Firm Registration
A legal entity is a for-profit business organization that provides professional services, such as a corporation, limited liability company (LLC), or partnership. Most companies have him only one location. However, a trading company consists of one or more physical branches, all under the same ownership and using the same Employer Identification Number (EIN).
When used in titles, “law firm” is usually associated with firms that provide professional legal and accounting services, although the term includes, but is not limited to, financial, consulting, marketing, and graphics. Can be used for a variety of companies including but not limited to design companies.
Benefits of Partnership Firm Registration:
Ability to file case against Third Parties:
Partners of a registered partnership may bring third parties to court to resolve disputes arising in the course of business or other matters relating to the partnership.
An unincorporated partnership company loses its right to take action against a third party to resolve disputes until and unless the deed registration process is completed. However, third parties always have the right to sue the partnership regardless of registration status.
Power to file suit against co-partners:
No one knows when a dispute between partners will arise, whether it concerns the division of profits or other matters relating to the operation of the partnership company. Disputes are best resolved in court.
A partner of an unregistered partnership company cannot enforce the terms of the partnership deed. Enforcement of such provisions requires registration of the partnership in accordance with the procedures set forth therein.
Ability to claim Set-off:
Registering a partnership firm enables authorized partners to claim set-offs. If a third party brings an action against the partnership, the partnership may claim set-off against the third party’s claim. The power to claim the above set-off is not available if the partnership company has not yet been registered under the India-His Partnerships Act, 1932.
Higher Credibility:
Partnerships registered online are more trustworthy than unregistered partnerships. Both registered and unregistered partnership companies are legal and valid under their respective laws, but registered companies are strongly favored by the authorities over unregistered companies.
Conversion of Entity:
Partnership companies registered with the Registrar of Firm are easier to convert than unregistered companies. Converting a partnership into another entity, such as a private company or LLP. To corporate structure, can be easily completed.
An unincorporated company may be incorporated and incorporated at any time after incorporation to enjoy the above benefits.
MSME Registration
MSME (MSMEs). There are many advantages of obtaining MSME registration in India, which can be only availed if the business had registered itself as an MSME/SSI under MSME Act. The following are a few advantages or obtaining SSI/MSME registration in India:
The Indian government has always been in favor of providing benefits to Micro, small and medium enterprises
Benefits of MSME
- Bank Loans (Collateral Free)
The Government of India has made unsecured loans available to all SMEs. This initiative guarantees funding for micro and small businesses. Under this scheme, both old and new companies can claim benefits. A trust called The Credit Guarantee Trust Fund Scheme has been established by the Government of India (GOI), SIDBI (Small Industries Development Bank of India) and the Ministry of Small, Medium and Micro Enterprises to ensure the implementation of this scheme (Credit Guarantee Trust Fund Scheme). scheme). ) for all micro and small businesses.
- Subsidy on Patent Registration
A substantial subsidy of 50% will be given to companies holding a registration certificate issued by MSME. This subsidy can be requested for patent registration by submitting an application to the respective ministry.
3. Overdraft Interest Rate Exemption
Businesses or businesses registered with MSME can claim 1% profit on overdraft. Schemes vary by bank.
- Industrial Promotion Subsidy Eligibility
Companies registered with MSME are also eligible for industrial development subsidies proposed by the government.
- Protection against Payments (Delayed Payments)
Buyers of services or products from MSMEs or SSIs may be prone to late payments. The Ministry of Small Business supports such companies by giving them the right to claim late payment interest from the buy side. Resolution of such disputes must be accomplished in the shortest possible time through mediation and arbitration. If an MSME registered company provides goods or services to a purchaser, the purchaser shall make payment by the agreed payment date or within 15 days from the date he receives the goods and services from the MSME or SCI registered company. must be done. (if no payment date is specified). If Buyer delays payment more than 45 days after acceptance of the products or services, Buyer shall pay interest (monthly) on the agreed payment amount, compounded. The interest rate is three times the rate advertised by the Reserve Bank of India.
- Fewer Electricity Bills
This discount is available to all companies holding an MSME Registration Certificate by applying to the Ministry of Power together with the MSME Registration Certificate.
