Proprietary concern

Starting a proprietary concern or proprietary firm is a simple process. There is no formal registration to be done. An Individual / sole trader (or one person firm) intending to do business or profession, can register the concern under Goods and Service Tax Act (GST), Profession Tax Act, Shops and Establishment Act, Udyog Aadhar (MSME)

One Person Company (OPC)

A One Person Company (OPC) combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder.

OPC is formed as a Private Limited Company.

Hindu Undivided Family (HUF)-

Hindu Undivided Family (HUF)- HUF is a kind of an entity that could be a launching pad to the entrepreneur who wishes to have a smoother foray into the world of business, thanks to the tax benefits and lesser compliance requirements. HUF is a unique type of legal entity which derives its roots from Hindu Law. HUF is an entity as a family, which consists of male lineally descended from a common ancestor. The members of the family would also include their spouses and unmarried daughters. Given the nature of the entity, the relation of HUF’s arises from status and not legal contracts.

Partnership Firm Registration

Persons who have entered into a partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.

To commence a partnership firm, atleast two persons are required. The firm doesn’t have a separate legal entity like a company. The firm is a collective name given to individual partners.

A firm is registered under Registrar of Firms, situated in the respective jurisdiction.

Private Limited Company Registration

Setting up a Private Limited Company in India requires a minimum of TWO shareholders and TWO directors. The shareholders can be the directors of the company. One of the directors, however, should be a Resident Indian. Choosing the name of the company is a bit tricky! While choosing the name, one has to ensure that the Name

• Does not resemble the name of any other already registered company
• Does not violate the provisions of emblems and names (Prevention of Improper Use Act, 1950) by availing the services of checking name availability on the portal
• Select, in order of preference, at least one suitable name upto a maximum of two names, indicative of the main objects of the company

Once the name is chosen, then file an application for the incorporation with Registrar of Companies (ROC), along with Memorandum and Articles of Association, particulars of directors, etc.

Public Limited Company

Public Limited Company-It is company registered under Company Act 2013 is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately through (IPO) initial public offering or via trades on the stock market. As per the provisions of the Companies Act, 2013 to start a public limited company, a minimum of 3 directors are required and there is no restriction on the maximum number of directors.

Non-Banking Financial Company (NBFC)

Non-Banking Financial Company (NBFC)- It is a company registered under the Companies Act, 2013 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company

Trusts and Societies

A trust can be registered under Indian Trust Act, 1882 and a society can be formed under the provisions of Societies Registration Act.

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