From Legalpillers
Difference between Proprietorship Firm Registration and Firm registration
In market people have a big dilemma about firm registration and proprietorship firm registration. They often got confused what exact difference both registration type is contained. Here we are going to discuss what is Firm Registration and sole proprietorship registration.
Firm RegistrationPartnership Firm Registration denotes registration of business by the partners by entering into an agreement called Partnership Deed or Agreement under the law of the Indian Partnership Act, 1932. Here two or more person comes together and forms a business by
LEGALPILLERS.COM
From Legalpillers agreeing to the terms and conditions mentioned in Partnership Deed registration. In Firm Registration usually, the motive is to make a contribution to the business and share the profit and loss that arises during the course of business. Indian partnership Act, 1932 has governed the law related to Partnership Registration. The government has established various Registrar of Firms and Societies in each state. There are various registrars in each state according to the requirements of jurisdiction for the purpose of Partnership firm registration. As compare to Company Registration in India, in Partnership Firm registration no regular compliance requirements are there. There is no burden to make certain compliances on regular basis after having Online Firm Registration. Partnership a deed can be registered or unregistered. Unregistered partnerships have their drawbacks.
Sole Proprietorship RegistrationSole proprietorship registration is nothing just a basic business registration with governments. If you have GST Registration on an individual name it will also consider as sole firm registration. There is no particular registration that is not specified for sole proprietorship and so specific has been introduced for sole registration. For example, whether you register GST, Ghumasta or Shop and Establishment Registration, MSME Registration, Trade Registration with local municipal bodies, all these registrations will consider as sole firm registration. Because here only individual is in charge of all profit and losses or rights and liabilities arises during the course of business. Hire me For Online CA Sole Proprietorship firm registration is beneficial for those business persons who don’t want involvement of any other persons in their business. So many people called it a company but here you should know that a company which is registered under the Companies Act, 2013 with the Ministry of Corporate affairs is exactly called a company. Apart from MCA Registration all other business registration is called as Firm Registration, Partnership Firm Registration, Sole Proprietorship Registration, Trade Registration, Ghumasta Registration, etc.
In case if you are still confused about firm registration or online firm registration or company incorporation, do connect our professionals at 9625279785 or
LEGALPILLERS.COM
From Legalpillers 9267941961 or you may write to us at info@legalpillers.com. Our professionals are available to help you with all find a ca or Online CA related services through our platform Income Tax Consultant.
Related BlogBENEFITS OF COMPANY REGISTRATION TYPES OF COMPANY REGISTRATION IN INDIA FOR STARTUPS
Source- https://www.bebee.com/producer/@legal-pillers/differencebetween-proprietorship-firm-registration-and-firm-registration
LEGALPILLERS.COM