Types of Firm / Company
- 1Sole Proprietor Firm
- A Sole Proprietorship Business is the Simplest Business Carried on by an Individual, Single Person.
- For Single Person Firm Registration is Udyam Registration is best option.
- Udyam Registration MSME – Micro, Small, Medium Enterprises
- Collateral-free loans from banks and financial institutions and subsidised interest rates.
- Eligibility for Industrial Promotion Subsidy
- Tax Benefits offered to MSME
- Global Exposure and Subsidies
- Protection against Delayed Payments
- 2Partnership Firm
- A Partnership Firm is a business entity formed by Two or More People who agree to Share the Profits, Risks, and Management of operating a commercial Enterprise.
- Advantage of Partnership Firm - Shared Responsibilities, Shared Capital, Flexibility, Tax Benefits
- Disadvantages of Partnership Firm - Unlimited Liability, No Separate Legal Entity, Limited Capital, Limited Life.
- 3Pvt Ltd Company
- A private limited company is a business entity owned by private individuals or groups rather than being publicly traded.
- Advantages of a Private Limited Company
- Limited liability, Separate legal entity, Continuity of business, Better access to capital, Credibility, Tax benefits, Limited compliance requirements, Control over ownership.
- Disadvantages of a Private Limited Company
- Limited access to capital, Legal compliance requirements, Limited ability to transfer ownership, Greater liability for directors, Difficulty in attracting talent, Lack of transparency.
- 4One Person Company OPC
- The Companies Act, 2013 introduced the new concept of One Person Company (OPC). As the name suggests, an OPC is a company established by a single person.
- Advantages of a Private Limited Company
- Limited Liability Protection, Separate Legal Entity, Easy Funding and Investment Opportunities, Sole Decision Making, Minimal Compliance Requirements.
