Incorporation of Commercial entities in India
Sole Proprietorship
A sole proprietorship, also known as a trader firm or proprietorship, is a business form that is owned and run by one individual. A sole proprietor may use a trade name or business name other than his or her name.
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Joint Hindu Family Business Concern
Joint Hindu Family (HUF) is a form of business organization wherein the members of a family can only own and manage the business. It is governed by Hindu Law. Karta of the HUF is the Head of the family who is authorized
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Partnership Firm
Partnership is “the relation between persons who have agreed to share the profits of the business carried on by all or any one of them acting for all”. It is governed by the Indian Partnership Act 1932 and can have maximum 20 members.
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Limited Liability Partnership
LLP is governed by Limited Liability Partnership Act of 2008. LLP allows members to retain flexibility of ownership (similar to Partnership Firm) but provides a liability protection. The maximum liability of each partner in an LLP is...
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One Person Company:
OPC is a newly introduced type of company and was introduced in the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.
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Private Limited Company
It is one of the most sophisticated forms of business entities in India. It is a separate legal entity both in terms of taxation as well as liability. It consists of a group of shareholders and the total capital of the entity is made up of shares.
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Public Limited Company
It is similar to Private Limited Company with the difference being that number of shareholders of a Public Limited Company can be unlimited with a minimum seven members. Like a Private Limited Company, a Public Limited Company is also an independent legal person...
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Private Trust
A trust is called a Private Trust when it is constituted for the benefit of one or more individuals who are, or within a given time may be, definitely ascertained. Private Trusts are governed by the Indian Trusts Act 1882.
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