A Complete Guide to Business Registration in India: Process, Types, and Benefits

Introduction

In the current business scenario, the only way for legality and growth of a company is through the registration process. Whether you are a small businessman or an entrepreneur, it is imperative that you know all the types of business registration in India. Here, you would gain knowledge as to what is the process of registration, what kinds of businesses can be registered, and also the benefits of having a legal form of your business.

1. Why Business Registration

• Legal recognition of the business

• Availability of loan and other source of financing

• Gaining customer confidence and the same with suppliers

• Taxes relief and, compliance with governmental regulations

2. Modes of Business Registration in India

• Sole Proprietorship

• Cheap and hassle-free for small ventures that do not entertain a strict form of registration

• Partnership Firm

How to Register as well as Prospect of a partnership deed

• Limited Liability Partnership (LLP)

  An LLP is the best of both worlds that is of partnership and limited liability.

• Private Limited Company (Pvt. Ltd.)

  The most popular form of business for start-ups and small businesses.

• One Person Company (OPC)

  Ideal for a solo entrepreneur who doesn't wish to expose himself to unlimited liability

3. How to Register Your Business Step-by-Step

• Step 1: Selection of Business Structure

  Which one shall you opt for-between Sole Proprietorship, LLP, or Pvt. Ltd.?

• Step 2: Digital Signature Certificate (DSC)

  Digital Signature Certificate (DSC)

• Step 3: Director Identification Number (DIN)

  What is DIN and How to Apply?

• Step 4: Presenting Incorporation Documents to MCA

  Forms to submit along with what the Ministry of Corporate Affairs does.

• Step 5: PAN and TAN Application

  Why Tax Registrations Important Post-Incorporation

4. Why Tax Registrations Important Post-Incorporation

• Identification proof

• Address proof

• Passport-sized photographs

• MoA (Memorandum of Association)

• AoA (Articles of Association)

5. MoA (Memorandum of Association)

• Delays in timelines in submitting the documents

• Wrong choice of business structure

• No professional guidance