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In India, company registration is required to conduct business to ensure that the company is operating under the lawful obligations. The rules and regulations governing company registration in India is based on the Companies Act of 2013, which was amended subsequently in 2015 and 2016. In certain cases, it is not mandatory to register the business with the Registrar of Companies (RoC), for example, a partnership firm.
Before registering a company in India, the promoters should decide on the most flexible and viable business structure for them. Before commencing the registration process, the promoters should have a fair idea on their project and should have a long term plan for it. They can opt for a business structure which is in harmony with their project.
The available business structures available in India for making profits are described under the below main heads:
Partnership Firms
Sole Proprietorship
Private Limited Company
One Person Company
Public Limited Company
Limited Liability Partnership (LLP)
There are also few more business types that can be registered in India, which are:
Unlimited Company
Producer Company
Liaison Office / Representative Office
Project Office
Branch Office
Joint Venture Company
Subsidiary Company
Section 8 Company
Registered Societies
Public/Private Trust
NGOs
Let us have a quick idea on what they mean in India as per the Act
1. Partnership
An agreement between two or more persons, named as partners, for the formation of a business to earn profit is commonly known as Partnership. The partners in the business are legally bounded with an agreement known as Partnership Deed. As per the deed, any profit earned by the business is shared between partners as per the agreed ratio; in case of any loss, each of the partners is personally responsible. Personal assets of partners may be used to compensate the losses incurred, if any.
2. Sole Proprietorship
A business which is registered in the name of a single person is called Sole Proprietorship, whereby the promoter himself is responsible for the entire business. As per the rules, the promoter and the business are treated as single entity; hence any personal assets and business assets are realized to compensate any loses.
Also, the profit from the business is added to the promoter’s income for tax computation purposes. If the turnover of a Sole Proprietorship exceeds 2 Crore and the paid up capital is more than 50 laks, it should be converted to a private company.
Sole Proprietorship and Partnership Firms are ideal for business which are small in size and have minimal investment.
3. Private Limited Company
A Private Limited Company is the most popular form of business among domestic and international investors. The company which is owned by individuals is generally known as private limited company. The minimal requirement to form a private limited company is 2 directors or members; the maximum number of directors is restricted to 200. The major advantages of these types of companies are that the business assets are separated from personal assets.
