There are lots of good reasons why it makes ample sense to register your business. The initial basic reason is always to protect your own interests and not risk personal assets to the point of facing bankruptcy should your business faces a serious event and in addition is forced to close down. Secondly, it can be better to attract VC funding as VCs are assured of protection in the event the company is registered. It provides tax advantages to the entrepreneur typically in a partnership, an LLP or a limited company. (These are terms which were described at a later date). Another acceptable reason is, in the case of a restricted company, if one wishes to transfer their shares to an alternative it’s easier if the company is registered.

Often there exists a dilemma as to if the company should be registered. The solution to which is, primarily, should your business idea is a useful one to get converted to a profitable business you aren’t. And when the solution to that is the confident plus a resounding yes, then it’s here we are at anyone to go ahead and registration services. And as mentioned previously it’s always best for undertake it as being a safety measure, when you might be saddled with liabilities.

Depending upon the sort and size of the company and exactly how you want to expand it, your startup might be registered as the many legal formats of the structure of a company available to you.

So i want to first fill you in with the required information. The various company structures on offer are ::

a) Sole Proprietorship. This is a company operated and owned or run by just one individual. No registration is required. This is actually the strategy to adopt if you wish to do all of it all on your own along with the function of establishing the company is always to gain a short-term goal. But this puts you prone to losing your personal assets should misfortune strike.

b) Partnership firm. Is operated and owned or run by a minimum of 2 or more than two individuals. In the case of a Partnership firm, because the laws are not as stringent as that involving Ltd. Company, (limited company) it relates to plenty of trust between your partners. But such as a proprietorship there exists a chance of losing personal assets in any eventuality.

c) OPC is a One Person Company when the company is an outside legal entity which in essence protects the master from being personally responsible for any losses.

d) Limited Liability Partnership (LLP), where the general partners have limited liability. LLP combines the best of partnership firm plus a company along with the partners are not personally likely to lose their personal wealth.

e) Limited Company which is of two types,

i) Public Limited Company where the minimum variety of members needed are 7 and there’s maximum; the volume of directors have to be a minimum of 3 and
ii) Private Limited Company where the minimum number of people needed are 7 which has a maximum maximum of 50. The quantity of directors have to be 2.
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