In India, there are various types of firm registrations possible, depending on the nature of the business and the requirements of the entrepreneurs. Here are the most common types of firm registrations in India:
Sole Proprietorship:
It is the simplest and most common type of business registration where an individual owns and manages the business.
Partnership Firm:
It is a business owned and managed by two or more persons who share profits and liabilities.
Limited Liability Partnership (LLP):
It is a partnership firm that provides limited liability to its partners and has a separate legal identity from its partners.
Private Limited Company (PLC):
It is a company that is privately held for small businesses and has limited liability.
Public Limited Company (PLC):
It is a company that is publicly held and traded on the stock exchange.
One Person Company (OPC):
It is a company where only one person can be a shareholder and a director.
Section 8 Company:
It is a company formed for charitable purposes and has certain tax exemptions.
Entrepreneurs can choose the type of firm registration that suits their business model, size, and future plans.