I have a good idea to start my own business and I am looking forward to Starting Up. But I am confused if I name it as a Company there would be a Legal Procedure to start the business. I am just 22-years old and I am not aware of all these procedures and formalities, a friend advised me to seek legal help from this platform.
My startup is based on a website (e-commerce), so please tell me what is the legal procedure to start my own startup and from where should I get the name of my company registered. Also what are payment procedures or papers required to start it!
Expert Advice –
I am glad that you want to begin your entrepreneurial journey by starting up an online venture. Hereby I am suggesting you the methods through which companies are incorporated/registered in India. You may start your business through following mode:
1. Proprietorship firm- In this mode of business there is no much legal formality. You will be the sole owner of the firm.
2. Partnership Firm- In this firm, at least two partners are required and it is created through the Deed of Partnership, in this mode, the ownership and liability is divided among the partners. Not much compliance required unlike company.
3. Limited Liability Partnership (LLP) Firm- It is incorporated under the LLP Act. and with limited liability at least two partners are required. There is less compliance than Company.
a) Pvt. Ltd Company.
b) Limited Company
c) One Person Company
The Registration of Company is made before the Registrar of Companies. You may take help of any professional CS/CA for the incorporation of the company. You may opt any mode to start your business as per your convenience.
All the Best
- Akhilesh Kumar