NEW BUSINESS REGISTRATION

A business name, also known as a trading name, is simply a name or title under which a person, or other legal entity, trades.

Your business name not only identifies you to your customers, but also allows you to differentiate yourself from your competitors and enables your customers to make an emotional connection to your business and brand. For many businesses, the name is often the most valuable asset.

Entrepreneurs need only fill out one form to start a business; down from the eight they had to submit until now.

The new form, called INC-29, will allow make compliance and reporting easier, the newspaper said, and will be available on the website of the Ministry of Corporate Affairs.

Currently, even for a single-person company, the forms required include separate applications for obtaining DIN, obtaining a DSC (digital signature certificate), form INC-1 for approval of the name of the company, form INC-7 for registration of the company along with memorandum of association and articles of association, form INC-22 for intimation of registered office and form DIR12 for each director, the newspaper said.

 

New startup business options:

When starting a new business, there are options on which someone can choose any one of the following and start the business

Proprietorship:

Proprietorship is owned by a single person who is responsible for all the liabilities of the business and also entitled to its profits. Proprietorship can run the business in the name of owner or it can do the business in any other fictitious name. The sole proprietorship is popular business form due to easy of setup, less statutory requirements, and can be started at nominal cost.

Service offered:

  1. Consultation in formation of proprietorship
  2. Providing registration in Shop Act, VAT or Service tax, etc. (if any required).
  3. Finalization of P&L and Balance sheet.
  4. Filing income tax returns.
  5. Providing legal opinion from time to time or when required.  

Partnership Firm:

When two or more persons formed an entity for running the business activities is called partnership.

Both partners are liable for the debts of the business as well as the share of profit in the business according to their mutually agreed profit sharing ratio.

Services offered:  

  1. Formation of partnership.
  2. Registration of partnership, if required.
  3. Registration in Shop Act, VAT, Service tax and other statutory bodies, if any required.
  4. Maintaining books of accounts on regular basis.
  5. Finalization of accounts and preparation of computation, P&L and balance sheet.
  6. Calculation of partner’s remuneration as per law.
  7. Completion of audit, if required
  8. Filing of Income tax return of firm and partners.
  9. Computation of tax liability and filing of returns of other acts like VAT, Service tax, TDS if registered.
  10. Completion of assessments of all acts applicable.
  11. Update the firm regarding any amendment in law and the effect of that in their business.
  12. Provide legal opinions to the company from time to time or as required by the firm.

Private Limited:

A private limited company is registered under Indian Companies Act, 1956 having minimum two directors and minimum share capital of Rs.1,00,00. The liability of shareholders is subject to maximum paid up value of share capital. In private limited company shareholder cannot offer their shares to general public over a stock exchange.

PVT LTD Company 

A private limited company is a form of business structure. A private limited company is entitled to follow certain restrictions.

  • The shareholders can not sell or transfer its shares without offering it first to the existing shareholders
  • Shareholders can not offer its share to general public through Stock Exchange
  • The number of Shareholders can not exceed a pre defined restriction (generally 50)
  • Such companies can have minimum of two and maximum fifteen Directors.
  • Minimum authorized capital of Rs 100000 is required for starting a Private ltd.
  • There is no upper limit for authorized capital for such companies
  • Private Limited Company gets a legal entity by the Companies Act.