Introduction

Hi my dear Viewers welcome to OopiriFive blogging platform post (4). In these blog I describe about Types of Business registrations in India. I mean I give full clarity for which registration is best suitable for which business with detailed examples. Moreover to say that first of fall we need to discuss about registration.

Guys why we need these business registration. It is crucial or mandatory?

Let’s know about topic

Generally in market every business will have different type of Business registrations like solopropretorship, partnership, limited liability, private limited and one person company.

So for every business required these five major types of Business registrations for identification in market and security. Incase if business owner will avoid registration process they will face lot of problems like license permissions, Income tax filing and marked as unidentification in market.

Overall the business cannot survive in market due to absence of trust in public as well as their no permissions will get approval from government.

But don’t worry guys I have a solution to overcome this problem and that is you should get full awareness about business registrations. So  for that you just read the information whatever I posted in these blog you get full details about business registration whatever you want .

Now jump into main topic ,In these I demonstrate about five types of business registrations which are eligible to you with detailed samples.

let explore https://oopirifive.com/

Five Different Types of Business Registrations

1.Solo proprietorship:

A solo proprietorship is a business where the person can owned and controlled by individual without partners which comes under incorporated business structure and In this business registration the person only can manage all profits and losses because he/she only can responsible for all risk in their business ventures and

 Guy we here to know that it is a popular kind of business which is perfect suitable for small business individuals like beauty salons, freelancers and coaching trainers.

Along with there is some advantages and disadvantages are listed under solo proprietorship. Those are,

1.1Advantages

• In this business the owners get free self decision making because in this organization their no partners and directors like corporate companies.
• In this business the person  have strong confident support by himself and the information also safe which kept by private himself
• He/ she can have good self satisfaction by starting business with self independent without any support.
• In this business structure the person only take all profits whatever he gained from business and pay tax to government.

1.2 Disadvantages

• This business does not consider under corporate.
• These registrations do not have opportunity to raise the capital funds in market.
• In these business personal assets are not separated from business assets.

1.3 Documents required to apply for Solo proprietorship

• Pan card
• Voter id/driving license/passport
• Sale deed

Types of Business Registrations

2.Partnership Firm:

A partnership firm is a business registration where the two or more person can involve to the business to make profits and divide them equal for everyone. These known as partnership business firm registration.

 In this business organization all persons take risk and responsible to their business .Moreover to say this partnership  firm will give various advantages and legal protections.

There is some pros and cons are listed under partnership firm registration.

2.1 Advantages:

• This partnership firm will get legal recognition in market when they deal with third party clients like suppliers, bankers, and customers.
• In this partnership firm the partners have a chance to get credit in market from banks and financial institutions.
• This business firm have a good protection of rights from all partner agreements.

2,2 Documents required for partnership firm:

• Form no1 (Application for registration under partnership act)
• Notarized copy of partnership deed signed from all partners
• Affidavit declaring intention to become partner.
• Rental or lease agreement of the property.
• Pan cards and address proofs of all partners.

3.Limited liability partnership:

A limited liability partnership is a business registration where every partner has a limited personal liability for the debts and claims of partnership and it has tax entity as well as flexible partnership.

Moreover to say, In this business registration firm when the business partners was changed due to irrespective issues there is no problem will happen because

It’s totally legal entity if one partner will exit their no impact on other partner s and their personal assets.

Documents required to apply for limited liability partnership:

3.1Personal documents

• Pan card
• Voter id/driving license/passport
• Latest bank statement/electricity bill/Mobile bill
• Passport size photography
• Specimen signature (Partners only)

3.2 Registered Documents:

• Electricity bill/mobile bill/gas bill
• No objection certificate from property owner
• Notarized rental agreement
• Copy of sale deed/property deed.

4. Private Limited Company:

A private limited company is a business which is flexible and popular structure. Because it is a organization where presence of two or more owners to conduct the business with legal entity to earn profits.

4.1Advantages:

• This business gets easy funding in market.
• There is so much tax benefits will applied to this business firm like tax exemption and tax efficient entites.
• These private limited companies have credibility , trust from customers and suppliers.

4.2 Disadvantages :

• Cost of maintenance
• Regulatory compliances

4.3 Personal documents:

• Pan card
• Voter id/driving license/passport
• Latest bank statement/electricity bill/Mobile bill
• Passport size photography

4.4 Registered documents:

• Electricity bill/mobile bill/gas bill
• No objection certificate from property owner
• Notarized rental agreement
• Copy of sale deed/property deed.

4.5Director Documents:

• Dir-8
• Consent letter
• Letter of appointment

5. One person company:

A one person company means the person who can start and maintain the business by making profits and losses with legal entity and limited liability these process known as one person company.

5.1Advantages:

• Easy credibility option in market
• Presence of confidential data
• Easily trust by suppliers and customers
• Recognized under corporate company

5.2Personal Documents required:

• Pan card
• Voter id/driving license/passport
• Latest bank statement/electricity bill/Mobile bill
• Passport size photography
• Specimen signature (blank document with signature only)

  5.3Registered documents required:

• Electricity bill/mobile bill/gas bill
• No objection certificate from property owner
• Notarized rental agreement
• Copy of sale deed/property deed.

Conclusion:

So my dear lovely comrades coming to overall topic we listed the information about five different types of business registrations to useful for every business venture with detailed examples . incase if you have any doubts please put your comments.

thank you…

Types of Business Registrations