GST Services
Private Limited Company
The Private Ltd Company is one of the most preferred business legal forms by growing Indian start- ups. It is governed by the MCA (Ministry of Corporate Affairs) and regulated by the Companies Act, 2013 and the Companies Incorporation Rules, 2014.
Today, Start Up and young entrepreneurs prefer private limited companies over traditional proprietorship and partnership firms due to several benefits of formation of Private Limited Company
LIMITED LIABILITY PARTNERSHIP
Limited Liability Partnership (LLP) is business form which provides benefits of limited liability and flexibility of a partnership business. It is governed and registered under the Limited Liability Partnership Act, 2008 (notified on 31st March 2008) and the rules made there under. Small and Medium Enterprises (SMEs) can function as LLP. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.
One Person Company
The Companies Act 2013, introduced the concept of One Person Company (OPC) in India. It encourages self-employment within the ambit of India’s legal system. There can be only one member in an OPC. Its main characteristic is that only one shareholder who owns 100% stake of the company. To maintain the character of perpetuity, the appointment of the nominee is compulsory, who will take place of the owner in case of death or his inability. One person company is a type of Private Limited Company.
Public Limited Company
A Public Limited Company is defined under Section 2(71) of the Companies Act, 2013 as: “(1) A Company which is not a private company and (2) has a minimum paid-up share capital of INR 5 lakhs”. Under the Companies Act, 2013, a Subsidiary Company shall be deemed to be a Public Company if it is not a Subsidiary to a Private Company, even if it is a Private Company as per its AOA.Public Limited Companies are companies whose shares are traded in stock market or issues fixed deposits.
To register a Public Limited Company in India, a Minimum of 3 Directors, Minimum of 7 Shareholders and Minimum Capital of Rs. 5 Lakhs is required.
Nidhi Company
Nidhi Companies are registered Limited Companies involved in taking deposits and lending to its members. The activities of a Nidhi Company does fall under the purview of Reserve Bank of India, as it is similar to a NBFC. Hence, we can say Nidhi Company is a Non-Banking Financial Company (NBFC) which does not require any license from the RBI. It is ideal for Lending and Borrowing amongst Members. Nidhi Companies cannot deal with anybody other than its members.Companies Act 2013 and Nidhi Rules 2014 are the governing bodies regulating the functions and operations of Nidhi Company in India.
Section 8 Company
In India, a Non-Profit Organisation can be registered by 3 ways : (1) Trust by executing a Trust deed (under Indian Trusts Act, 1880) ; (2) Society under the Registrar of Societies (under Societies Registration Act, 1860 ); or (3) Non-Profit Company as Section 8 Company (under Companies Act, 2013). A Section 8 Company is the same as Section 25 company under the old Companies Act, 1956. Under the new Companies Act 2013, Section 25 (as per the old Act) has now become Section 8.
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