We at Tirumalesh & Co provide proper advice and guidance that is necessary for understaning each form of business type and the laws governing it and the compliances that needs to be followed on a regular basis and the annual compliances. This will help the client to take a proper decision regarding which form of startup will serve their intended purpose considering all the factors.

Here are the various kinds of startup options that one can consider while setting up a new business. You can leave us a message if you requrie any of these services from us.

Proprietary concern

Starting a proprietary concern or proprietary firm is a simple process. There is no formal registration to be done. An Individual / sole trader (or one person firm) intending to do business or profession, can register the concern under Goods and Service Tax Act (GST), Profession Tax Act or Shops and Establishment act or Udyog Aadhar (MSME)

Partnership Firm

Persons who have entered into a partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.

To commence a partnership firm, atleast two persons are required. The firm doesn’t have a separate legal entity like a company. The firm is a collective name given to individual partners.

A firm is registered under Registrar of Firms, situated in the respective jurisdiction.

We at Tirumalesh & Co, CA firm have the expertise in setting up partnership firms in Hyderabad. We provide the following services –

• Registration of the partnership firm
• Reconstitution/amendments to the firm
• Dissolution of partnership firm
• File Income Tax returns for the firm and its partners
• Tax consultation, both Income Tax and GST

One Person Company (OPC)

A One Person Company (OPC) combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder.

OPC is formed as a Private Limited Company.

We can assist in registering OPC in Hyderabad, India. In case you need our services, please write to info@catirumalesh.in

Limited Liability Partnership Registration or LLP Registration

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.

The LLP is a separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

We at Tirumalesh and Co., have the experience of incorporating Limited Liability Partnership firms in Hyderabad. Generally, professionals such as Doctors, Lawyers prefer LLP over Companies.

Private Limited Company Registration

Setting up a Private Limited Company in India requires a minimum of TWO shareholders and TWO directors. The shareholders can be the directors of the company. One of the directors, however, should be a Resident Indian.

Choosing the name of the company is a bit tricky! While choosing the name, one has to ensure that the Name

• Does not resemble the name of any other already registered company
• Does not violate the provisions of emblems and names (Prevention of Improper Use Act, 1950) by availing the services of checking name availability on the portal
• Select, in order of preference, at least one suitable name upto a maximum of six names, indicative of the main objects of the company

Once the name is chosen, then file an application for the incorporation with Registrar of Companies (ROC), along with Memorandum and Articles of Association, particulars of directors, etc.

Digital Signature – All the directors have to mandatorily obtain the digital signature.

Once the application is processed by the Registrar of Companies, they will issue Incorporation Certificate mentioning a Corporate Identity Number (CIN)

We at Tirumalesh and Co., Chartered Accountants, have good working knowledge of setting up a company in India. In case you require our services, please write to info@catirumalesh.in

Trusts and Societies

A trust can be registered under Indian Trust Act, 1882 and a society can be formed under the provisions of Societies Registration Act.

+ How many people are required to start a Trust?

At least two trustees are required to register a public charitable trust. However, a minimum of seven members are required for formation of a society.

We at Tirumalesh and Co., have facilitated many people to set up trusts and societies in Hyderabad. We have also represented at the tax department to obtain Tax exemptions.

Indian Subsidiary Company

A foreign company can set up a Private Limited Company as its subsidiary in India. The minimum requirements for incorporating a company in India are –

• It should have a minimum of 2 directors and 2 shareholders. One of directors should be an Indian resident. Finding an Indian resident director becomes a challenge for many foreign companies. Generally, the companies appoint the senior employee or the country manager as its director.

• The incorporation documents including the address proof, identity proof, etc of the foreign shareholders and directors to be notarized and Apostilled/ endorsed at the Indian Consulate in the country where the registered office of the entity is situated.

We at Tirumalesh and Co., have the expertise in setting up Indian subsidiary for many foreign companies from different parts of the world. In case you need further information, please write to info@catirumalesh.in or call on +91 8499805550

Section 8 Company

Charitable Trusts can be set up in three different forms, namely

(a) register a trust under Indian Trust Act (register the trust at Sub-Registrar’s Office)

(b) Register it as a society under State Co-operative Societies Act or

(c) incorporate a company under Companies Act, 2013

The registration of a company under Companies Act, 2013 is popularly known as ‘Section 8’ company

We at Tirumalesh & Co have incorproated Section 8 Companies and obtained Income tax exemptions to them.

In case you need any assistance to set up a Section 8 Company, please write to info@catirumalesh.in