Startup Secrets for Success in India
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Starting a business in India is an exciting journey that begins with selecting the right business structure tailored to your specific needs. Understanding various legal frameworks is crucial in transforming your entrepreneurial dreams into reality. Each business structure, whether it’s a private limited company, limited liability partnership, one-person company, partnership firm, sole proprietorship, joint venture, section 8 company, Indian subsidiary, or producer company, has distinct features and advantages that cater to different business activities. Therefore, it's essential to conduct thorough planning and consultations with experts who can guide you through the complex process of establishment. This foundational step will not only ensure legal compliance but also set the stage for your business's growth and success in the competitive Indian market.
Limited Liability Partnership
An LLP is the hybrid structure of a Private Company and a Partnership Firm. It is best suitable for services including professional consultancy apart from small and medium scale businesses.
One Person Company
One Person Company is a type of Private Limited Company but with a different structure. It is a company which is owned by a single person but unlike a proprietorship firm, it is a corporate structure
Partnership Firm
It is a partnership when two or more person come together for profit from a business. This structure is best suitable for small and medium scale businesses with an additional benefit of lower compliances.
Sole Proprietorship Firm
Proprietorship firm is the most popular business structure to start a business in India, but it is an unorganized structure. Most of the entrepreneurs start their business journey with this structure.
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Indian Subsidiary
This structure is exclusive of foreign nationals and entities that want to step into the Indian market. Registering an Indian Subsidiary is a prime way to easily establish their business as a corporate structure.
Section 8 Company
Section 8 company is a special entity registered with a sole objective of charitable purpose. Unlike a trust, this is a corporate business structure that ensures the limited liability and a separate existence.
Producer Company
Producer company is the corporate entity that is engaged in an activity connected to any primary produce (in relation to farming) of its active members. It is formed at least 10 individuals