Starting your business in India? One of the first steps is registering it with the appropriate structure. Choosing the right business entity plays a vital role in taxation, compliance, and credibility.
“Types of Business Registrations:”
- Company Registration (Private Limited/Public Limited): Best for startups seeking funding or limited liability.
- LLP Registration: Ideal for professionals and small businesses looking for limited liability and operational flexibility.
- Partnership Registration: Easy to form, but personal liability is a risk.
- GST Registration: Mandatory for businesses over ₹20 lakhs turnover (₹10 lakhs for NE states).
- MSME Registration: Offers benefits like subsidies, easier loan access, and protection against delayed payments
- Import Export Code (IEC): Required for any business involved in international trade.
Benefits of Proper Registration:
- Legal identity and credibility
- Easier access to finance and tenders
- Helps in brand protection
- Enables opening current bank accounts