Udyam Registration, previously known as Udyog Aadhaar, is a government registration process for Micro, Small, and Medium Enterprises (MSMEs) in India. It provides businesses with a unique identification number, which is necessary for accessing various benefits and subsidies offered by the government.
Any business that qualifies as a Micro, Small, or Medium Enterprise based on the investment and turnover criteria set by the government should register for Udyam to leverage the benefits.
Udyam Registration is a critical step for MSMEs to gain formal recognition and access a range of government incentives designed to support and grow their business. Register today and unlock the potential for growth and success.
Sole Proprietorship is a popular type of unregistered business entity owned, managed, and controlled by one person. Most of the micro and small businesses operating in the unorganized sectors prefer registering a Proprietorship.
Sole Proprietorship is simple to start and has very few regulatory compliance requirements for conducting the operation. Proprietorship registration is ideal for entrepreneurs who are getting into the business for small businesses with few clients.
A proprietor is the owner of the Sole Proprietorship business. It is not a corporate or legal entity. The proprietor and the Proprietorship are the same legal entity.
The PAN and other documents of the proprietor are the basis for obtaining all the registration and licenses. The proprietor is held personally liable in case of any liabilities in a business.
Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business and share both the profits and losses.
Registering a Partnership is the right choice for small enterprises as the formation is straightforward and there are minimal regulatory compliances.
The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for non Registration of a Partnership firm. But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of non Registration of Partnership firms.
The application for the Partnership registration form must include the prescribed documents like the Identity proof, address proof, a real copy of the Partnership deed entered into and the proof of the Principal place of business.
Any of the following documents can be submitted as identity proof and address proofs for all the partners
Proof of Business premise can be established by submitting the following documents:
Dr. Jamshed. J. Irani in his report on Company Law dated 31st May 2005 introduced the concept of One Person Company in India.
In the report, Dr. Irani recommended that with the ever-increasing use of Information Technology and the emergence of a strong service sector in India it was bound for the government to empower the entrepreneurs who are capable of creating innovative ideas and participating in the marketplace.
Dr. Irani suggested that innovative entrepreneurs must not be made to do through an association of persons and should be able to create a single person economic entity in the form of One Person Company.
Further, such an entity may be provided with a simple regime through exemptions so that a single entrepreneur is not compelled to dissipate his energy and resources on procedural matters.
Hence, the concept of ‘One Person Company’ was introduced in the Companies Bill 2013, with the approval from Lok Sabha on 18th December 2012 and in Rajya Sabha on 8tH of August 2013.
Finally, after obtaining the assent of the President of India on 29th of August 2013, it has become the Companies Act, 2013.
LLP or Limited Liability Partnership is an alternative business form that provides the advantages of a limited liability company and the flexibility like that of a partnership firm.
An LLP, therefore, exhibits elements of both partnerships and corporations. This innovative and most awaited form of company was introduced into the Indian corporate world in 2009 by the Limited Liability Partnership act of 2008.
This unique hybrid combination of a limited and partnership company is thus suitable for small, medium-sized businesses or professionals.
Being one of the easiest types of businesses to incorporate and manage there are over one lakh registrations received in India since the introduction. Minimum two partners can incorporate an LLP, there is no upper limit as such.
In an LLP one partner is not responsible for the other partner’s misconduct or negligence. The mutual rights and the duties of the partners with an LLP are governed by an agreement that is signed between the partners.
As LLPs, are not capable of issuing equity shares LLPs should not be chosen for any business that plans for raising equity funds Angels investors, Venture Capitalists or Private Equity.
The average time for the process of incorporation of an LLP takes around 15-20 working days subject to the Government processing time and submission of documents by the client. Our team will reach out to you for the collection of the necessary documents for the registration of LLP.
After receiving the information our team will verify the documents and the process for obtaining Digital signatures would commence. On the submission of the digital signatures, the applicant needs to complete the OTP verification and video KYC check. Simultaneously, we also file a request with the MCA for reserving the name you have selected for LLP.
On obtaining the approval of the name and the digital signatures, we draft all the documents for the incorporation of the LLP and send them to the partners for signature.
The signed documents are then submitted along with the application for the incorporation of an LLP to the MCA. The approval from the MCA takes around 2-5 working days. Once the approval is obtained the LLP would be incorporated and we begin with the process of helping you in obtaining a PAN for the LLP and also opening a bank account in the name of an LLP. Simultaneously, we also draft the LLP partnership deed. This partnership deed must be signed by all the partners on a stamp paper. Later, the signed LLP partnership deed is verified by our team and uploaded on the MCA portal within 30 days of incorporation for the final processing.
For the registration of an LLP in India following documents are required.
The authorization from the landlord ( Name mentioned in the Electricity bill or Gas bills or Property Tax receipt or sale deed) to use the premises as a registered office. This acts as a NOC from the landlord and;
Proof of evidence of any utility services like gas, electricity, telephone depicting the address of the premises bearing the name of the owner or document, which is not old than two months.
A Private Limited Company is an entity which is held for privately run small businesses. Under this type of entity, the owner liabilities are restricted to their shares and the number of shareholders is restricted to 50. Shareholders are also refrained from trading the shares publicly under a Private Limited Company.
Incorporating a Public Limited Company is a suitable option for large scale businesses that require huge capital. There should be a minimum of seven members with no limit on maximum number of members/shareholders for starting a Public Limited Company.
Usually, Public Limited Companies get listed with stock exchanges to raise capital from the general public. This is why Public Limited Companies have to comply with multiple regulations of the government and starting a public limited company becomes a cumbersome process.
It is necessary that all the documents pertaining to registration of a Public Limited Company are in order to avoid any legal complications later on.