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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 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 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
Patnership Firms : We will provide you partnership agreement drafted by our partnership registration consultants considering your nature of the business, preference of bank account operation, profit sharing ratio, monthly remuneration. Partnerships are ideal for small business in the unorganised sector having multiple promoters. Partnership Deed, Form “C”, PAN and TAN. India. According to section 4 of the Partnership Act of 1932, "Partnership is defined as the relation between two or more persons who have agreed to share the profits of a business run by all or any one of them acting for all". ... 1) A partnership firm is not a legal entity apart from the partners constituting it. firms and types of partnership,
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