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1) Accounting Management
2) Various Registration
3) Various return filling
4) Various Compliance
5) Any other professional assistance e.g. CMA projection for submission to financial institution in case of loan and strike off of GST registration etc.
Business structures avenues in India
Let’s try and understand the types of business structures available in India.
1. One Person Company (OPC)
Recently introduced in the year 2013, an OPC is the best way to start a company if there exists only one promoter or owner. It enables a sole-proprietor to carry on his work and still be part of the corporate framework.
2. Limited Liability Partnership (LLP)
A separate legal entity, in an LLP the liabilities of partners are only limited only to their agreed contribution.
3. Private Limited Company (PLC)
A company in the eyes of the law is regarded as a separate legal entity from its promoters It popular form of business in India.
4. Public Limited Company (PLC)
A PLC is a voluntary association of members which is incorporated under company law. It has a separate legal existence and the liability of its members are limited to shares they hold. A PLC can accept deposits/funds from public subject to other terms and conditions.
5. Sole Proprietorship
Sole proprietorship, as defined by the Govt. Of India, is a “one-man organization where a single individual owns, manages and controls the business.”
Proprietorship needs minimal registration. Therefore, it is one of the easiest form of business entity to start with minimal formalities.
There are only two things you need to do for starting a sole proprietorship business in India.
- Choose a business name.
- Select a location as the place of doing business.
6. Partnership Firm
A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932.
Registration of partnership firm is not compulsory. Since the registration provides various benefits to the firm thus it is desirable.
Liability of partners of a partnership firm is unlimited. They are jointly held liable for the debts and losses of the firm.
Partnership firm has no distinct legal status separate from its partners.
7. HUF
HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form an HUF. HUF is taxed separately from its members. A Hindu family can come together and form an HUF. Buddhists, Jains, and Sikhs can also form an HUF. HUF has its own PAN and files tax returns independent of its members.
You can choose what business structure suits your business needs best and accordingly register your business.