A Public Limited Company is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately or via trading on the stock market. A Public Limited company is required to publish its true financial health to its shareholders. A public limited company can invite general Public for subscription of shares and debentures. It is mandatory to add the term Public Limited or Limited to its name as a suffix. Public Limited Company is the best suited for large scalable businesses, which requires a huge capital.
A private limited company is a company which is owned by non-governmental organization or a group of persons who are intended to start a company. A private Limited company does not offer or trade its shares to the general public on the stock exchange, but rather the private stock of the company is owned and traded. The private limited company has limited liability, it is suitable for Start- ups, small and scalable businesses.
One Person Company (OPC) is a company incorporated by a single person. One person company means any individual who may be a Resident or NON Resident can incorporate his or her business that has the features of a company and the benefits of a sole proprietorship. The person who wants to start a Proprietorship business but want the advantages of a company can go for One Person Company. It is an artificial person created by the law .

Limited Liability Partnership (LLP) has become a most preferred form of organization among entrepreneurs as it is a mixture of both partnership firm and company into a single form of an organization. The cost of formation & compliance of a Limited Liability Partnership is comparatively very low. The liability of each partner in an LLP is limited to the contribution made by the partner. In Limited Liability partnership if the turnover exceeds 40lakhs, the statutory Audit must be done.

A partnership firm means two or more persons come together to form a business and divide the profits in an agreed ratio. The partnership business includes any kind of trade, occupation and profession. Partnership is not a legal entity, thus the Liability of each partner in a partnership firm is unlimited. Persons who have entered into partnership firm to carry out a business are called as partners. It is mandatory to prepare a partnership Deed & the agreement must be signed amongst the partners to share the profits obtained from the business. It must be carried on by all or any of them representing the Remaining partners.

A Sole Proprietorship Means a business is managed by a single person. Generally, it does not require any registration. Any individual who wants to start a business with less investment can choose this type of business form. The control of the business is solely in the hands of the single person, who wants to start a business from his residence or on any premise with a minimum amount can option for this form of business. He controls the business as well as manages it. Sole proprietorship is not a legal entity hence any kind of registration or incorporation with government bodies is not required to start the sole proprietorship business.

Society & Trust are non-Government organization which are usually referred as non-profit organization (NPO).The main purpose of these organizations are to promote social welfare, social development and other charitable purpose. Society and trust have different purpose and uses depending upon what you intend to achieve.

SOCIETY: It is formed when a group of people come together for a common charitable purpose.  The main advantage of forming a society is that, it doesn’t deal with only for Charitable purpose but may extend to multiple other fields. The society must file the list of names, occupations and address of the managing committee members of the society to the Registrar Annually.

TRUST: It is the oldest form of charitable organization. It is an agreement between parties where one party holds ownership over property on behalf of another person. In a family if more than 1 person is running a business then TRUST can be formed by appointing a trustee for lifetime.

Startups are becoming very popular in India. In order to develop the Indian economy and attract talented entrepreneurs, the Government of India, under the leadership of PM of India, has started and promoted the Startup India initiative to recognize and promote startups.  What differentiates it from other new businesses is that a startup offers a new innovative product or service that is not being given elsewhere in the same way. A Start-up should be a Private Limited Company/ Limited Liability Partnership/ Registered Partnership Firm which is less than 10 years old from the date of incorporation with a turnover not exceeding 100Crores in any previous years. The Start-up should not be formed by splitting up or reconstruction of an existing business.

Any Goods & Service business whose turnover exceeds 40lacs, 20lacs respectively & 10 lakhs for North Eastern states and Hill stations should go for compulsory GST registration. This process of tax registration is called GST registration. Once the registration process has been completed, the GSTIN is provided. The 15-digit GSTIN is provided by the Central Government. GST registration can be easily done on the online GST portal. Business owners can fill a form on the GST portal and submit the necessary documents for registration. It is a criminal offense to carry out operations without GST Registration and heavy penalties are levied for non-registration.

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