Welcome to Filingpoint Best consultant for Retail Company Registration Expert +91 72999 72500 Filingpoint Retail Company Registration in Tiruppur is one of the best options for aspiring entrepreneurs looking to start a business in India. A retail business offers an array of profitable opportunities, including the potential to sell a wide variety of goods and services to a broad customer base. It's important to understand the legal requirements and business structure needed for a retail venture before getting started. The process of registering a business in Tirupur is typically completed within 14 working days, subject to the quick submission of all necessary paperwork and approval from regulatory officials. Once complete, the Registrar of Companies will issue the Certificate of Incorporation , showing the official creation of your business and giving it a unique company identity number. Incorporating a business in Tirupur can be an overwhelming process ...
What is the difference between an OPC company and Proprietorship Company?
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The one-person company, which was incorporated under the 2013 Companies Act, allows a single individual to be the shareholder and director. There are a few companies that have to be met, such as getting the accounts audited and filing annual returns. However, the OPC is a great option for entrepreneurs looking for something more than a sole proprietorship but less cumbersome than a private limited company.
An difference between OPC and Proprietorship Incorporating an OPC makes the business a separate legal entity, with its own assets and debt. This can help limit the owner's personal liability and provides more legitimacy to the business, as compared to a sole proprietorship where there is no separation. Additionally, the OPC allows easy access to funding and lending as it can be seen as a credible business entity with banks preferring it over a sole proprietorship.
It is also easier for a person to get loans from angel investors and venture capital firms as well as incubators for OPCs than sole proprietorships. It is important to note that the OPC has to comply with corporate tax rates, which will make it a bit more burdensome to operate for those who are used to paying taxes at individual levels.
The other big difference is that in case of a death or disability of the owner, the OPC must appoint a nominee director who will continue to manage the affairs until the shares are transferred to the legal heirs. It is worth noting that a sole proprietorship does not have any such provision and therefore, all business income is considered the person's own, and thus, taxed at individual rates.
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