7. ISO Certification Charges Reimbursement
Registered MSME companies can claim reimbursement of costs incurred for ISO certification. Conclusion: MSMEs are growing fast with regular government support and young people have the courage and courage to start their own businesses. Knowledge of the registration process and its benefits is therefore absolutely necessary to enhance the entrepreneurial spirit of founders of MSMEs and SSIs. This article will hopefully help all those who are confused about the benefits of MSME registration in India and those who are ready to jump into the role of an entrepreneur or ready to do a small to medium size business. Hope it helps people.Business Escalator is the best when it comes to registering MSME online and providing support for all kinds of startups, GST, MSME, legal and accounting. If you have missed any benefits of MSME registration in India feel free to ask us in the comments section
LLP Registration
LLP is a well-known mature tissue morphology. This article discusses all the advantages and benefits of registering an LLP in India.
A Limited Liability Partnership (LLP) was established in India by the Limited Liability Partnership Act, 2008. A Limited Liability Partnership (LLP) is a partnership in which the partners have limited liability. So it can have elements of both a partnership and a company. Under LLP, partners are not responsible for the misconduct or negligence of other partners. The process is easy and quick. For more information, please contact ebizfiling.com for professional business registration services.
Here are the Benefits of an LLP:
- Easierto incorporate and manage, less formalities
• Cheaper registration costs compared to legal entities
• LLPs are like legal entities with their own existence separate from partners
• LLPs have voluntary minimum capital Gold can be incorporated
• LLP must have a minimum of 2 partners and no maximum number of partners.
• LLPs are not required to audit their own accounts. An LLP is required to audit its accounts in the following circumstances:
o If the LLP’s contributions exceed Rs. 40 lakhs
•LLP must meet the minimum requirements as he is only required to file two declarations. H. Annual earnings, bank statements, solvency. Read here to understand compliance with the LLP’s annual filings.
• LLPs are taxed at a low rate and do not have to pay taxes on their partners’ income and interest.
Startup India
Startup India is a government initiative program launched in 2016 to boost the economy via generating employment through new entrepreneurs. In India, many youngsters are having new and innovative ideas on technology and for them, Startup India is the best platform. The scheme of Startup India Registration enables you to get aid from the Government to run a smooth business by resolving the financial hurdles and enormous taxes. In this article, we present you with a detailed guide to the Benefits of Startup India Certification.
Benefits of startup india
- 3 Years Tax Holiday
The certified Startup India companies can avail the exemption of income tax for 3 years. Provided that, they have been authentically certified by IMB (Inter-Ministerial Board).
- Tax Exemptions Under Section 80 IAC
The Limited Liability Partnership or Private Limited Companies, can avail of the tax benefits under 80 IAC provided that they are incorporated on or after the 1st April 2016.
- Angel Tax Exemption Under Section 56
The DPIIT (Department for Promotion of Industry and Internal Trade) recognized startup company can avail the Angel Tax Exemption benefits if the overall share value is less than 25 crore rupees.
- Easy to Manage Financial Needs
Up to a fund of 10,000 crore rupees is set by the government of India to support the entrepreneurs operating their business without worrying about the financial crisis.
- One App to manage the services
The easy navigation Startup India app can assist you in applying for Startup India certification from the main dashboard. The user can also track and manage all the other services from one window featured at Startup India’s official mobile application.
- Apply for Government Tender
Generally, the government tenders need a huge amount, enough experience, or some sort of eligibility to bid on the projects. But one of the best benefits of Startup India certification is, you can apply to the eligible government tenders without any prior experience or eligibility.
- R&D Wings (Research & Development Parks)
The Startup India scheme is packed with the proposal of 7 research and development parks to give the best learning environment to the entrepreneurs and the students.
- Spread your wings
The Startup India certification benefits you to access the events organized for the stakeholders registered with them. One can participate in the national and international level fest to make a professional relationship with their neighborhood stakeholders.
- Self Declaration
With 9 labor and 3 environmental laws, the startups can self-certify their compliance through Startup India mobile app to reduce the legal liabilities.
- Easy Exit
Last but not least! If a company wants to come out from the Startup India scheme, it can easily wind up the business within 90 days after applying the exit request.