In India a Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by family or friends. 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. Partnership firms can be registered and un-registered Partnership firm. It is not mandatory to register a Partnership firm although, it is advisable to register a Partnership firm. Partnership firms can be formed by a Partnership deed amongst the Partners.
Limited Liability Partnership
A Limited liability partnership (LLP) is a partnership in which partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional partnership. As the name suggests partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company. Now a days it has become very popular form of business as many entrepreneurs are opting this. There are several partners in the firm and hence they are not liable or responsible for others misconduct. Everyone is liable for their own acts. All limited liability partnership is governed under the limited liability partnership act of 2008.
One Person Company (OPC)
The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own can start a venture by allowing them to create a single person entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in an OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Like a Private Limited Company, a One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate. One Person Company must be converted into a Private Limited Company
Private Limited Company
A Private Limited Company is a business entity held by small group of people. It is registered for pre-defined objects and owned by a group of members called shareholders. Startups and businesses with higher growth aspiration popularly choose Private Company as suitable business structure. The business entity gets recognised as a Company through its registration under Companies Act of 2013 in India. The governing body is Ministry of Corporate Affairs, widely known as MCA. Private Limited Company is preferred structure by startups because of stability and growth opportunities offered by this structure. Further, it assures separate legal existence from its members. So, it can involve into contracts and legal proceedings in its own name. Moreover, a company’s status is unaffected from any change in members and management.
Public Limited Company
A Public Limited Company There are many types of companies, the most popular forms are private limited and public limited company. Both have its own advantages and disadvantages. Therefore, an entrepreneur will have to choose the type of company depending upon the funding plans. The public limited company is governed under the provisions of the Indian Companies Act, 2013. While there is no limit on the number of members, it is formed by the association of persons voluntarily with a minimum paid up capital of 5 lakh rupees. Transferability of shares have no restriction. The company can invite public for subscription of shares and debentures. The term public limited is added to its name at the time of incorporation.
Section 8 Company
In India, a non-profit organisation can be registered as Trust by executing a Trust deed or as a Society under the Registrar of Societies, or as a non-profit company under Section 8 Company of the Companies Act, 2013.A Section 8 company can be established for the “promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object”. The Act further states that a Section 8 company can purse the above objects subject to the condition that it “intends to apply its profits, if any, or other income in promoting its objects” and “intends to prohibit the payment of any dividend to its members.”.
The Cooperative Societies can be defined as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Some of the most renowned co-operatives in India are Amul, Shree Mahila Gruha Udyog (Lijjat Papad), KRIBHCO, and Indian Farmers Fertiliser Cooperative (IFFCO – which is also one of the largest co-operatives in the world). Every Indian should acknowledge the worth and significance of co-operative societies since they are an important contributor to economic equality and welfare. Even though they are not the predominant public or private financial organizations, a flourishing network of co-operative societies improves the standard of living of the weaker and middle-income sectors of the society as agents of change and reformation.
As per the Indian Trust Act 1882, a Trust is an arrangement where the author (trustor) transfers the property to someone else (trustee) for the benefit of a third person (beneficiary). Such a property is transferred by the author/ trustor to the trustee along with a proclamation that the trustee should hold the property for the beneficiaries of the Trust. Any Non-Profit Organisations or any Individual holding the property can create and register the Trust. As compared to cooperative society or section 8 company, formation and registration of Trust is less cumbersome on part of registration and compliances.
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