Business Registration in India is governed by:
1. The Company’s Act 2013.
2. The Limited Liability Partnership Act, 2008.
Company Registration Procedure:
A person who wants to register a new company needs to fill web-based forms on the MCA website i.e www.mca.gov.in and fill the below forms:
1. SPICE+ for company registration and PAN & TAN issuance.
2. eMOA for Memorandum of Association of the new Company.
3. eAOA for Articels of Association of the new company.
4. Agile Pro for EPFO, ESIC & GSTIN registration.
5. URC-1 (if applicable)
Once all forms and documents are attached as attachments of web-form are submitted, the registrar, if satisfied will issue a Registration Certificate. PAN, TAN, EPFO, ESIC number, and GSTIN number if applied, will be received from respective departments. The company registration process is less time consuming as compared to LLP and no need to apply for separate registrations. All mandatory registrations are provided at the time of registration of the company. Once the Company is registered and the account is opened with any commercial bank in India. The Shareholders are required to submit their’s subscribed share Capital and need to fill INC-20-A for the commencement of business certificate. Once we have commencement of business certificate we can start operating our company. All above-said processes usually takes 15 – 20 days.
LLP Registration Procedure:
A person who wants to register a new LLP needs to download eforms from MCA website i.e www.mca.gov.in, fill them and submit them on MCA website.
Forms which are required to be submitted on the MCA website in order to register a new LLP:
1. FILLP to register a new LLP.
2. Form 3 (It is a post-registration form required to be filled in order to get the LLP agreement registered on MCA site)
Once documents are attached as attachments in eform are submitted, the registrar if satisfied will issue a Registration Certificate. In the case of LLP registration, we need to manually apply for PAN, TAN, EPFO, ESIC number, and GSTIN number one after another. The registration process of Company and LLP is the same and equally time-consuming but another mandatory registration is time-consuming. In case of the company, all theses registration are provided at the time of registration itself. So the overall time taken in LLP registration is higher as compared to the company. Like companies, LLPs are not required to file INC-20-A.
So, We have briefed about company registration and the LLP registration process in this post.