One person cannot be a member or nominee in more than one OPC.

Generally, there is a clash of opinion between the differences in LLP and Pvt. Ltd. Co., thus to note the advantages and disadvantages of Pvt. Ltd Co. are: ADVANTAGES: Less complicated legal formalities than a Public company; Limited liability; Perpetual succession; Can undertake big projects owing to maximum membership of 200. Easy transferability of ownership; No requirement of a minimum share capital; DISADVANATAGES: Restricted trade of shares; Complicated procedure of winding up of Company; Difficult compliance formalities.

There exist few regulations and compliances to be adhered by the Company including the minimum number of membership. The number of members, directors and shareholders in a Pvt. Ltd. Company are: Members: Minimum 2, maximum 200. Directors: Minimum 2 Shareholders: Minimum 2, Maximum 50

Since, the profits and liabilities rest on one single person, incorporating a Sole Proprietorship has both pros and cons to it, namely: ADVANTAGES: easy, simplified registration; profits are directly accrued; helpful for small businesses; flexible form of conducting business for small interval of time. DISADVANTAGES: Personal liability of owner and losses directly affect him; difficulty in obtaining bank loans or lines of credit; non-transferability and non-heritability.

There are various parameters which must be kept in mind before deciding as to what kind of Company you want to incorporate to ensure maximum gains and minimum loss and success. The parameters to decide the business structure of Company depend on a case-to-case basis and are not exhaustive in nature in regards to incorporation of a Company: The number of members you want in the Company; The nature of liability you wish to incur in the business; The profit sharing you want in the Company; Whether you desire to float shares to the general public; The nature and time period of business you wish to undertake; The compliances you can undertake; Urgency of registration; Need for transferability or heritability;