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What Process for Limited Liability Partnership Registration in Chennai? A partnership firm is one of the most popular business structures in India and is much easier to establish than a company. It also comes with fewer compliance obligations and taxes, making it an attractive option for small businesses. However, it is important to understand that there are certain limitations associated with a traditional partnership firm.  If you want to expand your business into a larger market or offer limited liability to your partners, it is best to convert your partnership firm into a Limited Liability Partnership (LLP).  In this article, we will discuss the procedure for conversion of a partnership firm into an LLP in Chennai and the benefits of doing so. To start the process, you will need to submit a signed letter of consent from all existing partners in the partnership firm. Along with this, you will need the following documents: The registrar of firms will then ve...

What Process for Partnership Registration in Chennai  "Call Our Business Plan Experts at +91-72999-72500" The partnership form of business organisation helps pool the resources, expertise and capabilities of two or more persons or partners. It enables the business to leverage the strengths of each partner and maximise the gains for the firm. One of the key benefits of a partnership firm is its ability to borrow funds, whereas the borrowing capacity of a sole proprietorship or a private limited company is limited. One of the most crucial aspects of a Partnership firm is its Partnership Deed. This is the document that defines all the important attributes of a partnership including its aim and goals, capital contribution, profit/loss sharing ratio, admission of new partners, agreed rules, salaries, etc. It also mentions the procedures for a voluntary withdrawal of a partner, the procedure to be followed in case of a bankruptcy of a partner and other important as...

Who Can Apply for MSME Registration in India  "Call Our Business Plan Experts at +91-72999-72500" The Micro, Small and Medium Enterprises (MSME) are a vital part of the Indian economy. They contribute around 70% to the country's GDP. In order to encourage these enterprises, the government has set up a dedicated ministry for their growth and development. Through MSME registration, entrepreneurs can avail many benefits including cheap loans and various schemes and subsidies from the government. However, the business should have a valid Aadhar number to qualify for  MSME registration Consultant in Chennai .  To start with, you must be a sole proprietor or have only one partner in the venture. Also, your business must have an investment limit of Rs. 5 crore or less to qualify for the MSME category. Other parameters include the type of business, number of employees and date you plan to start your business. Once you meet the eligibility requirements, you can pr...

How to Get GST Number for Sole Proprietorship Company in India  "Call Our Business Plan Experts at +91-72999-72500" As per the Central Board of Indirect Taxes (CBIC), the authorised officer shall immediately begin scrutinising and verifying all applications for GST registration, along with the accompanying documents. The officer will ensure that all information provided by the applicant is correct, and that the documents submitted are valid and authentic. He will also review whether the application has been assigned a high risk rating by the system and look into any previous registrations of the same business entity under the same PAN. The GST registration process Consultant is fairly straightforward. The first step is to fill out the online application on the GST website. The application requires some basic information such as the business name, address, and contact details. Next, select the type of goods and services you provide. You'll also ne...

Post Incorporation Compliances for a Private Limited Company A Private Limited Company is a very popular choice of business structure in India. It ensures credibility and allows the business to scale over time.  The process of registering a  Private Limited Company   is relatively simple, but once done there are a number of compliances that need to be catered to. These compliances are outlined below. Opening a Bank Account Once incorporated, it is mandatory for every Company to open its company bank account within 30 days of incorporation. This will enable all the commercial transactions of the Company to be routed through this account. The bank account should be opened in the name of the Company and it will require the following documents to be submitted to the Bank: Registered Office A Company is required to set up its registered office within 15 days of its incorporation date. This address will be the place from where the Company receives all officia...

How Women Entrepreneurs Can Start Business in India? "Call Our Business Plan Experts at +91-72999-72500" Throughout history, entrepreneurs have been responsible for driving economies and societies forward. Their innovative ideas and products often lead to the creation of new businesses that help create jobs, thereby fuelling economic growth. Although the word entrepreneur is often associated with men, women are gradually breaking the stereotypes and making their mark in business, too. While many females have embraced the entrepreneurial spirit, others are still struggling to find their footing. They face several challenges that are unique to women  entrepreneurs   , such as lower personal financial assets and social taboos. In spite of these hurdles, these female entrepreneurs have made a mark in the industry with sheer grit and determination. Upma Bhatt, founder of Teal & Terra, is one such woman entrepreneur. She left her job as a senior manager a...

How Can a NRI Register a Business in India? NRIs, Foreign Nationals and foreign companies are investing in India at a rapid pace as the economy is booming. This investment is fuelling the economy and providing many opportunities for businesses to thrive in this country. The question that many ask is "How can a NRI register a business in India?" An NRI is an individual who has Indian citizenship but lives outside of the country for some reason. This may be for work, education or family reasons. These individuals are defined by FEMA and the Income Tax Act and must comply with both regulations in order to invest or start a business in India. If an NRI wants to start a proprietorship, they must register the business and obtain a PAN card. They must also register with the Ministry of Corporate Affairs and obtain a certificate of registration from the Registrar of Companies. They must open a bank account and obtain a Digital Signature Certificate (DSC) in o...

What is the difference between an OPC company and Proprietorship Company? "Call Our Business Plan Experts at +91-72999-72500" Are you looking for a legal structure that can protect your personal assets from lawsuits and debts? Then, you should consider registering an OPC (One Person Company). This is the most popular form of business among entrepreneurs. It is a hybrid between a sole proprietorship firm and a private limited company. Moreover, it is easy to set up and requires less compliance. The main difference between an OPCand Proprietorship Company is that a One Person Company has a separate legal identity and offers liability protection to the owner. The owner of an OPC has the benefit of being able to obtain loans easily since his or her personal assets are protected. Moreover, an OPC is required to have a nominee on its board for the purpose of succession in case of death or incapacitation. The nominee has to be a natural person who is a r...

