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ExploreFEATURES | COMPANY | OPC | LLP | PARTNERSHIP FIRM | SOLE PROPRIETORSHIP |
---|---|---|---|---|---|
Legal Structure & Regulatory Authority | Governed by the Companies Act; has a separate legal entity. | Governed by the Companies Act; a single-member entity. | Regulated by the LLP Act, a hybrid form combining elements of a private limited company and a partnership firm. | Governed by the Indian Partnership Act; not a separate legal entity. | Not a separate legal entity; owned by an individual. |
Ownership | Owned by shareholders. | Owned by a single individual. | Owned by partners. | Owned by partners. | Owned by a single individual. |
Min & Max Members | Public Company: Minimum: 3 Directors & 3 Shareholders Private/Sec-8 Company: Minimum: 2 Directors & 2 Shareholders Maximum: 15 Directors &200 shareholders | Minimum 1 member; can convert to a private company if paid-up capital exceeds a threshold. | Minimum 2 partners; no maximum limit. | Minimum 2 partners; maximum 50 Partners. | Single owner. |
Liability Of Owners | Limited liability for shareholders. | Limited liability for the sole member. | Limited liability for partners. | Unlimited liability for partners. | Unlimited liability for the owner. |
Formation Process & Time | Formal process involving MOA, AOA; time-consuming. | Simplified formation similar to a private company; less time-consuming. | Requires LLP Agreement; less formal than a company; moderate time. | Informal, created through a partnership deed; relatively quick. | Simplest form; no formal registration; quick. |
Documentation | MOA, AOA, and various statutory documents. | Similar to a private company; fewer documents. | LLP Agreement, other required documents. | Partnership deed. | Minimal documentation. |
Registration Cost & Compliance | Higher registration costs; extensive compliance. | Moderate registration costs; similar compliance to a private company. | Lower registration costs; lesser compliance than a company. | Relatively lower registration costs; moderate compliance. | Minimal registration costs; minimal compliance. |
Common Seal Usage | Required and commonly used for official documents. | Optional, not mandatory. | Not required, often not used. | Not applicable, as partnership firms do not have a common seal. | Not applicable, as sole proprietors do not have a common seal. |
Perpetual Succession | Has perpetual succession. | Perpetual succession maintained. | Has perpetual succession. | Does not have perpetual succession. | Does not have perpetual succession. |
Management & Decision Making | Board of Directors and shareholders. | Sole member manages the company. | Partners or designated managers. | Partners collectively manage. | Sole proprietor makes decisions. |
PAN | Company has its own PAN Number | OPC has its own PAN Number | LLP has its own PAN Number | Partnership firm has its own PAN Number | Use sole proprietor PAN number, no separate PAN required. |
Brand Image | Generally viewed as more formal and stable. | Carries a corporate image. | Seen as a hybrid, combining features of companies and partnerships. | Image varies; often associated with traditional businesses. | Image may vary; often associated with small businesses. |
Priority In Tenders | Often enjoys higher priority in tenders due to its established corporate structure and credibility. | May have a moderate standing, with priority depending on the project and bidding conditions. | Tends to have moderate priority, influenced by the LLP's reputation and track record. | Priority varies, usually based on the partners' credentials and the firm's past performance. | Generally has lower priority, as tenders may favor entities with a more formal organizational structure. |
Ease Of Loan | Generally has easier access to loans due to its separate legal entity status and established credit history. | May face challenges as it is a relatively new concept, and lenders may perceive higher risk. | Loan accessibility is moderate, dependent on the LLP's financial standing and partners' creditworthiness. | Access to loans can be limited, relying heavily on the partners' personal creditworthiness. | Limited access to loans, typically tied to the proprietor's personal credit history. |
Employee Stock Options (ESOPS) | Commonly used for employee incentives. | ESOPs are permitted. | ESOPs are allowed but less common. | Limited use of ESOPs. | ESOPs are not applicable. |
