Company registration types in India
Company registration is the process of getting legal authorization to conduct business within your preferred zones. It is a legal obligation of most regions and checks that a company is operating under the lawful duties of its points. There are number of rules and regulations that must be completed initial stages of the company registration period. The company registration types are given below.
The first important period of new company registration is deciding upon which place to start your business. It is also noticed that the advantages and disadvantages of setting up business within that zone. Once the district has been chosen, the process of company registration and licensing can then start.
It is important to submit a different type of documents for company registration process. It contains certifications and professional references. The complete outline of the company structures. In addition, the company must submit a preferred company name that follows with the legal requirement regions. It will be evaluated by the registrar officer of that zones.
Companies are also “assessees“, like individual and partners, under the Indian Income Tax Act, 1961. As such companies are liable to Income-tax. The section 2(17) of the Income Tax Act 1961, enacts a wide meaning of the name “company“, that what has been enacted under the act 1956.
Company registration is very important as it set up the business as a legal entity. Without company registration, your business cannot be legally considered. It will not be secured under any complaints of your business procedures. So, company registration is an important factor in Chennai.
Company registration types
Today, everyone wants to start their new company for their own. But they are all not to register their company. If they are not registered their company, they don’t have the advantages of business entities. It is important to register your new company registration with your preferred regions. If you want to run your company for many years. It is essential for your new company registration.
The following are the different types of company registration.
- Partnership Firm
- Sole Proprietorship
- Public Limited Company
- Limited Liability Partnership(LLP)
- Section 8 Company
- One Person Company(OPC)
- Private Limited Company
Private Limited Company :
The private limited company is the most important business entities in India. In this business, every shareholder is liable for his share of the total capital. The private limited company is to maintain their board meetings, records of financial transactions and annual reports.
Private Limited Company can be of three kinds:
(a) Company limited by shares – A company in which the liability of its members to subscribe its assets is limited to the amount. If any shares are unpaid is called as ” a company limited by shares “.
(b) Company limited by guarantee – When the liability of its members is limited by the memorandum to such amount. The company members may individually managed by the memorandum to provide its assets in the occurrence of its being wound up. This company may or may not have a share capital.
(c) Unlimited company – A company not having any extent on the liability of its members is named as an unlimited company.
Public Limited Company :
A public company means a company which is not a private company. The public limited company registration has the following procedures :
- The company must have 7 shareholders.
- The company is required atleast 3 directors.
- There is no restriction for shares in a public limited company.
- Before to start a business, a public company must get a certificate from the (ROC).
According to section 4 of the partnership Act 1932 partnership is, The relationship between the persons who have agreed to share. The profit of a business handled on by all or any of them acting for all. At least 2 persons are required for partnership registration.
Hence, Partnership is a relation which subsists between persons :
- Carrying on of a business.
- In common with a motive of profits.
The persons who have commenced into partnership with one another are called individually “Partners” and collectively “a firm“. The name under which their business is moved on is called the “Firm name“.
One Person Company
The concept of One Person Company (OPC) is new in India. It is really a successful form of business in India. The member of a One Person Company (OPC) is only one. Only a person who is resident of an Indian is eligible to incorporate an OPC. The minimum paid capital of shares is RS.1 Lakh. . An OPC is doing well in Chennai, Bangalore, Kochi, etc.,
An OPC has certain exemptions and privileges. It is not available to private companies. One individual can incorporate a private limited company in the India with MCA. The law requires a company to have a minimum of one director and one shareholder. But a sole person can fill both of these positions. This is very beneficial to many people who run small businesses. It can prefer to work alone or do not require a business partner.
Limited Liability Partnership (LLP)
The Limited Liability Partnership (LLP) Act has introduced a new corporate business structure called ” Limited Liability Partnership” of “LLP“. An LLP contains two long-standing forms of business organization. Namely the “Company” and the ” Partnership firm“.
Every LLP have minimum two partners. There is no limitation on the maximum number of partners that an LLP can have. Every Limited Liability Partnership (LLP) shall have the words ” Limited Liability Partnership” or the acronym “LLP” as the last words of its name. The foreign companies and foreign LLPs can become partners in LLPs in India. Any one whose an individual or body corporate may be a partner in LLP.
Company Registration office in Tamilnadu
The company registration office Registrars of Companies (ROC) in Tamilnadu. Only two cities have Registrars of Companies ROC in Tamilnadu, they are Chennai and Coimbatore. Both the company registration address Chennai and Coimbatore is given below.
Registrar Of Companies (ROC Chennai)
Shastri Bhawan 26,
Chennai – 600034
Registrar Of Companies (ROC Coimbatore)
683, Trichy Road, Singanallur, Stock Exchange Building,
Coimbatore – 641 005
Phone: (0422) – 2318170, 2319640