The best form to run any business is a Private Limited Company Registration. This is the best form of business for any startup. The primary reason to register a Private Company is the status of a separate legal entity. Two Directors along with two shareholders can register a Private Company in India.
Private Companies are best suited for any person looking for funding to run and scale a business. A company is a separate legal entity. Promoters get the advantage of limited liability. They are accountable only to the extent of their shareholding. Directors and shareholders can be common in the Company.
Pvt. Ltd. Company is more credible as compared to other unregistered entities. Obtaining bank loans and funding is easier in registered companies in MCA. There are fewer compliances also required under the Act. Directors need Director Identification Number (DIN) first to register a Company. Shareholders need to have Digital Signatures (DSC).
The registration of any company needs a business place as a registered office. Company incorporation in India takes place through CRC. Company registration is a complete online procedure. The same takes approx 7 to 8 working days.
One can start private companies with only 2 members. Max members can go up to 200.
A LLP is a separate legal entity. LLP partners assumes limited liability only as per the law.
Private Limited companies provide the best form of business registration with limited liability. It provides feasibility of running business with limited liability.
A Company is a separate legal entity. It exists even after the death of the member incorporated the company.
Unlike normal Partnership firms, LLP firms, company registration more recognition as they are regulated in company point of view by law.
A LLP is a good option to generate fundings from bank or investor against profit sharing.
1-2 working days
3-4 working days
3-5 working days
|Sl. No.||Particulars||Private Limited||One Person||LLP|
|1||Eligibility||Any individual may form a PLC.||Only a natural person who is an Indian citizen and resident in India. shall be eligible to incorporate an OPC.||Any individual and body corporate may be a partner in LLP.|
|2||Taxation||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.|
|3||Closure/Dissolution/ Winding ups||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily by the partners or; By the Tribunal|
|4||Existence or Survivability||PLC is not dependent on the directors or shareholder. Can be dissolved only voluntarily or by Regulatory Authorities.||Existence of an OPC is not dependent on the Director or Nominee Director. Could be dissolved only voluntarily or by Regulatory Authorities.||LLP can continue its existence irrespective of changes in partners.|
|6||Statutory Audit||Compulsory||Compulsory||If Contribution > Rs 25lacs or, Turnover > Rs. 40lacs|
|7||Minimum Requirement||Members-2 Directors-2||Member – 1 Director – 1 Nominee of Sole Member – 1||Designated Partners – 2|
|8||Fund Raising Options||High||Low||Low|
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