We at Career Planet Infotech help an entrepreneur on the legal and regulatory requirements ensuring and offering support at every stage that your business remains compliant and growing, at an affordable cost. We have a team of devoted professionals CA and Lawyers who excel in providing complete business solutions for a start-up business. We help new business tycoons in setting up their business entities and business functions run effectively and efficiently.
1. Proprietorship Registration
A proprietorship is a type of business entity owned, managed and controlled by one single person. Proprietorship business is easy to start with minimum regulatory compliance required for started and operating. The Business owner does not pay income tax separately for the company but reports business income or losses on their own income tax return.
Why to have your ever-changing Proprietorship registration done?
You are a proprietor owning and managing an enterprise without any legal distinction between you and the business entity. Is your business not yet registered Right? This made you think over several times maybe, that whether I will run or will continue running my business hassle free. My answer to this would be yes, of course, you can run your business without any hazards as a sole proprietor, but then, there are some Consequences that your business may face, by not getting it registered.
Consequences of Unregistered Proprietorship Business:
Suppose you run a business whether existing or a start-up that requires delivering a product or service, you want to raise a bill or receive money in the name of your business, which is unregistered making it harder for you or any other proprietor to open a bank account or obtain a payment gateway. Below mentioned are some of the disadvantaged that your unregistered firm could face:
Tax exemption: Your business cannot have the benefit of tax exemption as you cannot apply for it in your own capacity which otherwise had been higher that your registered firm could gain from.
Government Assistance for start-ups: The Government has taken various high revenue-generating initiatives for start-up businesses but your unregistered business cannot be a part of this, in fact, it could be harmful to your firm at some level.
Legal action: Next, your unregistered business cannot claim copyright or trademark on another start-up or business for using trademark or symbol which you had been using.
Penalties and Fines: In certain cases, you could be liable to pay penalties and fines that could even stop your business.
Hence considering all the above-mentioned points and to avoid any difficulty it is always better to get your business registered.
How we could help you with your Proprietorship registration
Hiring an outsourcing company who could assist you in your Proprietorship registration and could manage all your business compliance can save time and help ensure that the process goes smoothly.
We at Career Planet Infotech can help you start and manage your business. We are one stop solutions for all your Finance and Accounting needs For any Legal, Financial and Accounting support we will be happy to help you, Contact Us Today
2. Partnership Registration
A partnership is a business entity consisting of 2 or more business owners who conduct the business according to the partnership agreement. A partnership is an entity where the individual partner does not pay taxes itself, instead, profits, deductions, credits, and other tax items pass through every partner, who report those items on their own tax returns.
WHY REGISTER YOUR PARTNERSHIP FIRM?
You own a business in partnership with someone and your business is non-registered where certain disabilities in your . are causing your unregistered firm suffer. If yes, then the right time has come to get your business registered. However, in case of partnership as well, it is not mandatory to get your business registered but to sue another partner or the firm itself, the partnership should be registered. No member of an unregistered firm can enforce his rights under the partnership contract against either the firm or any present or past member of it, nor can the firm sue its customers on their contracts. Moreover, in any situation for the partnership to bring any suit to court, your business should be registered. For this reason, it is recommended that larger businesses register the partnership deed. Further, it is recommended that along with getting your business registered, all the persons who are partners of the firm must also be shown in the register of firms.
Consequences faced of not getting your Partnership Registered
Let's suppose you want to sue a third party for monies, but because your partnership business is not registered you would not be able to do so. Thus, it could become arduous for your business to conduct its operation if not registered. Hence, an unregistered partnership business could suffer from the below-mentioned consequences:
No legal action.
A partner of an unregistered firm cannot sue the business or any present or past co-partners for the prosecution of any right arising from "a contract" or "Conversed by the Partnership Act". Criminal proceeding could be brought against one another only if they have registered themselves and the firm.
No claim by the un-registered business:
No claim can be filed on behalf of an unregistered business against any third party for the purpose of imposing a right arising from a contract.
No right of set-off.
A claim for set-off means, that if an action has been taken against an unregistered partnership business, and the business by way of defense, claims that the money due from the litigant to the business should be adjusted as against the litigant claim, then this facility would not be allowed to an unregistered firm.
