Business Incorporation Proprietorship firm registration in just Rs. 1499/- Partnership firm registration in just Rs. 1999/- (excluding stamp duty) LLP /Company incorporation in just Rs. 7999/- (excluding stamp duty) Sale Tax/ Service Tax/ Excise/ IEC/ Shop Act/ GST registration in just Rs. 1999/- Society/ NGO/ Charitable Trust registration in just Rs. 4999/- Industrial Pollution/ SGS/ ISO/ DIC/ Patent/ Trade Mark/ Food License. Before starting yourbusiness in India you have to choose right legal entity for your Business. Do you have any Idea about Legal Entity ? For starting a Business in India then you have primarily do 2 things Register your Business in India Open a current bank account with your business name. For the registration of business there are six types of legal entities as mentioned below.Choosethe best legal entity for your business. a) Private Limited Company Requirements: Minimumtwo Person (directors) are required to start a Private Limited Company(Family members can also become the director in a company) Benefits: Its easy for a Private Limited Company to raise the funds from banks, financial institutions, investor and VC Firms. Suitable: If your vision is to raise the funds & growing startupand need trustworthiness among the clients then must go with the privatelimited. Remember it is a Real Company in India. Reason to avoid: It is a company so setup costing is high and annualcompliance is more as compare to the other entities such as LLP,Partnership firms etc. Steps Taken for Register a Private Limited Company :- Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate). Step 2. Search for the Company Name availability. Step 3. Application for the Name availability. Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association (AOA). Step 5. Filing of e-forms with RoC (Registrar of Companies). Step 6. Payment of RoC Fees & Stamp Duty. Step 7. Verification of documents / forms by RoC Step 8. Issue of Certificate of Incorporation by RoC Documents Required- ID Proof and Address Proof for all Directors. as id proof PAN Card is Mandatory. Latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office. b) Limited Liability Partnership Requirements: Need Minimum two Person for the Registration (Evenyou can also include your any family member on the paperwork if you have no partners) Advantages: Doing the Business with the limited liability and havingfeatures of private limited company in less costing. Recommendation: Ifyour budget is less and want to enjoy the Limited Liability and features of private limited then LLP is the Best for your startup. Reason to avoid: Ifyou want raise the funds in future or next 12yearsthen must choose private limited company instead of LLP. Steps taken to Register Limited Liability Partnership in India. Step 1- Apply for your Partners DIN Step 2- Apply for your Parnters DSC Step 3- Application to Govt for Name Availability of the proposed LLP Step 4- Verification of Documents and Forms by Govt Step 5- Filing of Incorporation Documents and Forms by Goverment Step 6- Certificate of Incorporation Step 7- Drafting of LLP Agreement Step 8- Filing of LLP Agreement Documents Required- ID Proof and Address Proof for all Partners. as id proof PAN Card is Mandatory. Latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office. c) Partnership Firm Registration without Registrar of Firms Requirements: NeedMinimum two Person for the Registration (Evenyou can also include your any family member on the paper work) Advantages: LessCosting and Less Compliance for Testing your Ideas. Recommendation: Ifyour budget is less and want just test your ideasthen you can register a partnership firm without the registrar of firm which isoptional thing. Reason to avoid:InLess Costing its not register with the Registrar ofFirms so you can not file case against any partner or any third party in thebusiness, another thing its a simple firm and taxation is the same as LLP soif budget is not issue then choose LLP. d) Partnership Firm Registration with the Registrar of Firms Requirements:NeedMin 2 Person for the Registration as you or elseyou can include your any family member on the paper. Advantages:Itsa best for the Family Business. Recommendation:Wenever recommend for the Partnership Firm withthe Registrar of Firms. Reason is Costing is nearby same as LLP then whynot choose LLP which is the mixture of the Partnership Firm and PrivateLimited Company. Reason to avoid:WhenLLP Gives you more advantages in samecosting or taxation then why avoid the LLP instead of Partnership Firm withthe Registrar of Firms. Steps Taken to Register a Partnership Firm Choose Partnership Firm Name. Create Partnership Agreement or Deed with the help of MyOnlineCA Professionals. Apply for PAN Card on the name of Partnership Firm. Opening of Current Bank Account on the basis of PAN Card and Registered Partnership Deed. Documents Required: ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners. One Business Place Address proof :- if Property on Rented :- Need Rent Agreement and NOC from Landlord. if Property is own :- Need Electricity Bills or any other Address Proof. e) Sole Proprietorship Firm Requirements:Need1 Person for the Registration as you or on thename of any family member if you are doing the job. Advantage: Easyto Start with less costing and less compliance. Recommendation:ifyou are testing your idea in the business, you canstart from this and when you company is growing then simply convert intothe private limited company. Reason to avoid: Itsa simple firm and no limited liability and cannot raisethe funds for your new startup. Proprietorship firm registration depends on the nature of business i.e. Service Based Business and Product Based Business Service Based Firm Registration@ 1999/- INR (All Inclusive) Service Tax Registration Certificate MSME UdyogAdhar Certificate Product Based Professional Registration @4000/- INR (All Inclusive) Delhi VAT+CST Registration Certificate MSME UdyogAdhar Registration Certificate f) One Person Company Requirements:Need1 Person for the Registration as you or on thename of any family member if you are doing the job. Advantage: NoControl of another person in the Business or Companywith Limited Liability. Recommendation:ifyou need company legal status as single founderthen go with the One Person Company or else ignore the One PersonCompany and Choose a Private limited company instead of One Person. Reason to Avoid:Weinvest more but in future we cannotinclude a partner in the business so why not go with the private limitedcompany just spending extra more INR because it’s a one timeinvestment for your startup