A sole Proprietorship Firm  also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc.The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor’s. It is a “sole” proprietorship in contrast with  partnerships (which have at least two owners)

Proprietorship Firm is most common structure opted by merchants and service providers. A sole proprietor become single owner of business. The law treats sole proprietor and his buisness as same and he is held personally liable for all business debts. The low cost of registration, minimum compliances make it a desirable option for small buisnesses. Under this plan, Accountax India  will help your business get registered under Shop and Establishment Act and get advice on other registrations required under various authorities to operate as a proprietor.

Documents to be submitted

  • Address proof of the proprietor
  • Identity Proof of the Proprietor
  • Passport Size Photo (2 Copy)
  • Personal monthly bank statements
  • No objection certificate from the owner
  • PAN card of the proprietor
  • Passport size photos of proprietor
  • Rent agreement of your registered office
  • Ownership proof
  • Specimen signature

Startup Consultation

Proprietorships do not have a specific process for incorporation. Hence, our Business Advisors will advice you on the way the best way for establishing the identity of the Proprietorship firm and opening a bank account, on a case by case basis.

Tax Registration

The identity of a Proprietorship can be established through Tax Registrations like TAN or GST registration in the name of the proprietor. Hence, based on the type of business, the relevant tax registration is obtained for the business.

Partnership is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit.

Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. The document in which the respective rights and obligations of the members of a partnership is written called Partnership Deed.

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932.

What services are covered in this plan?

  • PAN Application
  • Drafting of Partnership Deed
  • Filing of deed and other documents with the Registrar of Firms
  • Affidavit filing with the registrar
  • Issue of Registration Certificate

Documents to be submitted

  • Address proof of partners
  • Photo ID proof of partners
  • No objection certificate from the owner
  • Rent agreeement of your registered office
  • Ownership proof
  • Passport Size Photo (2 Copy of each partners)

Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well received with over 1 lakhs registrations so far until September, 2014.

The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability protection for each individual’s protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly.

LLP is one of the easiest form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.

What services are covered in this plan?

  • Registration  with DSC
  • DIN
  • LLP Deed Drafting
  • Name Approval
  • PAN, TAN
  • Govt Fee for incorporation

Documents to be submitted

  • Address proof of directors
  • Citizenship proof
  • Photo ID proof of directors
  • No objection certificate from the owner
  • Passport size photos of directors
  • Rent agreeement of your registered office
  • Self declaration about your directorship in other companies
  • Specimen signature

The concept of One Person Company (OPC) is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework.

One Person Company is a hybrid of Sole-Proprietor and Company form of business, and has been provided with concessional/relaxed requirements under the Act.

What services are covered in this plan?

  • Registration  with DSC
  • DIN
  • Name Approval
  • Incorporation Fee
  • PAN
  • TAN
  • Share Certificates
  • Company kit

Documents to be submitted

  • Address proof of directors
  • Citizenship proof
  • Photo ID proof of directors
  • No objection certificate from the owner
  • Passport size photos of directors
  • Rent agreement of your registered office
  • Self declaration about your directorship in other companies
  • Specimen signature

Private limited company is the most popular corporate entity amongst small, medium and large businesses in India due to various advantages. Private Limited Company, the most popular legal structure for businesses, should be chosen by anyone looking to build a scalable business. Start-ups and growing businesses choose to register a company in India because it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to attract top talent. As these entities must hold board meetings and file annual returns with the Ministry of Corporate Affairs (MCA), they tend also to be viewed with more credibility than a Limited Liability Partnership (LLP), One Person Company (OPC), or General Partnership. At Accountax India, we are continuously available to help you understand how to register a private limited company. All such businesses must have at least two directors and shareholders on inception.

What is in this package?

The plan is designed to get your business incorporated as a private limited company. This is one of the most popular packages for launching a business in case you are looking to raise funds from an investor or offer stock options to your employees.

All the compliance incidental to company registration with the authorities are covered in the plan.

What services are covered in this plan?

  • Registration
  • Filing of E-forms with the Registrar of Companies (ROC)
  • Director Identification Numbers
  • Digital Signature Certificates
  • Name approval
  • Drafting of Memorandum of Association (MOA) & Articles of Association (AOA)
  • Issue of Certificate of Incorporation
  • PAN Application
  • TAN Registration

Documents to be submitted

  • Address proof of directors
  • Citizenship proof
  • Photo ID proof of directors
  • No objection certificate from the owner
  • Passport size photos of directors
  • Rent agreeement of your registered office
  • Self declaration about your directorship in other companies
  • Specimen signature

Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 govern Nidhi companies. A Nidhi company has been incorporated with the following objectives:

  1. Imbibing the habit of thrift and savings amongst its members
  2. Receiving and lending deposits from/to its members for their mutual benefit, which complies with rules of Chapter XXVI of Companies Rules, 2014.

Nidhi means ‘treasure’. In the financial sector, however, it means any mutually beneficial society that has been notified by the centre, which tries to cultivate the habit of savings among its members.

The companies doing Nidhi business are known under different names like Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.. They are mutual benefit societies as their dealings are restricted to its members and the membership is limited. The source of funds for such a society is the contribution from its members. Loans thus given out are at reasonable rates and most of the loans are for construction of house, or repairs. Loans are generally secured.

Since most of the funds come from the members, deposits thus raised by a Nidhi company are not much as compared to the organized banking sector.

Since Nidhis come under one class of NBFCs, the RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, since Nidhis deal with their shareholder-members only, RBI has exempted such notified firms from the core provisions of the RBI Act and other directions applicable to NBFCs. As on date (February 2013) RBI does not have any specified regulatory framework for Nidhis.

Requirements for Nidhi Company

  • A Nidhi company that has to be incorporated under this Act shall be a public company;
  • It must have a minimum paid up equity share capital of Rs.5,00,000/-;
  • There will be no issuances of preference shares. If such shares had already been issued by a Nidhi Company before commencement of this Act, such preference shares are to be redeemed in accordance with the terms of issue of such shares;
  • The objective of such a firm would be to imbibe in the members a habit of thrift and saving and the services would only be restricted to its members;
  • The name must have Nidhi Limited

What services are covered in this plan?

  • Registration  with DSC
  • DIN
  • Name Approval
  • Incorporation Fee
  • PAN
  • TAN
  • Share Certificates
  • Company kit

Documents to be submitted

  • Address proof of directors
  • Citizenship proof
  • Photo ID proof of directors
  • No objection certificate from the owner
  • Passport size photos of directors
  • Rent agreeement of your registered office
  • Self declaration about your directorship in other companies
  • Specimen signature

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