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Private Limited Company Registration In Chennai A Company limited by is called as Private Limited Company. These kinds of companies are suitable for closely held businesses usually by family, friends and relatives. With minimum 2 persons private limited company can be formed. Private limited company's disclosures are lighter. A shareholder's personal assets are protected in case of company's insolvency. MINIMUM REQUIREMENT Minimum 2 Director. Minimum 2 Shareholders. The Director and Shareholders can be same. Minimum share capital should be Rs 1, 00, 000 /- [INR One Lac]. DSC [DIGITAL SIGNATURE CERTIFICATE]. DIN [DIRECTOR IDENTIFICATION NUMBER] Require Documents Address & ID proof of all Directors, Mandatory – PAN Card ID Proof – Voters Identity Card / Driving License / Passport / Aadhar Card Address Proof – Bank Statement / Electricity Bill / Telephone Bill / Mobile Bill Address Proof of registered office – Address proof of proposed registered office for registration of company. REGISTRATION PROCESS Initial level discussion between the Promoters and FirstMan team. Ascertaining documents required and availability. Preparation and signing of documents. Getting DSC [DIGITAL SIGNATURE CERTIFICATE] for all Directors. Getting DIN [DIRECTOR IDENTIFICATION NUMBER] for all Directors. Name availability and draft Object Clause. Online search of availability of names as desired by the directors. Prepare the draft Object Clause. Get approval from client for company name and objective. Application for Name Availability i.e. Filing INC1 with the concern ROC. Getting Objective Confirmation and Preparing MOA and AOA. Incorporation of a company. After ROC’s approval of name of the company, filing all the incorporation documents with the ROC. Online uploading of e-forms and payment of registration fees. Receiving Company Incorporation Certificate from the ROC. Commencement of Business. Upon bringing capital into company, provide proof of subscribed capital paid by the company. Online uploading of e-form. Receiving Commencement Certificate from ROC.
What Is a Partnership Firm ? Partnership as an association of two or more persons who have agreed to share the profits of a business which they run together. The persons who own the partnership business are individually called ‘Partners’ and collectively they are called as ‘Firm’ or ‘Partnership Firm’. The name under which partnership business is carried on is called ‘Firm Name’. Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively easy to set¬up and the no. of statutory compliance required to be done by these forms of organisations is relatively less than the statutory compliance applicable to LLP’s and Companies. A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership. ADVANTAGES OF PARTNERSHIP Easy Formation More Capital Available Combined Talent, Judgement and Skill Diffusion of Risk Flexibility Tax Advantage Annual Filing NOT Required DISADVANTAGES OF PARTNERSHIP Unlimited Liability Lack of Continuity Risk of Implied Authority Business Name FIRSTMAN CORPORATE SERVICES LLP can help you to overcome all the difficulties and continue to assist you till preparation and filing of Income Tax Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
Private Limited Company is “Limited by Shares” i.e. there are shareholders associated with the company and the theoretical value of the shares & any paid in return for the issue of shares by the corporation is limited to the capital which is initially invested. ADVANTAGES OF PRIVATE LIMITED COMPANY Private limited company is the most popular corporate entity amongst small, medium and large businesses in India due to various advantages. • Ideal for Startups & Growing Business • Easy to Get Funding, Raise Venture Capital Fund, Additional capital can easily be raised by selling shares • Member's liability is restricted to the amount of shares they own. They have limited liability • Members are well known to each other; however control is in the hands of owners of capital. • In the management of affairs and conduct of business is greater flexibility. • The number of directors in a private limited company is at least two. • Private limited company is that its limited liability, due to which every members enjoy this facility. It has the advantage of a public company and a partnership firm. • A private company after receiving certificate of incorporation start business immediately. • The company can continue to trade even if one of its member’s dies • Shares can be bought and sold with director's approval • The private company has a separate legal existence from that of its owners. It can own property and sue and be sued • This type of organisation has a much higher business status than a sole trader DISADVANTAGES OF PRIVATE LIMITED COMPANY One of the disadvantages of private limited company is that it restricts transferability of shares by its articles. • In a private limited company the number of members in any case cannot exceed200. • Another disadvantage of private limited company is that it cannot issue prospectus to general public. • In stock exchange shares cannot be quoted. Audited annual returns and accounts have to be made to the Registrar of Companies. All these documents are available for public inspection • A private limited company id more expensive and time consuming to set up than a sole trader or partnership • Professional help will be needed to set up a private limited company • There is separation of ownership and control which means that the owners no longer make all the decisions Start your Private Limited with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
