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There are many advantages to Private Limited Company registration. As this type of company offers limited liability for its shareholders with certain restrictions placed on the ownership. An LLP has partners, who own and manage the business. Whereas in private limited company registration, directors may be different from shareholders.
One Person Company (OPC) can be formed with only one owner, who acts as both the director as well as a shareholder of the company. There can be more than one director, but not more than one shareholder. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).
A partnership firm represents a business entity that is formed to make a profit from the business. Two or more parties come together with a formal agreement to own and manage the business. The risk and responsibilities are shared amongst the partners that shred the burden of an individual partner. Also, when two come together, more capital and expertise are combined which helps to reach the business goals easily.
Accounting is the systematic process of recording, analyzing, and interpreting financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Usually, start-ups ignore and after few years, they have to face problems.
The recording of financial transactions is bookkeeping, whereas, accounting is interpreting, classifying, analyzing, reporting, and summarizing the financial data. A properly maintained accounting & bookkeeping system helps a business to reduce accounting costs and analyze its financial growth
In income tax law provision also there is a statutory obligation cast upon business class (and sometimes non-business class also entering into certain high-value transactions) for collection and payment of income tax on behalf of others. This mechanism is called TDS/TCS.