Why is company registration in Hardoi is essential?
company registration in Hardoi , The government has introduced a number of schemes to encourage young entrepreneurs to boost the Indian economy. However, these advantages are only available to registered businesses. In addition, registration provides authority and privileges to the founder. Yes, you are right in thinking that many entrepreneurs in India do not register their businesses but, because of this, they face many problems and they do not get benefits such as tax exemptions, low-interest bank loans etc. That is why company registration is essential.
registration of company in Hardoi has six types, through this article, we will look at all of them in detail.
Types of company registration in Hardoi:
- Sole Proprietorship Firm
- Partnership Firm
- Private Limited Company
- Public Limited Company
- One Person Company
- Limited Liability Partnership
Sole Proprietorship Firm registration in Hardoi:
This type of company is founded and owned by a single owner and has sole access to all assets and profits. A sole proprietorship firm is a traditional way of doing business. If the proprietor dies, the company never survives. A sole proprietorship firm never exists without its proprietor. Therefore, both the proprietor and the company are considered to be single persons. The sole proprietorship is easy to form and has fewer compliances.Â
Advantages of Sole Proprietorship:
- Suitable for new startups
- One-day registration procedure
- Minimal regulation formalities
- Flexible to work
- No limitation on investment
Partnership firm registration in Hardoi:
A partnership is owned by individuals in the name of a partnership with mutual understanding. Partnership firms are regulated by the Partnership Act 1932. To form this type of company, a partnership deed is necessary. The deed can be either registered or unregistered. However, the deed should to there while the registrar of firms Hardoi. Because the registered deed is only valid in a court.
Advantages of Partnership firm registration in Hardoi:
- Easy to incorporate
- Sharing of liability
- Fewer compliances
- Ownership authority
- Confidential of company details
Private Limited Company:
A private limited company is known as Pvt. Ltd. It is the most popular form of entity and is regulated under the Indian Companies Act, 2013. A private limited company is owned by a small group of people who are known as shareholders. The name of the company ends with “Private Limited”. It is privately held and therefore, directors do not require any qualification and shareholders can also be directors of the company.
Advantages of private Limited company registration in Hardoi:
- Easy to attract investors
- Tax exemptions
- Limited Liability
- Owning Property
- Easy to transfer shares
Public Limited Company:
A public limited company is controlled under the Companies Act 2013. This company registration lists its shares on the stock exchange and sells its shares to the public and collects capital in the name of investment. It is managed by directors. A public limited company is publicly held, so directors need certain qualifications and the retirement of directors is mandatory at certain intervals.
Advantages of Public Limited Company:
- Protection against liability
- Suitable for large entity
- Endless existenceÂ
- Adequate financial opportunity
- Expansion of the firm is incredible
One Person Company:
A one-person company is a mixed form of a sole proprietorship firm and a private limited company. It is also known as an OPC. It is regulated by the Indian Companies Act 2013. This type of company registration is owned by one person and has the benefit of limited liability. To form an OPC, there must be a nominee and a shareholder. The shareholder and the director can be the same person. If the nominee is an Indian, the shareholder can be an NRI.
Advantages of One-Person Company:
- Liability is limited
- Minimum paid-up capital is less
- Lowest Compliances
- Suitable for small business
- Independent legal person
Limited Liability Partnership:
LLP is the abbreviation for Limited Liability Partnership. It is a revised form of a partnership firm. The Limited Partnerships Act 2008 governs the limited liability partnership entity. It is considered to be an artificial legal person. A change of partners does not affect the company. There is no limit to the maximum number of partners in a limited liability partnership.
Advantages of Limited Liability Partnership:
- Number of directors is limitless
- Legislation meeting is not mandatory
- Annual audit is not compulsory until the profit exceeds forty lakhs
- No complicated compliances
- Liability of shareholders is limited
Types of registration of company in Hardoi:
| Type | Regulating body | Eligibility | Needed documents | Procedure |
| Sole Proprietorship Firm | No governing act to regulate | one person is enough to incorporate | address proof, id proof, bank statement, passport size photo, rental deed, NOC, utility bills | UDYAM registration through MSME portal |
| Partnership Firm | Partnership Act 1932 under ROC | 2 partners, paid capital by partners, | partnership deed, address proof, id proof, bank statement, passport size photo, rental deed, NOC, utility bills | draft a partnership deed, fill the online form, submission of documents, register in front of Registrar |
| Private Limited Company | Indian Companies Act, 2013 | 2 shareholders, 2 directors, 1 lakh share capital, | address proof, id proof, bank statement, passport size photo, rental deed, NOC, utility bills | DSC, DIN, PAN, TAN, name availability, MOA and AOA, submission of the document |
| Public Limited Company | Indian Companies Act, 2013 | 7 shareholders, 3 directors, 5 lakhs investment | address and id proof, utility bills, photo, bank statement, NOC, rental deed, DSC, DIN, MOA and AOA | Name Approval, submission of document on the MCA portal, |
| One Person Company | Indian Companies Act, 2013 | 1 shareholder, 1 director, 1 nominee | address proof, id proof, bank statement, passport size photo, name of the firm, rental deed, NOC, utility bills | Name approval, DSC, DIN, MOA and AOA, submission of document |
| Limited Liability Partnership | Limited Partnerships Act 2008 | 2 partners, 2 designated partners, | address proof, id proof, bank statement, passport size photo, rental deed, NOC, utility bills | Name approval, DSC, DPIN, incorporation certificate, LLP deed have to submit within 1 month, |
