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PRAKASH K PRAKASH

J

PRAKASH K PRAKASH

Business Setup Services

Delhi



A Quality Product from
PRAKASH K PRAKASH [View Profile]
Delhi - India

Description :
Setting up a new business in a country like India can be very demanding. There are so many formalities to be completed, Such extensive documentation work to be handled, Getting approvals etc. There are a whole lot of laws, Rules and regulations that have to be taken care of in such a scenario, If you wish to start your own business, You will need an expert guide. PRAKASH K PRAKASH has been playing that role for over thirty years now. Our Chartered Accountants provide the best Business Setup Services in Delhi & NCR region. Our gamut of services not only include business set up services but also post incorporation services related to Company Law, FEMA, RBI compliances, VAT, Service Tax and Income Tax matters etc.

BUSINESS SET-UP IN INDIA
CONSTITUTION – VERTICALS AVAILABLE IN INDIA

The following types of Business entities are available in India:

Private Limited Company
Public Limited Company
Limited Liability Partnership (LLP)
Partnership
Sole Proprietorship


Within the above framework of constitution of an entity, The foreign investor or foreign company intents to do business in India can have following setup :

Wholly owned Subsidiary Company
Branch Office
Liaison Office
Project Office
Joint Venture Company

What is a Private Limited Company?

A Private Limited Company is a Company limited by shares must have minimum paid-up share capital of Rs. One Lakh. It can have maximum 200 (Two Hundred) shareholders and it cannot invite public for subscription of its shares or debentures. Further, The shares of Private Limited Company are not freely transferable under the Companies Act, 2013. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, The liability of a Director/Manager/Officer of such a Company remains unlimited under certain circumstances. The minimum number of shareholders is 2 (Two). – Click here - Incorporation of Company in India

What is a Public Limited Company?

A Public Limited Company is a Company limited by shares must have minimum paid-up share capital of Rs. Five Lakh. In this case, There is no restriction on the maximum number of shareholders, Transfer of shares and acceptance of public deposits. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, The liability of a Director/Manager/Officer of such a Company remains unlimited under certain circumstances. The minimum number of shareholders is 7 (Seven). – Click here - Incorporation of Company in India

What is Limited Liability Partnership (LLP)?

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. LLP is a separate legal entity is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. Further, In LLP, No partner is liable on account of the independent or un-authorized actions of other partners, Thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, However is not relieved of the liability for its other obligations as a separate entity.

What is Partnership Firm?

Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the "partners" and collectively as a "firm".

Partnership is an appropriate form of ownership for medium sized business involving limited capital. This may include small scale industries, Wholesale and retail trade, Small service concerns like transport agencies, Real estate brokers, Professional firms like charted accountants, Doctors' clinic, Attorney or law firms etc. A partnership firm may be established by way of writing partnership agreement at appropriate value of stamp paper as may be prescribed under the Act of the state where the Registered Office of the Partnership is situated.

What is Sole Proprietorship?

A sole proprietorship is the oldest and the most common form of business in India. It is a one-man organisation where a single individual owns, Manages and controls the business.

features :

A partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, If the firm is not registered, It will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.
The minimum number of partners must be two, While the maximum number can be 10 in case of banking business and 20 in all other types of business.
The firm has no separate legal existence of its own i.e., The firm and the partners are one and the same in the eyes of law.
In the absence of any agreement to the contrary, All partners have a right to participate in the activities of the business.
Ownership of property usually carries with it the right of management. Every partner, Therefore has a right to share in the management of the business firm.
Liability of the partners is unlimited. Legally, The partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, The creditors can recover their loans from the personal property of the individual partners.
Restrictions are there on the transfer of interest i.e. none of the partners can transfer his interest in the firm to any person(except to the existing partners) without the unanimous consent of all other partners.
The firm has a limited span of life i.e. legally, The firm must be dissolved on the retirement, Lunacy, Bankruptcy or death of any partner.


Ease of formation is its most important feature because it is not required to go through elaborate legal formalities. No agreement is to be made and registration of the firm is also not essential. However, The owner may be required to obtain a license specific to the line of business from the local administration.
The capital required by the organisation is supplied wholly by the owner himself and he depends largely on his own savings and profits of his business.
Owner has a complete control over all the aspects of his business and it is he who takes all the decisions though he may engage the services of a few others to carry out the day-to-day activities.
Owner alone enjoys the benefits or profits of the business and he alone bears the losses.
The firm has no legal existence separate from its owner.
The liability of the proprietor is unlimited i.e. it extends beyond the capital invested in the firm.
Lack of continuity i.e. the existence of a sole proprietorship business is dependent on the life of the proprietor and illness, Death etc. of the owner brings an end to the business. The continuity of business operation is therefore uncertain.




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PRAKASH K PRAKASH

We provided services in accounting, auditing, Legal advisary, Consultancy. Our Services: - Accounting Services - Auditing and Assurance Services - Business Process Outsourcing - Taxation Services - Fema & Rbi Related Services - Back Office Services - Company Law - Legal Advisory Services



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