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Company Registration in Chennai
Company registration in Chennai
company registration in Chennai, Thinking of starting a new company? Chennai has the best opportunity for all industries.
The Tamil Nadu government is also taking a number of steps to improve coperations in the capital.
If you are going to start your own company, the first thing that comes to mind is the company record. This is the basic legal requirement for starting a new company on your own.
In this article we are going to look at different types of companies and how to register them.
6 Important Types of Company Registration in Chennai
There are basically 6 types of companies / organizations/ firm registration in chennai
- 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.
The Process company registration office is a complicated process, so it is a good idea to appoint a proper company registration lawyer for the purpose of company registration in Chennai.
1. Sole Proprietorship Firm Registration in chennai
Sole Proprietorship Firm Registration is a form of company entity owned and controlled by an owner named the owner.
This type of ownership is the most common type of entity in Tamil Nadu and the most suitable entry country for small start-ups.
It is not considered a company or organization and the company is owned by an individual and that company is legally called a company.
Begin and continue the company process with minimal legal compliance / formalities. Also, there is no regulatory law for ownership companies.
The basic benefits of registering your company as a proprietary company are:
- Minimum legal terms or customs
- Fast, firm and even easy to dissolve
- Easy decision making process
- Tax benefits
- One day registration process
How to register a Proprietorship firm
As already stated, there is no governing law for an owner company, so there is no legal procedure or order to register it.
But to open a current account, you may need a company registration certificate. To meet this requirement, you can register your ownership company under the MSME / Udyam Registration.
Required company registration document for Sole Proprietorship Firm Registration in Chennai
Aadhar Card of the Proprietor
PAN Card of the Proprietor
2. Partnership Firm Registration in chennai
Partnership firm registration, This type of company is the most popular and common type of company ownership in India.
A partnership firm registration is a legal entity in which two or more individuals work together to make a profit.
The partnership in India is governed by the Indian Partnership Act, 1932, under which the partnership may or may not be registered.
This type of company entity comes into effect when all the shareholders sign a partnership agreement in the presence of two witnesses.
A partnership bond is a legal document created to accept all terms and conditions discussed and finalized by all partners, and serves as evidence of the terms agreed upon.
The main advantage of this partnership is that the registration and maintenance process of the partnership is easy compared to other companies.
Steps for the registered partnership firm
Step 1: Prepare the partnership agreement with the help of a company lawyer
Step 2: Read the entire agreement and have all partners sign it in the presence of two witnesses.
Step 3: Submit the company registration document online through Tamil Nadu Government Online Portal
Step 4: All partners must go to the nearest Deputy Registrar’s Office with the partnership certificate
Step 5: Apply and get PAN
Minimum requirements for partnership firm registration
- Two partners
- Minimum amount as capital
- The meaning of company
What are the benefits of a partnership firm registration?
- Starting or registering this type of company is easy
- Minimum legal compliance to conduct or maintain partnership activities
- Sharing capital contribution among members
3. Private Limited Company
This type of company, short-lived as a company, is often a small company entity. Section 2 (68) of the Companies Act, 2013 defines as a private entity and provides limited liability.
It does not transfer its shares freely to the public like other public companies. In this types of company, all company profits and liabilities belong to the company and the shareholders are not liable for the debts incurred by the company.
The most crucial benefit of this type of company
Pvt. Ltd. is a separate law firm, i.e. the change of director or shareholder does not affect the existence of the company. These types of companies have the freedom to receive foreign direct investment without much legal requirements. The shareholder is also restricted from transferring shares to any third party.
Minimum requirements for registration of company in chennai
One Lakh of Share capital
Office space in India
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.
Compared to property companies or partnerships, These types of companies have more advantages over income tax because they can claim corporate tax relief. In addition, these types of companies can pay dividends to members. Apart from this, there are several tax deductions.
Every company needs funding to measure the company. When a company becomes a limited liability company, it is easy to attract investors and raise funds. A property company or partnership cannot attract investors. Also, a company can transfer its shares to a third party with the consent of other members, which is a simple financial system. Limited liability companies are easily financed due to high creditworthiness or by selling their shares.
To know more about the benefits of Pvt Ltd, watch this video:
4. One Person Company (OPC) firm registration in chennai
If an owner wants to change the type of company into a private limited company, the best suitable option is One Person Company
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 one-person company is a company entity in which only one person is a member.
This type of company was introduced by the Central Government in 2013 with an amendment to the Indian Companies Act.
Creating a one-person company involves fewer formalities than other types of companies. It is relatively hassle-free.
It combines the features of an individual owner and a company.
