Private / Public Company
Private and public companies are the most prevelant forms of organisations. They are similar but yet very different from each other. The minimum number of partners varies from 2 to 7. Private Limited form of Company has less stringent regulatory compliances as compared to Public Limited Company.
Nidhi Company is a Company that belongs to the non-banking Indian finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money between their members.
Producer Company is the form of Company which is the easiest option available to the producers to form a Company which is a mixture of Private Company and Cooperative Societies. Regulated by the provisions of the Companies Act, 2013.
Limited Liability Partnership is governed by Limited Liability Partnership Act 2008. LLP is the most popular way of starting Professional services firm. This form of business is benefited with minimal compliances and tax benefits.
OPC is a fresh concept introduced under Companies Act, 2013. it can be run by single owner with full freedom of operating business with limited liability of the ownerThe OPC is unaffected by the death of owner or change in ownership.
Trademark Registration regulate through Trademark Act, 1999. Trademark is a visual symbol or logo which distinguishes one’s business identity from that of another. A Registered Trademark is an intangible asset for an organisation.
Copyright Registration regulate through Copyright Act, 1957. Copyright Registration is the Protection available to the author who produces literary or artistic works. it recognises the exclusive rights of the creator and provides Legal protection to the creator in a copyright work.
Patent Registration is governed under Patent Act, 1970. Patent Registration is the registration of an invention A product or process to be patented should include some new and different procedure to produce the product or process.
Goods & Services Tax (GST) will apply to all Indian service providers (including freelancers), traders and manufacturers, once their supply turnover crosses Rs. 20 lakh. Thus the current indirect taxes levied by state and centre are all set to be replaced with proposed implementation of GST by April 2017.
Service Tax Registration
Service tax is an indirect tax levied on a wide range of services. Service Tax Registration is required by all service providers with a turnover of over Rs. 9 lakh However, tax is to be collected only when the turnover of the business exceeds Rs. 10 lakh.
VAT is a multi-stage state tax that accumulates at various stages of production and supply. At every stage, the purchaser pays the tax and is allowed to offset the same on subsequent sale.
IEC stands for “Import-Export Code”. Import-Export Code is required for exporting/importing goods and services in India either by individual or any entity. IE Code is issued by the Directorate General of Foreign trade Ministry of Commerce & Industry, GOI.
FSSAI is Food Safety and Standards Authority of India. It is an autonomous body under Ministry of Health and Family Welfare, GOI. Every manufacturer, traders and restaurants involved in food business have to obtain FSSAI License to undergo quality checks and maintain accountability of manufacturers.
Shop Registration is registration of shop varying from state to state registration formality and compliances. The objective for shop registration is to give some minimum benefits and relief to the vast unorganized sector of employees, employed in Shops and Establishments.
ESI (Employees state insurance) registration is must for entities having employees at any time 20 or more persons. All employees earning less than Rs 15,000/- per month are applicable for ESI contribution.
Any seven or more persons associated for any literary, scientific, or charitable purpose, or for any such purpose as is described in section 20 of this Act, may, by subscribing their names to a memorandum of association, and filing the same with Registrar of Joint-stock Companies form themselves into a society under this Act.