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FORMATION OF COMPANY OWNERSHIP:

If you are gonna start your own business or organization, the primary thing that strikes your mind is the company registration and record. This is the essential legal requirement for starting a business on your own.

In India, registering a business is otherwise called incorporating a business. Your business turns into a particular entity and procures legal status while registering it.

All kinds of company registration procedure responsibilities are taken by the Ministry of Corporations, India.

In this article, we are going to clarify about what are the different types of companies' registration processes.

Basically, there are 6 various types of company registration for the formation of company ownership in India.

  • Proprietorship Firm Registration

  • Partnership Firm Registration

  • Private Limited Company Registration

  • One-Person Company Registration

  • Limited Liability Partnership Registration

  • Public Limited Registration

Proprietorship and Partnership Firm Registration, these two firm registration formations can be easily done and they don't require any complicated formalities.

Private Limited, One-Person Company, Limited Liability Partnership, and Public Limited, these four firm registration formations require a certificate through the Registrar of Companies (ROC).

1. Proprietorship Firm Registration

A business or company owned by a single person is called a proprietor and the form of ownership is called a Sole Proprietorship.

This Proprietorship firm registration is mostly suitable for small start-ups.

Benefits:

  • Minimum legal terms

  • Fast, firm and even easy to dissolve

  • The Decision-making process is easy

  • Tax benefits

  • Just a One-day registration process

2. Partnership Firm Registration:

A business or company owned by more than one member then the number of members who own the company are called partners of the business and the form of ownership is called partnership.

This type of business or company is the most popular and common type of company ownership in India.

Benefits:

  • The registration process of the company is easy

  • Less legal compliance to maintain partnership activities

  • Equally, share capital contribution among members

3. Private Limited Company Registration:

These kinds of private limited companies are not governed by any public authorities. It doesn't provide full ownership to any shareholders. Its having limited liability and rights to the shareholders.
Generally, a public company transfer its shares to the public, but It does not transfer its shares freely to the public.

Benefits:

  • Limited liabilities

  • Attracts investors

  • Tax benefits

4. One-Person Company Registration:

The organization is owned by only one individual, where he is at the opportunity to utilize any individual with his own carefulness, and there is nobody can't get a higher position in the company other than him otherwise he has authorized someone to do so.

Benefits:

  • Independent Existence

  • Limited Liability

  • Separate Property

  • Transferability of Shares

  • Tax Flexibility and Savings

5. Limited Liability Partnership Registration:

An organization's LLP is possessed by various partners it restricts the partners from practicing authoritative control among different accomplices and furthermore doesn't make different partners liable for the negligence of one partner.

This type of organization is registered by joining the advantages of a partnership company and another company.

Benefits:

  • Limited Liability

  • Minimum legal Compliance as compared with other

  • Less limit of members

  • Easy to incorporate

  • No minimum amount of Paid up capital

6. Public Limited Registration:

It is suitable for large-scale companies that require a large investment.

It is similar to the Private limited company, just omitting the thing that the company is controlled by public shareholders. It has the majority of direct regulatory requirements compared to private companies.

Benefits:

  • Suitable for large-scale companies

  • Uninterrupted Existence

  • Shares can be easily transferred

  • Eligibility for listing in the stock exchange

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