Foreign Direct Investment (FDI) | Generally allows FDI under specified conditions. | May be subject to FDI restrictions. | Permits FDI in sectors allowed by the government. | FDI regulations may apply. | Limited FDI options. |
Compliance Requirements | More extensive compliance requirements. | Similar compliance requirements as a private company. | Lesser compliance requirements compared to a company. | Relatively fewer compliance requirements. | Minimal compliance requirements. |
Statutory Audits | Mandatory statutory audit of financial statements. | Statutory audit is required. | Mandatory if the annual turnover exceeds a specified limit. | Not mandatory; partners may opt for an audit. | Statutory audit is not required unless prescribed by specific laws. |
Income Tax Rates | For Domestic Companies: Up to a turnover of INR 400 crore: 25% Over INR 400 crore: 30% (plus applicable surcharge and cess) For Foreign Companies: 40%(plus applicable surcharge and cess) | Taxed at the same rates as companies. | Taxed at a flat rate of 30% (plus applicable surcharge and cess) | Taxed at a flat rate of 30% (plus applicable surcharge and cess) | Taxed at individual income tax rates (applicable slab rates for individual taxpayers) |
Transferability Of Ownership | Shares can be transferred. | Ownership transfer is restricted. | Ownership transfer is possible with the consent of partners. | Transfer of partnership interest requires consent. | Ownership is not transferable. |
Conversion Process | Can convert to LLP or OPC, subject to approvals. | Can convert to a private company. | Can convert to a private company, and vice versa. | Can convert to an LLP or company. | Can be converted into a company or LLP. |
Dissolution Process | Winding up involves complex legal processes. | Winding up can be initiated voluntarily or by the Tribunal. | Winding up can be voluntary or through the National Company Law Tribunal (NCLT). | Can be dissolved based on the partnership agreement. | Can be closed easily without complex legal procedures. |
FEATURES | COMPANY | OPC | LLP | PARTNERSHIP FIRM | SOLE PROPRIETORSHIP |
---|---|---|---|---|---|
Legal Structure & Regulatory Authority | Governed by the Companies Act; has a separate legal entity. | Governed by the Companies Act; a single-member entity. | Regulated by the LLP Act, a hybrid form combining elements of a private limited company and a partnership firm. | Governed by the Indian Partnership Act; not a separate legal entity. | Not a separate legal entity; owned by an individual. |
Ownership | Owned by shareholders. | Owned by a single individual. | Owned by partners. | Owned by partners. | Owned by a single individual. |
Min & Max Members | Public Company: Minimum: 3 Directors & 3 Shareholders Private/Sec-8 Company: Minimum: 2 Directors & 2 Shareholders Maximum: 15 Directors &200 shareholders | Minimum 1 member; can convert to a private company if paid-up capital exceeds a threshold. | Minimum 2 partners; no maximum limit. | Minimum 2 partners; maximum 50 Partners. | Single owner. |
Liability Of Owners | Limited liability for shareholders. | Limited liability for the sole member. | Limited liability for partners. | Unlimited liability for partners. | Unlimited liability for the owner. |
Formation Process & Time | Formal process involving MOA, AOA; time-consuming. | Simplified formation similar to a private company; less time-consuming. | Requires LLP Agreement; less formal than a company; moderate time. | Informal, created through a partnership deed; relatively quick. | Simplest form; no formal registration; quick. |
Documentation | MOA, AOA, and various statutory documents. | Similar to a private company; fewer documents. | LLP Agreement, other required documents. | Partnership deed. | Minimal documentation. |
Registration Cost & Compliance | Higher registration costs; extensive compliance. | Moderate registration costs; similar compliance to a private company. | Lower registration costs; lesser compliance than a company. | Relatively lower registration costs; moderate compliance. | Minimal registration costs; minimal compliance. |
Common Seal Usage | Required and commonly used for official documents. | Optional, not mandatory. | Not required, often not used. | Not applicable, as partnership firms do not have a common seal. | Not applicable, as sole proprietors do not have a common seal. |