What Are the Differences between an LLP Company and Partnership "Call Our Business Plan Experts at +91-72999-72500" The business structure you choose will have long-term implications, so it's worth taking the time to weigh up the pros and cons. This article explores some of the key differences between an llp company and partnership. An  difference between a partnership and an LLP   is an independent legal entity and provides personal asset protection for its members. This means that a creditor can't sue an LLP partner for the debts or litigation brought against the firm, except to recover any capital contribution made by the member. This is a significant advantage of an LLP over a partnership. However, this does not mean that an LLP is completely insulated from liability. In some states, creditors can still sue an LLP for the negligence or misconduct of any of its owners. This is why it's important to check the laws of each state carefu...

How to Form a LLP Company in India "Call Our Business Plan Experts at +91-72999-72500" The concept of LLP was introduced in India in 2008 by the Limited Liability Partnership Act, 2008. This unique business structure incorporates the qualities of a company and partnership firm into one entity. The LLP enjoys the legal status of an independent legal entity and thus it can enter into contracts, possess property and sue or be sued in its own name. It limits the personal liabilities of the partners to their agreed capital contribution and protects them against the risk of losing their entire investment if the business suffers commercial losses. The LLP Registration process is completely web-based. All forms that were filed manually in the past have been migrated online and can be filled through the MCA Portal. The e-forms require the digital signature of all Designated Partners through PAN based DSC and also the signature of a practicing professional (CA/...

Benefits of Private Limited Company Registration in Online India "Call Our Business Plan Experts at +91-72999-72500" The advantage of a Private Limited Company registration is that it is a separate legal entity and can take up various projects. It allows owners to sell their shares to the public, which can be beneficial in raising funds for the business. The company also offers limited liability to its shareholders, meaning that the personal assets of the shareholders are not at risk if the business fails. Additionally, a Private Limited Company is not required to disclose its annual report to the public, which helps maintain secrecy and allows the company to avoid any unwanted publicity. In addition to this, a PrivateLimited Company Consultant has more credibility in the market as it is registered with the Ministry of Corporate Affairs (MCA). Anyone can verify the details of the Private Limited Company by visiting the MCA website. This will help pote...

Trademark Registration Process Online in Bangalore "Call Our Business Plan Experts at +91-72999-72500" Trademarks are valuable assets of your business and the most important element that distinguishes your goods or services from those of other businesses. Therefore, it is crucial to ensure your trademark stays protected by keeping up with the renewal process. A trademark is a sign, name, word signature, device, label, numerals or a combination of colors used to distinguish the goods/services originating from your business from those of other businesses. Upon registration, the mark becomes an exclusive property of your business and can be used to prevent others from using it without your permission. The  process of trademark registration Consultant online is a relatively easy and fast one, as long as you follow the necessary steps. It includes conducting a thorough search and filing an application with the registrar of trademarks. It is also a good i...

GST Registration Process Online in Chennai The GST registration process online in Chennai is simple and straightforward. It requires the applicant to fill in certain details including his/her PAN number, Aadhar number, Date of Birth, Personal Mobile Number and Office Telephone Number etc. The application also requires uploading of documents such as a passport size photo, copy of PAN card, Proof of Address, Proof of Date of Commencement of Business and, in case of retired central government employees, a copy of the PPO or Pensioner ID Card. There are many updates on the GST portal which make filing returns easier for taxpayers. For example, a new window has been enabled to claim accumulated input tax credit on the portal. This allows the taxpayer to do so without having to wait till the end of a quarter. The GST council has cut the rates on affordable housing to eight percent, a move that was expected to benefit homebuyers. However, prevailing ambiguities have ...

Roc Annual Filings Process Online in Bangalore   The Central Board of Direct Taxes (CBDT) has asked its zonal heads to verify the names of persons who allegedly indulged in money-laundering activities during the demonetisation period and file appropriate returns. The CBDT also warned that if such persons fail to file the return, they will be struck off from the ROC's records. Annual Filing Charges would be specific to every client and depend on the scope of work that is to be executed. It could include an end-to-end job starting with book-keeping, followed by finalisation and compilation of accounts. It will also involve getting the accounts audited by a practicing CA and filing of Form 11 and form 8. If applicable the Income tax return will need to be filed as well. In case of an OPC, the first AGM must be held within 18 months from the date of incorporation or 9 months from the close of the financial year, whichever is later. The AGM must be attended by al...

GST Filing Process Online in Bangalore Goods and Services Tax (GST) is a comprehensive indirect tax that will bring all the state-level and central taxes less than. This will simplify the taxation system in India and make it simpler to file returns. The GST filing process online is quite easy for any business in Bangalore. The new taxation system is designed to reduce the burden on small traders and service providers. It will also eliminate the cascading effect of taxes. GST registration is compulsory for all entities whose annual turnover exceeds Rs 20 lakh. It is a single tax that will replace various types of taxes such as excise duty, service tax, VAT, and entertainment tax. Moreover, it will bring the benefits of ease of doing business to all parts of the country. A normal taxpayer will need to file three monthly and one annual return . However, he can opt for NIL return filing if there is no outward supply or refund claims. In case of taxable supplies...