Minimum requirements for building a one person company Registration
- One Shareholder
- One Director
- Office space in India
- No minimum amount of Paid Up capital
Procedure for OPC registrar of firms Chennai
Step 1: Apply for Name Approval
Step 2: Get DSC for Partner
Step 3: Obtain the DIN number from the ROC for the director
Step 4: Prepare and submit MOA and AOA
Step 5: Issuance of Certificate of Integration
Step 6: Get a separate PAN for the company
5. Limited Liability Partnership Registration of Company in Chennai (LLP)
Limited Liability Partnership registration, This type of company is registered by combining the benefits of a partnership company and another company.
The Union Government introduced the LLP through the Liability Joint Act, 2009, as defined in 2008.
LLP was introduced to provide an easy-to-maintain company format and to assist owners by giving them limited liability.
With at least two partners, an LLP can be created. Furthermore, all rights and obligations regarding designated partners are governed and maintained by the LLP Agreement.
Benefits of Limited Liability Partnership in Chennai (LLP)
There are many benefits to being an LLP compared to other types of companies. Some of them
Less legal Compliance as compared with other
No higher limit of members
Easy to incorporate
No minimum amount of Paid up capital
Registrar of Firms Chennai – Minimum Requirements
- Two minimum Partners
- Two minimum Designated Partners
- Office space in India
- No minimum paid up Capital
How to LLP registrar of firms Chennai
These types of companies also need to be registered with the Registrar of Companies. The first sep name of the registration process begins with approval, followed by a digital signature for all partners and designated partners.
Then all designated partners must obtain a unique eight-digit number called the designated Partner Identification Number. The next step is to issue a Company registration certificate of consolidation and the last step is for the shareholders to submit the limited liability collective agreement to the Registrar of Companies.
6. Public Limited Company Registration
Type of business registrar of firms Chennai that is suitable for large scale company that require large investment.
This is because these types of companies can generate capital by inviting deposits from the public. These companies may or may not be listed.
To establish a general limited company, a minimum of three directors is required and there is no limit on the maximum number of members.
Importantly, it has more stringent regulatory requirements compared to Pvt.
The benefits of being a Public Limited Company Registration
- Most suitable for large scale companies
- Uninterrupted Existence
- Easy transfer of shares
- Eligibility for listing in stock exchange
Why Registration of Company in Chennai is Necessary?
Listed here are the main reasons why company registration is mandatory in Chennai before starting your company.
- Legal requirement: It is a legal mandate for every company to register as a company. So you have to register it before the Government of India to start your new venture legally. There are different forms of companies discussed in this article.
- Open a current account: For every company transaction, be it an online transaction or a check issuer, you need a current account. To open a current account, you need to submit the KYC for company balance. The primary source of company presence is the Company registration certificate.
- Licenses: In order to obtain a license related to any company, it is mandatory to provide the company name and supporting evidence for the company. The main source to submit is the MSME Certificate or Certification Certificate. So even to get a company related license, we have to be a registered company
- company Billing / GST Billing: In the present day operation of every company, we have to provide bills and invoices to our customers and vendors. Invoices must contain the company name and registration number. So even to issue any bills and invoices, you need a legal entity registration for your company.
For the above requirements, your company must be a registered company in Tamil Nadu. To learn more about the registration process, visit our Youtube channel
Frequently Asked Questions :-
No, you can’t register a company yourself, you need the help of a legal expert. The whole company registration process can be done online by scanning all the required documents. The company registration process takes 10-15 days, after which you will receive a company certificate.
Strengthen your identity and increase your company’s credibility. Company registration makes it easier for potential customers to recognize you as a legitimate business. Attract business opportunities and financing. Official company registration is required to access business loans.
Mandatory company registration
A company can operate as a sole proprietorship, partnership, limited liability company, or private limited company, regardless of turnover and share capital. However, the Companies Act 2013 provides for mandatory registration for certain companies.
When starting a new business, entrepreneurs need to ensure that all legal requirements for running a small business are met. New businesses and start-ups have many legal obligations, including financial regulations, tax obligations, and labour law.
Make sure your new business meets all legal obligations so you can focus on growing your business.
You can register your company with the basic documents given by the government. The needed documents are,
- Address proof (aadhar card, driving license)
- ID proof (PAN Card)
- Two passport size photo
- MOA and AOA
- Name approval
- Fill out the registration form
- Attach required documents
- Submit the form
- Finally, get registered
MCA stands for the Ministry of Corporate Affairs. Under the Ministry of Corporate Affairs, the Registrar of Companies regulates company registration.
Yes, you can register a one person company as a limited liability company, but it requires one more partner.
The full format of DSC is Digital Signature Certificate. It is a government approved electronic signing document.
- Name of the company
- Office address proof
- 1 director and 1 member
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