Perpetual Succession | Has perpetual succession. | Perpetual succession maintained. | Has perpetual succession. | Does not have perpetual succession. | Does not have perpetual succession. |
Management & Decision Making | Board of Directors and shareholders. | Sole member manages the company. | Partners or designated managers. | Partners collectively manage. | Sole proprietor makes decisions. |
PAN | Company has its own PAN Number | OPC has its own PAN Number | LLP has its own PAN Number | Partnership firm has its own PAN Number | Use sole proprietor PAN number, no separate PAN required. |
Brand Image | Generally viewed as more formal and stable. | Carries a corporate image. | Seen as a hybrid, combining features of companies and partnerships. | Image varies; often associated with traditional businesses. | Image may vary; often associated with small businesses. |
Priority In Tenders | Often enjoys higher priority in tenders due to its established corporate structure and credibility. | May have a moderate standing, with priority depending on the project and bidding conditions. | Tends to have moderate priority, influenced by the LLP's reputation and track record. | Priority varies, usually based on the partners' credentials and the firm's past performance. | Generally has lower priority, as tenders may favor entities with a more formal organizational structure. |
Ease Of Loan | Generally has easier access to loans due to its separate legal entity status and established credit history. | May face challenges as it is a relatively new concept, and lenders may perceive higher risk. | Loan accessibility is moderate, dependent on the LLP's financial standing and partners' creditworthiness. | Access to loans can be limited, relying heavily on the partners' personal creditworthiness. | Limited access to loans, typically tied to the proprietor's personal credit history. |
Employee Stock Options (ESOPS) | Commonly used for employee incentives. | ESOPs are permitted. | ESOPs are allowed but less common. | Limited use of ESOPs. | ESOPs are not applicable. |
Foreign Direct Investment (FDI) | Generally allows FDI under specified conditions. | May be subject to FDI restrictions. | Permits FDI in sectors allowed by the government. | FDI regulations may apply. | Limited FDI options. |
Compliance Requirements | More extensive compliance requirements. | Similar compliance requirements as a private company. | Lesser compliance requirements compared to a company. | Relatively fewer compliance requirements. | Minimal compliance requirements. |
Statutory Audits | Mandatory statutory audit of financial statements. | Statutory audit is required. | Mandatory if the annual turnover exceeds a specified limit. | Not mandatory; partners may opt for an audit. | Statutory audit is not required unless prescribed by specific laws. |
Income Tax Rates | For Domestic Companies: Up to a turnover of INR 400 crore: 25% Over INR 400 crore: 30% (plus applicable surcharge and cess) For Foreign Companies: 40%(plus applicable surcharge and cess) | Taxed at the same rates as companies. | Taxed at a flat rate of 30% (plus applicable surcharge and cess) | Taxed at a flat rate of 30% (plus applicable surcharge and cess) | Taxed at individual income tax rates (applicable slab rates for individual taxpayers) |
Transferability Of Ownership | Shares can be transferred. | Ownership transfer is restricted. | Ownership transfer is possible with the consent of partners. | Transfer of partnership interest requires consent. | Ownership is not transferable. |
Conversion Process | Can convert to LLP or OPC, subject to approvals. | Can convert to a private company. | Can convert to a private company, and vice versa. | Can convert to an LLP or company. | Can be converted into a company or LLP. |
Dissolution Process | Winding up involves complex legal processes. | Winding up can be initiated voluntarily or by the Tribunal. | Winding up can be voluntary or through the National Company Law Tribunal (NCLT). | Can be dissolved based on the partnership agreement. | Can be closed easily without complex legal procedures. |
Scanned Copy of PAN & Aadhaar/Driving License/Passport/Voters ID
Scanned Copy of PAN & Aadhaar/Driving License/Passport/Voters ID
As Per LLP Act, 2008, there are Minimum Requirements that need to be met For LLP Incorporation in India.
