In India we register the Company or Firm in Proprietor uder the Indian Proprietor Act 1932. There could be 2,3,4,5 and more partners in the company. The requirement to register the Proprietor Firm or Company -
1. ID proof of all the Partners - Voter ID or DL or Passport
2. One Proprietor Deed between the partners which show the share of each partners
3. One electricity bill or water bill of office premises.
4. NOC from the landlord of the premises.
5. Name of the company and nature of bussiness.
Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.
Change in firm name and principal place of business (Section 60) shall require sending of a new application form along with the prescribed fee, duly signed and verified by all the partners. Change relating to opening and closing of branches. (Section 61)
When a registered firm discontinues business at any place or begins to carry on business at any place, such place not being its principal place of business, any partner or agent of the firm may send intimation thereof to the Registrar.
Change in the name and permanent address of any partner (Section 62)
When any partner in a registered firm alters his name or permanent address, an intimation of the alteration may be sent by any partner or agent of the firm to the Registrar
First and foremost benefit of doing business via company is the limited liability conferred upon the company's directors and shareholders. As a sole trader or partnership business, personal assets of the proprietor or partners can be at risk in the event of a failure of the business, but this is not the case for a Company. The unfortunate events like business failures are not always under an entrepreneur’s control; hence it is pivotal to secure the personal assets of the businessman in the event of crises.
A One Person Company (OPC) Private Limited has many advantages as compared to Proprietorship firm.
All unfortunate events in business are not always under an entrepreneur’s control; hence it is important to secure the personal assets of the owner, if the business lands up in crises.
While doing business as a proprietorship firm, the personal assets of the proprietor can be at risk in the event of failure, but this is not the case for a One Person Private Limited Company, as the shareholder liability is limited to his shareholding. This means any loss or debts which is purely of business nature will not impact, personal savings or wealth of an entrepreneur.