Company Registration Company registration or incorporation in India involves several steps and legal formalities to establish a business entity legally recognized under Indian law. Here’s a comprehensive overview: 1. Choose the Type of Company: Select the appropriate legal structure for your business, such as: a). Private Limited Company b). Liability Partnership (LLP) c). One Person… Read More »
LLP formation requirements LLP formation requirements: Limited Liability Partnerships (LLPs) can be formed by a group of individuals or entities who meet the requirements and fulfill the necessary legal procedures. Here’s a breakdown of Who can form LLP: Individuals: Two or more individuals can come together to form an LLP. They may be professionals,… Read More »
LLP is a company or not An LLP, which stands for Limited Liability Partnership, deviates from the conventional definition of a company. While an LLP shares some similarities with a company, it has distinct characteristics that differentiate it from a typical company structure. Here are some key points regarding the classification of an LLP: 1.… Read More »
ITR for self employed For self-employed individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of self-employed individuals: ITR-3: This form is applicable if you have income from business or profession as a partner… Read More »
Definition of sole proprietorship Definition of sole proprietorship Website Link: Definition of sole proprietorship: A sole proprietorship is a form of business ownership where an individual operates and owns a business. A sole proprietorship is the most straightforward and widely used type of business structure. Within this structure, there exists no legal separation between the… Read More »
Registration vs license Business registration and a business license are two separate processes that are often required for operating a legal business. Here’s the difference between the two: Business Registration: Business registration is the process of officially establishing a business entity with the relevant government authorities. It involves providing information about the business, its owners,… Read More »
Business partnership vs LLC A business partnership and a limited liability company (LLC) are two distinct legal structures for businesses. Business partnership vs LLC: 1.Liability Protection: Partnership: In a partnership, partners have unlimited personal liability for the debts and obligations of the business. This means that if the partnership cannot meet its financial obligations, partners… Read More »
Licensing a business Licensing a business Website link Licensing a business: Business registration and business licensing are two separate processes that are often required for starting and operating a business. Here’s an overview of the differences between business registration and business licensing: Business Registration: Purpose: Business registration is the process of officially establishing a business… Read More »
Annual Turnover Website Link Annual Turnover: If you are a small wholesaler with an annual turn-over of less than INR 20 lakhs, you are not required to register for GST. However, if you sell goods across state lines, then GST registration is mandatory, regardless of your turnover. For more information visit this site: https://www.mca.gov.in… Read More »
Compliance with laws Website link Compliance with laws: Business registration and a business license are two separate processes that are often required for operating a legal business. Here’s the difference between the two: Unique identification number Business Registration: Business registration is the process of officially establishing a business entity with the relevant government authorities. It… Read More »