Business Registration
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Private Limited Company
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Sec-8 Company
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One Person Company
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Limited Liability Partnership
-
Partnership Firm
-
Sole Proprietorship
-
Trust Registration
-
Society Registration
-
Nidhi Company
-
Producer Company
Licenses & Registrations
-
MSME/Udyam Registration
-
ESI Registration
-
PF Registration
-
PT Registration
-
Trade Licence
-
Trademark Registration
-
FSSAI (Food Licence)
-
Shops and Establishment License
-
Import Export Code
-
Patent Registration
-
Copyright Registration
-
NGO Darpan
Start-up India Registration
Digital Signature Certificate
DIN (Director Identification Number)
Increase Authorized Share Capital
- Business Registrations
- Public Limited Company
- Private Limited Company
- One Person Company
- Limited Liability Partnership (LLP)
- Partnership Firm
- Sole Proprietorship
- NGO's
- Section 8 Company
- Society Registration
- Trust Registration
- Special Business Entities
- Producer Company
- Nidhi Company
- NBFC Company
- Digital Signature Certificate (DSC)
- Individual DSC
- Organisation DSC
- Foreign-Individual DSC
- Foreign-Organisation DSC
- Basic Business Setup
- MSME/Udyam Registration
- Shops and Establishment License
- Trade License
- Employee Management
- ESI Registration
- PF Registration
- PT Registration
- Brand and Product Protection
- Trademark Registration
- Patent Registration
- Copyright Registration
- Food and Safety
- FSSAI Registration (Food license)
- Trade & Export
- Import Export Code (IEC)
- DUNS-Number
- Quality and Standards
- ISO Certification
- Hallmark Registration
- BIS Registration
- Specialized Licenses
- Liquor License
- Drug & Cosmetic License
- Barcode Registration
- Register for GST
- Standard GST Registration
- GST Composition Scheme
- Update Registration Details
- Cancel Registration
- Revoke Cancellation
- File GST Returns
- Monthly Returns (GSTR-1, GSTR-3B)
- Annual Returns (GSTR-9)
- Composition Returns (GSTR-4)
- GST Compliance
- Input Tax Credit (Claim & Manage)
- Transport Documentation (E-Way Bill)
- Self-Assessed Tax Payments (RCM)
- GST Invoicing Requirements
- GST Consultancy Services
- Business Impact Analysis
- GST Health Check
- GST Audit Services
- GST Litigation Support
- GST News & Resources
- Latest News & Updates
- Find Your GST Rate
- Calculate Your GST
- Initial Compliance and Setup
- Business Commencement (INC-20A)
- Filing of INC-22
- First Auditor Appointment (ADT-1)
- Share Certificate Issuance
- Director Management
- DIN Application
- Director Appointment
- Director Removal/Resignation
- DIN Modification
- DIN Surrender
- Shares Management
- Increase in Authorized Capital
- Share Certificate Transfer
- Share Allotment
- Charge Services
- Charge Creation (Form CHG-1)
- Charge Modification (Form CHG-3)
- Charge Satisfaction (Form CHG-4)
- Company Changes
- Change in Registered Office
- Company Name Change
- Company Object Change
- Company AOA Change
- Annual Compliance
- Director DIN KYC 2024
- Company Annual Return
- MSME Half Yearly Return
- Filing DPT-3 Returns
- Other Compliance Services
- ESOP Share Allotment
- Auditor Resignation or Removal
- XBRL Filing
- Secretarial Audit (MGT-8)
- Closure Services
- Strike Off Application
- Winding Up of Company
- Liquidation Assistance
- Partner Management
- DPIN Application
- Appointment of Designated Partners
- Resignation of Partners
- Modification of Partner Details
- LLP Changes
- Change in Registered Office
- LLP Name Change
- Amendment of LLP Agreement
- Change in Business Objectives
- Annual Compliance
- LLP ROC Annual Filings
- Partner DPIN KYC
- Other Compliance Services
- Financial Compliance Audits
- Tax Filings as per LLP Regulations
- Closure Services
- Application for LLP Strike Off
- Winding Up of LLP
- Dissolution and De-registration
- Company Conversions
- Convert Pvt Ltd to Public Limited
- Convert Pvt Ltd to OPC
- Convert LLP to Pvt Ltd
- Convert OPC to Pvt Ltd
- Convert Public Limited to Pvt Ltd
- LLP Conversions
- Convert Partnership to LLP
- Convert Proprietorship to LLP
- Convert Pvt Ltd to LLP
- Convert Public Limited to LLP
- Other Entity Conversions
- Convert Proprietorship to Pvt Ltd
- Convert Partnership to Pvt Ltd
- Entity Status Changes
- Active to Dormant Company
- Dormant to Active Company
- Restructuring Services
- Merger & Amalgamation
- Demerger
- Acquisition & Takeover
- Valuation of Financial Securities
- Miscellaneous Services
- Revive Closed Companies
- Revive Closed LLP
- Transfer Pricing
- Special Valuation Branch (SVB)