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There are different forms of business to choose, New entrepreneurs, are very agnostic about the kind of business they should setup. Although the basic idea is clear to them, they are in a chaos regarding the registration of the company. There has been a rapid increase, approximately 26%, in the Private Limited Company registration and also the incorporation of one person company is rising steeply. This is because of the rising awareness among people.
Key factors
The first criteria of selection for a startup will be the readiness to bear legal compliances. The kind of business which is able to bear these compliances more readily must be preferred.
Promoters: The number of people involved in the start-up and the number of promoters the company will have at the initial level is very significant in selecting the forms of business.
Capital Contribution/Capital Introduced: Amount of share capital being introduced by every member also helps in determining the kind of business.
Funding Requirements: The fund of the company is to be panned because it is one of the most relevant factors in deciding the kind of business.
The Feeling of Being a Stakeholder: In LLPs, the members contribute but there is no question of holding the stakes. However, in a private limited company, the number of shares of the members is to be discussed.
FDI Restrictions: LLP imposes restrictions if a foreign resident wants to start a business and wants to introduce capital as FDI. However private companies do not impose these restrictions.
Investor Friendly: All of the startups start working in their venture, hoping for investments in the future. But investors only invest in businesses in lieu of some stake which is possible only in private companies.
Restrictions on Growth: It is possible to convert private limited into public limited. But it is not permitted to convert your LLP into a private limited or public limited company.
Conclusion
Selecting the form of business which suits you the best is the first crucial step towards setting up a successful business. The compliance cost of LLPs is way lesser than private companies. In the case of requirement of funding, proprietorship and partnerships won’t be successful.