One Person Company:
One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder while having continuity of business and being easy to incorporate. Are you striving to have better credibility for your business in comparison to proprietorship firm? Being an owner or director of one person company (OPC) are you looking to have limited liability for your business? Then get your business registered as one person company today, doing this you could test your business models and can have plans for expanding your business in future with minimum and easy registration requirements.
Check the benefits of getting your business registered as OPC
Legal stamped Recognition:
Your legally registered company increases the legality of your brand making you trustworthy among your customers and clients.
Split up your personal and business assets:
Getting your business registered as OPC will certainly split up your business and personal assets. Suppose under the liability protection clause, any financial loss that your business faces will not affect your personal assets.
Work for yourself
The OPC registration is ideal for you when you want to work alone, and you are looking to maintain complete control over all your business decisions. You are not restricted to add more people; you can add the board of directors at a later date if you feel the need to do so.
Get all the more value for your money
In comparison to the proprietary firm, it is much easier for OPC to get loans. If your business is registered as OPC you can have several tax benefits and you can pay income tax on a much smaller amount.
Easy to move ownership
In OPC, the ownership can be transferred by changing the shareholding, directorship and nominee director information. Your business ownership can be easily transferred to a company by transferring shares at ease.
If you are looking for registration services and would like to know more feel free to contact us at [email protected] or call us at 8285797281 and get a free consultation.
3. Limited Liability Partnership
You are a start-up or a small business just started your operations. You must be looking out for ways, where you can start your operations with minimal regulatory compliance related formalities. This could only be possible if you register your business as Limited Liability Partnership (LLP). This business type is cheaper, easy to incorporate and manage, further it involves less compliance and is a smart choice from a tax perspective.
Reasons to register your business as LLP
An LLP has uninterrupted progression unless it is legally dispersed. A business registered as LLP is unaffected by the death or other departure of any partner and continues to be in existence irrespective of the changes in partnership.
Getting your firm registered as LLP could bring some significant benefits to your business. For Instance, Dividend Tax and tax surcharge are not applicable to LLP firm and clients moreover, Loans to partners are also not taxable as income.
Limited Liability security
In LLP, if the case arises that you are not able to repay the business then only the money invested in starting a new business would be lost; where all your personal property or assets would be safe.
Limited Liability Partnership (LLP) is a reputed and well-known business and is more preferred to deal with over proprietorship or normal partnerships.
LLP is the ideal form of business basically for small companies with minimum compliances. This LLP business is easy to manage where legal auditing is not required for LLP. If you are looking for registration services and would like to know more feel free to contact us at [email protected] or call us at 8285797281 and get a free consultation.
4.Private Limited Company
A private limited company is a limited liability company with the minimum of two and maximum of 200 members with legal protection to its shareholders placing certain restrictions on its ownership. This form of business is the most preferred business structure basically for start-ups and growing firms.
Why register as Private Limited Company?
In private limited company, shares can be sold to the people whom owner chooses. Shares in the private company are not sold in an open market, hence reducing the number of shareholders and creating less complexity and confusion in decision making and management.
As you know that legal formalities are always time consuming and expensive, so getting registered your company as private limited will have the shorter list of legal Formalities.
In comparison to public limited companies Private limited companies focus on long-term earnings as in this Managers are not pressurized to increase earnings in short term.
Minimum Share Capital
Earlier there was the minimum number of share capital required for the private limited company but now there is no such minimum compulsion with no pressure on fund requirements. If you are looking for registration services and would like to know more feel free to contact us at [email protected] or call us at 8285797281 and get a free consultation.
5.Public Limited Company (PLC)
A public limited company is a form of business organization that operates as a separate legal entity from its owners. A PLC's stock is offered to the general public and can be acquired by anyone, either privately, during an initial public offering or through trades on the stock market.
Features of Public Limited Company (PLC)
The Company has its own separate logo. The company is obligated to use this logo in its all types of operations and functions. If you are looking for registration services and would like to know more feel free to contact us at [email protected] or call us at 8285797281 and get a free consultation.
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