The most trusted organisation, which is acknowledged by the industry, the trade as well as the government is known as a Company. It is the most recognized and authenticated type of working where the working is systematic and as per the laws which is acknowledged by the Government, it’s various agencies, by the trade & industry and by the end users. A company which can be registered with the government is granted on completion of various kind of formalities, documents and the bylaws on which the company will work in future under The Companies Act, 1956. A company can be made by at least two persons designated as the director of the company. A company can be made easily but cannot be closed without settlement of all its responsibilities, dues etc. No one is spared by the law and cannot escape of its duty’s responsibilities particularly its responsibilities towards the business & trade. Usually an application for incorporation / registration maybe made by filing a request for the approval of the company name and there after submission of all necessary and supporting documents which is minutely scrutinized by the government before issuing this certificate of Incorporation.
One Person Company (OPC) is a firm, business organization and a business entity that is owned & managed by a single person being incorporated & regulated under The Companies Act, 2013 in India. In this format, a single person establishes and manages the company. In an OPC the entrepreneurs have a limited liability and a distinct legal identity. It is a unique business structure that permits a single person to function as a company, giving them the benefits of limited liability while retaining complete control. In an OPC, the individual serves as both the director and shareholder, merging the advantages of a sole proprietorship with the legal protection of a private limited company.
A limited liability partnership is a firm, a legal entity which is made by its partners with objectives of a lesser responsibilities. It provides the benefits of a Company with a maximum flexibility. LLP is a partnership under an agreement consented by at least 2 persons (the natural persons). The LLPs are regulated under the Limited Liabilities Partnership act, 2008. The LLP is a legal entity made of at least 2 natural persons and works like a company where each Partner is limited to the contribution made by them. It retains a lessor compliance and regulations and an easy way of making business.
An easier way of doing business with other persons is possible by way of making a Partnership firm with signing a dead with T&C mutually agreed between the Partners. In a partnership firm there are at least two natural persons (member) working together under binding of their respective terms and conditions with for their benefits. In India, the Partnerships are regulated under provisions of The Partnership Act 1961. The Partnership deed defining the terms & conditions being signed may be registered either with the registrar or by a notarization through a Notary Magistrate / Magistrate of the 1st class will be sufficient to start and carry the business. This form of firm also a recognized format in industry.
Society Registration can be made under the society is Registration Act, 1860. The societies are made especially for serving the people without making any commercial activity/benefits. Societies are basically no profit organisation where a group of persons are associated for the uplift and development of the people. In a Society registration, there must be at least 7 persons designated as the President, Secretary, Treasurer and the Member being elected from a general body meeting. Societies are registered at the state level and at the central level. State level society are registered with the register at the district head quarter whereas the central society having at least 7 different states. Normally the societies are working for the help of the poor people for their uplift of their lovely hood for a better life. In a society, the decisions are being taken in a group. No individual person can use the assets of the society for their personal usage.
The trust is also a legal entity made on a deed with stamp paper and being registered with the registrar. The trust is made for working in a society for the upliftment of the people living there. The trust registration and working are governed under the Trust Act 1860 as amended in 1982. In a trust blood relation is not a must means any person can be made the member of the Trust. A Trust can be made by adding a minimum of two people, called as Trustee, Settler and members. In a Trust, all the power is centralised with the settlor where is the trustee and the members are for successful running of the trust. Trust are made for commercial activities, too, and can have their earning but I limitation is there that no person of the trust can use the trust property for its personal reason.