Private Limited Company, is the best corporate structure to start your own business. It can be registered with minimum two members and maximum with two hundred members. The private limited company is juristic, and the liability of members is limited to their shares. The private limited company can be registered within 7-10 days. A private limited company must hold board meeting and file annual returns with MCA (Ministry of Corporate affairs). Private limited company has more credibility than an LLP or General Partnership. Venture capitalist and Angel investor prefers to invest in a private limited company. Approximate every year, more than 100, 000 companies registered India. private limited company registration firstman corporate services
Design Right Registration In Chennai A Design refer to creative activity which result in the ornamental or formal appearance of a product and design right refers to a novel or original design that is accorded to the proprietor of a validly registered design. Industrial designs are an element of intellectual property. The essential purpose of design law it to promote and protect the design element of industrial production. It is also intended to promote innovative activity in the field of industries. The existing legislation on industrial designs in India is contained in the New Designs Act, 2000 and this Act will serve its purpose well in the rapid changes in technology and international developments. BENEFITS OF DESIGN RIGHT The registration of a design confers upon the registered proprietor the exclusive right to apply a design to the article in the class in which the design has been registered. A registered proprietor of the design is entitled to a better protection of his intellectual property who can sue for infringement, if his right is infringed by any person. Registered proprietor can license or sell his design as legal property for a consideration or royalty. STEPS TO REGISTER Initial level discussion between the Entrepreneur and FirstMan team. Ascertaining documents required and availability. Preparation and signing of documents. Find out the registration existence before proceed for registration. The availability is successful, sending the power of attorney document to the client. Received design documents from the client to be applied along with necessary forms. Intimate the acceptance and notification of the application to the client.
What Is a Sole Proprietorship A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits The owner of a sole proprietorship is not required to file a separate business tax report. Employment Sole proprietorship can hire employees. Decision making Control over all business decisions remains in the hands of the owner. Disadvantages Liability The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
Benefits and Advantages of Proprietorship Firm for Startups What Is a Sole Proprietorship? A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation: Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits: The owner of a sole proprietorship is not required to file a separate business tax report. Employment: Sole proprietorship can hire employees. Decision making: Control over all business decisions remains in the hands of the owner. Disadvantages Liability: The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes: While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity: The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital: Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
WHAT IS A LIMITED LIABILTY PARTNERSHIP? A Limited Liability Partnership is a newer form of business partnership where all of the owners have limited personal liability for the financial obligations of the business. There are no general partners in a limited liability partnership, but an LLP is similar to a general partnership. Each limited liability partner contributes to the everyday business operations. However, each partner enjoys limited personal liability for the other partners' acts. All states allow some form of LLP, though state laws vary. Note that some states only allow LLP status for professional partnerships, like accountants, lawyers or architects. In all states, limited liability partnerships can only be formed by registering with the appropriate state office. BENEFITS OF FORMING LIMITED LIABILITY PARTNERSHIP 1. The Liability of each partner is limited to his share as written in the Agreement filed at the time of creation of LLP as compared to Partnership Firms which have unlimited liability. 2. It has a Low Cost of Formation and is Easy to Form. 3. The Partners are not liable for the acts of each other and can be held liable only for their own acts as compared to Partnerships wherein they can be held liable for the acts of their partners as well. 4. Less Restrictions and Compliance are enforced on a LLP by the Govt as compared to the restrictions enforced on a Company. 5. As a Juristic Legal Person, a LLP can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP. Start your LLP with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
TRADE MARK IN INDIA A trademark is a name, symbol, or combination of both used by a company to distinguish its brand. Trademarks that are used to distinguish the services provided by a company are referred to as service marks. The primary aim behind registering a trademark is to prevent other companies from infringing on the identity of your company. It stops them from manufacturing goods or services using your identifying mark. Trademark laws may apply locally or internationally, depending on where you choose to register your mark. Although it is advisable to register your trademark early, there are situations where you can still get protection for an unregistered trademark. With growing number of businesses and intense competition copyright piracy, trademark counterfeiting, and patent infringement have become significant problems in the business community. Certainly any small business that exports its IP protected products abroad or sources its products or parts overseas must take into account the potential for rampant IP theft in many countries. As a new organisation, it is absolute necessary to register your intellectual property through Patent / Copy Rights / Trade Mark.
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