Company Registration in Chennai
Whether you want to register a company or start a new business in Chennai, Chennai offers the best opportunities for all sectors.
The state government of Tamil Nadu has also taken various steps to develop business in the capital city.
When we want to start our own business, the first thing that comes to our mind is company registration. This is a basic legal requirement when starting a new self-employment business.
In this article, we look at the different types of companies and how to register them.
How many types of company registration are there in India?
Six important types of company registration in India
Company registration in India is broadly divided into six types
- Proprietorship Firm Registration
- Partnership Firm Registration
- Private Limited Company Registration
- One Person Company Registration
- Limited Liability Partnership Registration
- Public Limited Registration
Each company can be registered as Proprietorship Firm , Partnership Company, Pvt Ltd, LLP, OBC or Public Limited.
Since the company registration process is complex, it is a good idea to hire a company registration lawyer to register your New company registration in Chennai.
How to register a startup company in Tamilnadu
1. Sole proprietorship registration in tamilnadu
Sole proprietorship registration in Tamil Nadu is a form of business owned and controlled by one person, called the owner.
This form of ownership is the most common in Tamil Nadu and is best suited for small startup businesses.
It is not considered a company or an organization and the owner of the business is the sole proprietor and is legally referred to as a company.
Starting and managing the business with minimum legal compliance/formality. A sole proprietorship is also not subject to any regulatory law.
Here are the major advantages of registering as a proprietary company in India.
- Minimum legal requirements and obligations.
- Fast solidification and easy dissolution.
- Ease of decision making
- Tax advantages
- One-day registration process
How to register a Proprietorship firm
As mentioned above, there is no holding company law and therefore no legal procedure or rules for the registration of a holding company.
However, a company certificate may be required to open a current account. To comply with this requirement, you can register your company in the SME/Udyam register.
Watch the video to learn more about Udyam registration.
Documents required for online registration of a sole proprietorship in Tamil Nadu
Owner’s Aadhar card
PAN card of the owner
2. Partnership company Registration in chennai
Partnership firm registration is the most common and popular type of partnership in India.
A partnership is a legal entity formed for the common benefit of two or more persons.
Partnerships in India are governed by the Indian Partnership Act, 1932 and partnerships can be registered or unregistered.
This type of partnership is formed by all partners signing the partnership deed in the presence of two witnesses.
The partnership deed is a legal document that enables all partners to agree to the terms discussed and finalized and serves as evidence of the terms agreed upon.
The main advantage of this type of partnership is that it is easier to register and maintain than other types of companies.
Steps to follow when registering a partnership
Step 1: Draft the partnership agreement with the help of an in-house lawyer.
Step 2: The entire agreement is read and signed by all partners in the presence of two witnesses.
Step 3: For Company registration online in Chennai, Submit the company registration documents online through the Tamil Nadu State Government’s online company registration portal.
Step 4: The certificate of partnership is filed by each partner at the nearest deputy registrar’s office.
Step 5: Submit the application and obtain PAN.
Minimum requirements for partnership registration
- In order to obtain a PAN, an initial partnership certificate (PAN PAN) must be obtained.
- Minimum capital
- The importance of partnership
What are the benefits of registering a partnership?
- This type of partnership is easy to set up and register.
- Minimum legal compliance required to operate or maintain a partnership.
- Distribution of capital among partners.
3. Private Limited Company
A short-lived company, usually in the form of a small business. Section 2(68) of the Companies Act 2013 defines it as a private company and provides for limited liability.
Like other listed companies, shares are not freely transferable. In this type of company all profits and liabilities belong to the company and shareholders are not liable for the company’s debts.
The main advantages of this type of company are.
Pvt. Ltd. is an independent company and changes in directors or shareholders do not affect the profitability of the company. This type of company can receive foreign direct investment without many legal requirements. Shareholders cannot transfer their shares to third parties.
Minimum requirements for registration of company in chennai
Two Shareholders
Two Directors
One Lakh of Share capital
Office space in India
Advantages:-
Limited Liability:
The primary advantage of this type of company is that shareholders have limited liability on loans. The term-limited liability means that when the company faces huge debt beyond the company’s assets, the personal assets of the members are not at risk.
Tax Benefits:
This type of company is more advantageous in terms of income tax than trusts and partnerships as it is entitled to reduced corporate tax. This type of company can also pay dividends to its members. In addition, they can also benefit from various tax advantages.
Attracts investors:
Every company needs capital for its business. A limited liability company makes it easier to attract investors and raise capital. A corporation or real estate company cannot attract investors. Also, with the consent of the other members, shares can be transferred to third parties, making it an easy financial scheme. A limited company can be highly solvent or can easily raise funds by selling shares.
Watch this video for more information on the benefits of Pvt Ltd.
4. Registration of an One Person Company (OPC) firm registration
If an owner wants to convert to a private limited company, a One Person Company.is the best option
also known as OPC, as this type of company can only be created with one partner and one director.
According to Section 2(62) of the Companies Act, a sole proprietorship is a legal entity in which only one person is a member.
This type of company was introduced by the central government through the 2013 amendment to the Indian Companies Act.
Setting up a one-person company requires fewer formalities than other types of companies. It is relatively simple.
It combines the features of an individual owner and a company.
The company combines the features of a sole proprietorship and a partnership.
Minimum requirements for setting up a sole proprietorship Company registration
- One Shareholder
- One Director
- An office in India
- No minimum paid-in capital
Steps to register a TPO company in Chennai
Step 1: Approval of the application for registration of the company name
Step 2: Get DSC from partner
Step 3: Obtain DIN number from ROC of director
Step 4: Prepare and submit MOA and AOA
Step 5: Issue integration certificate
Step 6: Obtain a separate PAN for the company.
5. 5: Register a limited liability partnership (LLP) in Chennai.
5: Register a limited liability partnership (LLP) in Chennai.
Register a limited liability company. This is a type of registered company that combines the advantages of a partnership with the advantages of other companies.
Defined in 2008, LLPs were introduced by the federal government through the Joint Liability Act 2009.
The LLP system was introduced to provide a permanent form of partnership and to assist limited liability holders.
A limited partnership can be formed with a minimum of two partners. All the rights and obligations of the nominated partners are governed and maintained by the LLP agreement.
Advantages of limited liability partnership (LLP) in Chennai
Being a limited liability partnership has several advantages over other types of companies. Some of these are the following.
- Limited liability
- The lower level of legal compliance compared to other countries
- Unlimited number of members
- Ease of incorporation
- No minimum paid-in capital
Registrar of Companies Chennai – minimum requirements
- Two minimum Partners
- Two minimum Designated Partners
- Office space in India
- No minimum paid-up Capital
How do I register with the Registrar of Companies in Chennai?
These companies are required to be registered with the Registrar of Companies in Coimbatore and Tamil Nadu. The registration is initiated with the consent and digital signature of all partners and nominee partners.
Each nominee partner is then given a unique eight-digit number called a nominee partner identification number. A Memorandum of Partnership is then issued and finally the partners submit the Limited Liability Partnership Agreement to the registration office.
6. Public Limited Company Registration
This type of company registration in India is suitable for large companies that require significant investment.
This is because such companies can raise capital by collecting deposits from the public. These companies can be both listed and unlisted.
Limited companies require a minimum of three directors and there is no limit on the maximum number of shareholders.
Significantly, the regulatory requirements are stricter than for public limited companies.
- Advantages of registering as a limited company
- Suitable for large companies
- Permanent presence
- Simplified share transfer
- Possibility to be listed on the stock exchange
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