There are many good some reasons why it makes ample sense to register your specialist. The first basic reason is to guard One Person Company Registration in India online‘s own interests by no means risk personal assets to the stage that facing bankruptcy in case your business faces an emergency and which forced to close down. Secondly, it is easier to attract VC funding as VCs are assured of protection if organization is accredited. It provides tax benefits to the entrepreneur typically in a partnership, an LLP or maybe limited enterprise. (These are terms which have been described later on). Another valid reason is, just in case a limited company, 1 wishes managed their shares to another it’s easier when an additional is subscribed.
Very almost always there is a dilemma as to when organization should be registered. The solution to which is, primarily, when your business idea is sufficiently good to be converted to a profitable business or truly. And if the answer to method has . confident which has a resounding yes, then it’s the perfect time for someone to go ahead and register the startup. And as mentioned earlier on it is always beneficial to make it work as a preventive measure, before you could be saddled with liabilities.
Depending upon the type and size of corporation and how i want to grow it, your startup can be registered among the many legal formats of the structure of the company open to you.
So let me first fill you in with the required information. The various company structures available are:
a) Sole Proprietorship. Of the company managed or run by one particular individual. No registration it takes. This is the method to if for you to do it for yourself and the purpose of establishing business is to realize a short-term goal. But this puts you at risk of losing every personal assets should misfortune strike.
b) Partnership firm. Is owned and operated or run by at least two or higher than two individuals. In the a Partnership firm, just as the laws are not as stringent as that involving Ltd. Company, (limited company) it demands a associated with trust within partners. But similar using a proprietorship there could risk of losing personal assets in any eventuality.
c) OPC is a 60 minute Person Company in that this company is a separate legal entity which in effect protects the owner from being personally accountable for any cutbacks.
d) Limited Liability Partnership (LLP), from where the general partners have limited liability. LLP combines the best of partnership firm and an organisation and the partners are not personally prone to lose their personal wealthiness.
e) Limited Company that’s of 2 types,
i) Public Limited Company where the minimum number of members needed are 7 and there’s no upper limit; the number of directors must be at least 3 and
ii) Private Limited Company where minimal number of folks that needed are 7 having a maximum maximum of 45. The number of directors must be 2.