Registering your company under the right business structure is an important decision and picking the right company platform for your business is as important as any other business-related activity. The right business platform will allow your enterprise to operate efficiently and meet your required business targets. In India, every business must register themselves as part of the mandatory legal compliance.
Let’s try and understand the types of business structures available in India. Here is a list of some of them:
1. ONE PERSON COMPANY (OPC):
Recently introduced in the year 2013, an OPC is the best way to start a company if there exists only one promoter or owner. It enables a sole-proprietor to carry on his work and still be part of the corporate framework.
2. LIMITED LIABILITY PARTNERSHIP (LLP):
A separate legal entity, in an LLP the liabilities of partners are only limited only to their agreed contribution.
3. PRIVATE LIMITED COMPANY (PLC):
A company in the eyes of the law is regarded as a separate legal entity from its founders. It has shareholders (stakeholders) and directors (company officers). Each individual is regarded as an employee of the company.
4. PUBLIC LIMITED COMPANY (PLC):
A PLC is a voluntary association of members which is incorporated under company law. It has a separate legal existence and the liability of its members are limited to shares they hold.
You can choose what business structure suits your business needs best and accordingly register your business.
A trade-mark is a word, design, number, two-dimensional or three-dimensional form, color, or a combination of two or more of these elements with which a trader uses to distinguish his/her products or services from those of his/her competitors and serves to establish goodwill with the consumer.
A trust’s registration is done either at the state level, at the office of the Registrar of Societies or at the district level (in the office of the District Magistrate or the local office of the Registrar of Societies). Registration can be done also under Income-tax act but only in case of charitable or religious trusts, societies and companies, which is not applicable for private/family trusts. As per Section 80G (Donation to charitable Trust) tax deduction is also applicable for trusts. Any taxpaying individual, whether resident or non-resident, firm, HUF and company can get deductions. As per law, a trust ceases to exist or be extinguished in the following circumstances:
• Once its purpose is completely fulfilled or turns out to become unlawful.
• When even by destruction of the trust property or otherwise, the fulfillment of its purpose becomes impossible.
• When the trust is annulled openly.