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Many rules and guidelines are required for company registration in India. The changes in new companies act 2013 have broad implications that are brought to significantly revise the manner in which corporates operate in India. Licit- Go Legal will helps you through the company registration process without any legal difficulties.

Company Registration Services

Licit will provide you with a complete platform of online legal services that includes Company Registration in India, Startup Solutions, advisory on Business form, Management of Foreign Direct Investment in India, NBF Company, Foreign Contribution Regulation Act(FCRA), Intellectual Property Rights, Tax Services, Audit Services, STPI Registration, Legal Notice, Trademark& Copyright, Affidavits, Rental & Lease Agreements, Property Documents and many more.

Company Registration Process & Procedures?

For Private Limited Company

A private limited company, or LTD, is a type of privately held small business entity. As per the definition for a private company act 2013, inter-alia, the new requirement increases the limit of the number of members from 50 to 200.To register a private limited company, a minimum of two shareholders and two directors are required. A person can act both as a director and shareholder, but a corporate legal entity can only be a shareholder.

The greatest advantages for private limited company are

(i) Limited liability: According to Apex private limited companies are treated as a single entity, making the company subject for all debts.
(ii) Tax advantages: Liabilities are limited to directors/shareholders. Private Limited Companies pay corporation tax on taxable profits and are exempted from higher personal income tax rates. (iii) Finance and Resources: With adequate funding, your company can produce goods at a lower cost, thus increasing profits and customer satisfaction.
(iv) Business Continuity: Private limited companies relish permanent succession because the company is its own legal entity.
(v) Increase brand recognition
(vi) Recommended option for startups and SMEs

For Limited Liability Partnership

A limited liability partnership (LLP) is a highly favorable form of corporate in which some or all partners have limited liabilities. The profit & loss and other liabilities of partners are calculating according to the ratio of investment while joining the LLP.

Advantages for LLP Registration in India

(i)Easy to Form: Low cost of formation, Process to form LLP is very simple and is a great way to build scalable business.
(ii)Liability: Both LLP and partners are separate entities and functions separately. LLP can sue in its name. The partners are not legally answerable to be sued for dues against LLP.
(iii)Taxation: LLP is also not subject to Minimum Alternate Tax and Dividend Distribution Tax. Remuneration to partners will be taxed as “Income from Business & Profession”.
(iv)Exemption from Audit: Rule 24(8) exempt the LLP from the Audit of its accounts if its annual turnover does not exceed, Rs. 40 lakhs or its contribution does not exceed Rs. 25 Lakhs.
(v)Recommended for professional service providers and SMEs

For One Person Company

One Person Company in India is a new form of business has facilitated entrepreneurs who on their own are capable of starting a business in the Sole-Proprietor form of business to enter into a Corporate Framework.

Advantages for One Person Company Registration in India

(i) Lesser Compliance Burden: An OPC is incorporated as a private limited company, But OPC has been provided with some exemptions and so have lesser compliance related burden.
(ii) Liability: Limited Liability Protection to Directors and Shareholder. In case the company incurs any loss or debts then the shareholders can be required to pay the unpaid values of shares.
(iii) Adequate safeguards: In case of death/disability of the sole person should be provided through the appointment of another individual as nominee director.
(iv) Easy to Get Loan: Every banking and financial institutions prefer to lend money to One person company rather than proprietary firms.
(v)Tax Flexibility: In an OPC, it is possible for a company to make a valid contract with its shareholder or directors. Directors ‘can receive remuneration, can receive rent and you can earn interest are deductible expenses.

For Partnership Firm Registration in India

Partnership Firm is a business structure that is owned, managed and controlled by two or more individuals for profit. Partnership firms are relatively easy to start due to low costs, ease of setting up and minimal compliance requirements. It is prevalent amongst small and medium sized businesses in the unorganized sectors.

Advantages for Partnership Firm Registration

(i) Easy to Start: Formation of partnership is easy.
(ii) Minimum legal restriction: It is not subject to excessive legal restrictions; therefore it enjoys freedom in administration.
(iii) Flexibility: Partnership business is flexible, as suitable changes can be easily introduced whenever necessary.
(iv) Annual Filing NOT Required: A Partnership firm is not required to file its annual accounts with the Registrar each year
(v) Sharing of risks: Every partner bears the risks individually as it is easier compared to sole proprietorship.

For Sole Proprietorship Registration

There is no formal procedure for register Sole Proprietorship Company in India. Sole Proprietorship is a simple type of business structure that is owned and operated by the sin. The Sole Proprietor can be hired employees to run their business.

Advantages for Sole Proprietorship Company

(i)Ease of formation: Starting a sole proprietorship is much fewer complex and much cheaper than starting a formal corporation.
(ii)Tax benefits: The owner of a sole proprietorship is not required to file a separate business tax report. Instead, they will list business information and figures on their individual tax return. This can save additional costs on accounting and tax filing.
(iii)Employment: Sole proprietorships can hire employees. This can lead to many of the benefits associated with job creation, such as tax breaks. Also, spouses of the business owner can be employed without having to be formally declared as an employee.
(iv)Decision making: Domination over every business decisions remains in the hands of the owner. The owner can also completely transfer the sole proprietorship at any time as they feel necessary.

Why Choose Licit?

Licit is the best Corporate/Startup solution providers in India.
Licit is a Startup friendly Online legal services in India.
Licit provide you the instant legal support at your fingertips with highly skilled legal experts.
Licit have a wide network of Corporate Lawyers in India.

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