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MSME (SSI) Registration In Chennai Micro, Small & Medium Enterprises - The Engine of inclusive growth & development The registration under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 is for facilitating the promotion and development and enhancing the competitiveness of Micro, Small and Medium enterprises. What are Micro, Small and Medium enterprises? The following slabs have been prescribed under the MSMED Act to determine the status of the Enterprise: No Type of Enterprise Manufacturing Industry(Investment in Plant and Machinery) Service Industry(Investment in Equipment’s) 1 Micro Does not exceed Rs. 25 Lac Does not exceed Rs. 10 Lac 2 Small Exceeds Rs. 25 Lac but does not exceed Rs. 5 Crore Exceeds Rs. 10 Lac but does not exceed Rs. 2 Crore 3 Medium Exceeds Rs. 5 Crore but does not exceed Rs. 10 Crore Exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore Provisional Registration: Provisional registration is granted to a unit at its pre- investment period to enable it to take necessary steps to apply for financial credit, land or an industrial set, water, power or telephone connections, etc. Permanent / Final Registration: A provisionally registered industrial unit when it is about to go into production is to apply for grant of Permanent / Final Registration. An existing and functioning industrial unit is eligible to apply for Permanent / Final Registration without going into provisional registration processes.
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 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
Why is incorporating a business important? The primary benefit to business incorporation is limited liability. When you own a small business, you will invest a lot of money into not only getting it launched, but in keeping it running smoothly as well. As the owner you are responsible for any debts and losses your business may accumulate along the way. However, when you incorporate, you are typically only held responsible for the amount of money you personally invest. Your personal assets typically cannot be used to satisfy the debts and liabilities of your business.
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.
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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