Formation /Incorporation

1.      Private Company-A company having a minimum paid-up share capital of one lakh rupees or such higher paid-up share capital as may be prescribed, and which by its articles,—

(i) restricts the right to transfer its shares;

(ii) except in case of One Person Company, limits the number of its members to two hundred.

It just needs two people to start a private company. It is the most convenient option for the businessman to from a private company as its carries several privileges.

 2.      Public Company-Means a company which—

(a) is not a private company;

(b) has a minimum paid-up share capital of five lakh rupees or such higher Paid-up capital, as may be prescribed.

The capital of a public company is generally raised from the public. People belonging to all walks of life throughout the country can buy shares which are priced at low levels.

Moreover, there is no restriction on the number of members in a public company. Credit standing of a public company is better than that of a private company. Therefore, it can raise huge financial resources.

3.      Limited Liability Partnership-Limited Liability Partnership [LLP] is viewed as an alternative corporate business vehicle that provides the benefits of the limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. Limited Liability Partnership entities, the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act, 2008.

A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization.    

4.       Non- Profit Entity-Associations, charities, cooperatives, and other voluntary organizations formed to further cultural, educational, religious, professional, or public service objectives. Non profit organizations don’t pay income tax on the money they earn from fundraising activities or donations. New objects like environment protection, education, research, social welfare etc., have been added to the existing object for which a charitable company.

 

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