A sole proprietorship is the simplest business form under which an individual can operate its business. There is no legal distinction between the owner and the business entity, it is also known as individual entrepreneurship, enterprise that is owned and run by one person.
Private Limited Company
A Private Limited Company is a privately held small business entity which is separate legal entity from its shareholders. The liability of members of a private limited company is limited to the number of shares held by that member. A private limited company is registered under the Ministry of corporate affairs and governed by Companies Act, 2013. Minimum two shareholders are required to start a private limited company while the upper limit of members is 200 as per the Companies Act, 2013.
It is held by private stakeholders. The shareholders cannot be held liable beyond the value of the shares and liability arrangement in a private limited company is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them. The governing body for such a company is the Ministry of Corporate Affairs (MCA).
Limited Liability Partnership
An LLP has all basic features of a regular partnership firm, except that of same legal entity status and unlimited liability of partners. Consequently, limited liability partnerships have legal existence and identity separate from that of its partners. Furthermore, its partners have limited liabilities. An LLP is a body corporate and legal entity separate from its partners. It has perpetual succession.
Section 8 NPO
Section 8 company under the companies Act, 2013 is a Non Profit Organization, it is same as section 25 company in the old Company Act, 1956. As per the act it can be established for the “promotion of commerce, research, art, science, sports, education, social welfare, charity, religion, protection of environment or any such other object”
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries (As per msme.gov.in). When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s.
Other Registration Needs of your business
Trademark Registration, Logo Registration, Trust, Society, Proprietor Ship Firm Registration, Partnership Firm Registration, Copy Right Registration, ®, ©, Patent, Design, NGO, PVT. LTD., LTD., INDIA LTD., Agmark, MCD, NBFC, 80G, 12A, IFCRA, PAN, PF, ESI, TAN, GST, Pollution Certificate, Direct & Indirect Taxation, Bar Code, IE Code.