The business structures available for starting a Company/Firm in India are :
Request a Call
If there is only one founder/owner of the business, an OPC will be an ideal choice for registration of the Company. Registering for OPC will enable the sole owner to be a part of the corporate framework and carry on his work further. The registration of a One Person Company requires documents such as DIN, DSC, PAN Card, address proof, ID proof of both Director and shareholder along with address proof of the company and rent agreement (if any).
Sole Proprietorship is a business structure that is under the control of a single owner. This business structure is ideal for small businesses or businesses with limited investment. The owner of a sole proprietorship business structure himself owns all the property as well as assets. The registration of a Sole Proprietorship requires documents such as Aadhar Card, PAN Card, registered office proof and bank account details.
The business structure which has 2 or more owners is called Partnership. The owners of this business structure are known as partners. The profits of the business are shared among the partners on the basis of a written agreement. The documents required for Partnership formation include PAN Card and address proof of partners and firm, Partnership Deed, GST registration, and bank account details.
A Limited Liability Partnership is a business structure formed for providing limited liability to its partners. The law sees this business structure as a corporate body. The act of 2008 granted these business structures the right to manage their own affairs. The documents required for registering an LLP include address proof of office and partners, DSC, and ID proof of partners.
The law considers a company as a separate legal entity from its core founders. After a company gets registered, it will have company officers (Directors) and stakeholders (shareholders). Each individual in a Private Limited Company gets regarded as the Company’s employee. The documents required for registering a Private Limited Company include DIN, DSC, PAN Card, address proof, residence proof, Memorandum of Association and Articles of Association.
The business which has a voluntary association of members under company law is called PLC. A PLC has a separate legal existence. The liability of the members of a PLC is limited to the shares they own. The documents for registering a Public Limited Company include identity proof, address proof, and PAN Card of all Directors and shareholders, DIN, DSC, Utility Bill, NOC from the landlord, Memorandum of Association, and Articles of Association.
After selecting the right company structure, one can proceed ahead to issue the documents required for company registration in India.