Entrepreneurs in Chennai who are interested in starting a company will want to know the list of documents required for the process of company registration in Chennai. There are different types of companies and entrepreneurs who can choose a type of company based on their operations following various guidelines that are laid down by the Government of India under Companies Act, 2013. Companies are classified into different categories based on their size, number of members, control, liability and access to capital.

In this article, let us deeply look into the different types of companies and documents required for the process of company registration in Tambaram, Chennai.

TYPES OF COMPANIES:

  1. Public limited company
  2. Private limited company
  3. Limited liability company
  4. Partnership firms
  5. One person company
  6. Sole proprietorship
  7. Section 8 company
  1. Public Company

Public companies are those companies whose shares are purchased by the general public. There is no limit for such companies to sell their shares. A Tax Consultant claims that for a company to be called Public company must possess at least 3 directions, where one the director must be Indian resident. Moreover, minimum 7 shareholders with no cap on the maximum limit and at least 5 lakhs capital fee, with a registered office in India.

Documents required:

  • Identity proof
  • Address proof
  • PAN Card of all Directors and shareholders
  • Director Identification Number
  • Digital Signature Certificate
  • Utility Bill
  • NOC from the landlord
  • Memorandum of Association
  • Articles of Association.
  1. Private Limited Company

Private limited companies are those companies which require registration as a private entity. The shares of private limited companies are distributed within their shareholders to protect their assets. The total of all the shares held by the shareholders will constitute the total capital of the company. Unlike public limited companies, the shares of private limited companies cannot be sold or traded for the general public, says best Tax Consultant in Chennai. For a company to be entitled as a private limited company, it must possess minimum 2 to maximum of 15 directors, where one of the directors must be an Indian resident. For a company registration in Tambaram, Chennai it must have authorized capital of Rs. 1 lakh and minimum 2 to maximum 200 shareholders, with a registered office in India.
 Documents required:

Following are the documents required for private limited company registration in Tambaram, Chennai

  • Director Identification Number
  • Digital Signature Certificate
  • PAN Card
  • Address proof
  • Residence proof
  • Memorandum of Association
  • Articles of Association
  1. Limited Liability Partnership

Limited liability Partnership or widely known as LLP, is a company which provides the entrepreneurs limited liability protection, distinguishing personal and business assets. These types of companies enjoy separate legal status, says Phoenix Tax Consultant in Chennai. The liability of each partner will be determined by the number of share capital, providing more protection compared to sole proprietorship. A company is eligible to be called as LLP, if it has authorising capital amounting to Rs. 1 lakh and at least of the delegated must be an Indian resident. There is no cap on the maximum number and minimum of 2 partners is a must for a Company registration in Chennai. At least one individual partner must be available if the rest are corporate bodies. Each partner must have an agreed contribution and no requirement for shared capital.

Documents required:

  • ID proof of partners
  • Address proof of partners
  • Address proof of firm
  • Digital Signature Certificate
  1. Partnership firms

Businesses whose operations are handled by partners who have agreed for their role and share in profits are said to be partnership firms. A partnership deed consists of the functions, duties, powers, and number of shares held are all clearly defined in a verbal contract. A Tax Consultant in Chennai claims that, if they have a valid and registered partnership deeds they can function with or without license and these firms fall under the purview of the Indian Partnership Act, 1932. These firms must possess a minimum of 2 to maximum of fewer than partners to operate with a registered office within India, partnership deeds signed by all partners.

Documents required:

Following are the documents required for partnership firm registration in Tambaram, Chennai

  • PAN Card
  • Address proof of partners and firm
  • Partnership Deed
  • GST registration
  • Bank account details.
  1. One person Company

One person company suits small businesses. This was included in the Companies Act, 2013 to facilitate small entrepreneurs who wish to run business single handedly. Entrepreneurs of such businesses enjoy liability protection as they don’t have partnership with anyone else, with a separate legal status. If a company needs to be registered as One Person Company, says a Tax Consultant in Chennai, it must have 1 lakh INR as authorized capital with an Indian citizen and resident. During incorporation the promoter must appoint a nominee and financial businesses cannot be incorporated as one person company.

Documents required:

  • Director Identification Number
  • Digital Signature Certificate
  • PAN Card
  • Address proof
  • Address proof of the company
  • ID proof of directors and shareholders
  • Company rent agreement
  1. Sole Proprietorship Company

In sole proprietorship company business operations will be held by an individual. In such firms, the company and owner are considered as a single entity and will be considered sole responsible for profit and loss. These companies lead to unlimited business liabilities. The tax filings and accounting reports will bear the name of the owner as it is registered under the name of the owner. These companies don’t need a separate registration process for a Company registration in Chennai.

Documents required:

Following are the documents required for sole proprietorship registration in Tambarm, Chennai

  • Aadhar card
  • PAN card
  • Registered office proof
  • Bank account details
  1. Section 8 Company

Section 8 companies are popularly known as Non Profit Organizations. These companies mainly work for charitable activities.  These companies promote arts, science, literature, education, caring for the needy, and protecting the environment. Profits earned by these companies are not divided among their members rather they use it to achieve their objectives. A company will be called Section 8 Company if it has a minimum of 2 shareholders and minimum of 2 directors where they can be shareholders too provided at least one of the directors is an Indian resident. No minimum capital is required but must possess a registered office in India for a Company registration in Chennai.

Documents required:

  • Digital Signature Certificate
  • Memorandum of Association
  • Articles of Association
  • Passport Size Photographs
  • Members’ Id Proof such as Aadhar Card, Passport, Voter Id
  • Details of Director (When the Members Are Other Companies/LLPs)
  • Address Evidence
  • Director Identification Number

Looking for Company registration in Tambaram, Chennai? Then get in touch with one of our experts now to register your company in Chennai. We provide all types of company registration services at an affordable cost, at the comfort of your home.