A sole proprietorship also referred to as a sole trader or a proprietorship, is an unincorporated business that has just one owner who..
A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932.
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One Person Company means a company which has only one member' It shall also be important to note that Section 3 classifies OPC as a Private Company for all the legal purposes with only one member. All the provisions related to the private company are applicable to an OPC, unless otherwise expressly excluded
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A private limited company is a privately-held business entity. It is held by private stakeholders. The liability arrangement in these is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them
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Limited Liability Company(LLC) takes advantage of other business structures corporation, partnerships, and sole proprietorship. Limited Liability Company is entitled as flexible business structures, and LLC separates personal and business liabilities. Every owner will have their tax liabilities shared
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Public Limited company entity form of business is ideal for large corporates and compulsorily for entities which want to raise a capital from public at large through their Public Offerings. Such companies are subject to very high level of monitoring and periodic compliances. Also such companies are required to disclose their financial working in the public domain by various applicable statutory filings. For formation of Public Limited company, at least 7 subscribers to the Memorandum and Articles of Associations are required. Further, a minimum number of 3 directors are required to form a Public Limited company.
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Companies Act, 2013 deals with the procedure of Incorporation of a Section 8 Company and as per this section, an application in Form No. INC.12 has to be submitted along with below-mentioned documents to the Registrar of Companies.
A company is referred to as Section 8 Company when it registered as a Non-Profit Organization (NPO) i.e. when it has motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives.
The income of NPO can not be used for paying out dividends to the company’s members and has to be for the promotion of charitable objectives. Such companies obtain an incorporation certificate from the central government and are liable to adhere to the rules specified by the government. An individual or an association of individuals are eligible to be registered as Section 8 Company, The objectives have to be confirmed to the satisfaction of the Central Government.
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Trust and Society are two such organizations. Trust is a legal arrangement in which a person holds property for the sake of some other person. Society is an association of person, who come together to fulfill any particular purpose, described under the act.
In other word you can say Societies are membership organizations that may be registered for charitable purposes. Societies are similar in character to trusts, although there a few essential differences. While only two individuals are required to form a trust, a minimum of seven individuals are required to form a society.
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