A trademark can be defined as the unique identity which can be a logo, photograph, slogan, word, sound, smell, colour combination or graphics or any similar form of expression. For businesses, thier logo is what the masses see and is extremely important for securing a unique and separate identity, and so most business register their logo which becomes a business’s intellectual property or intangible asset when registered. Registration acts as a protective cover of the company’s investment made in the logo or brand and gives the company the right to sue anyone who tries to copy or use a similar trademark. In India, trademarks are registered under The Trademark Act, 1999 and are valid till 10 years upon complete registration with the ‘R’ symbol.
A new concept was introduced in 2013 in the Companies Act under Section 2(62) wherein a company can be formed with just 1 Director and 1 member, where the compliance requirements are lesser than that of a private company and this type of company is called a One Person Company (OPC). In OPC the person has Limited Liability for the shares he/she hold in the incorporated company, while also being the only shareholder. The primary reason for choosing OPC registration is that the a single person having a business idea that can represented in a corporate format and the idea is enough to start the company and is especially helpful when ine has limited resources and no time to find more partners.
A startup is a small, newly established business, started by an individual or a group of individuals which offers a new product, innovation or a service that is not being given elsewhere in the same way. In order to develop Indian economy and attract talented entrepreneurs, the Government of India started Startup India initiative to recognize and promote startups and also male the process of registration easier.
Private Limited Company Registration
A private limited company is the most sought after business structure because it limits the liability of the owner to their shareholdings, has maximum 200 shareholders and also restricts shareholders from publicly trading shares. In private limited company registration, directors are different from the shareholders.
Limited Liability Partnership Registration
Limited Liability Partnership is a type of partnership which is one of the easiest and sought after, form of business structures which also offers the benefit of limited liability to it’s partners. It gives freedom to partners to form a partnership structure where the liability of each partner is limited to the amount they contribute into the business. It is a separate legal entity from the member and if the partnership fails, creditors cannot ask for partner’s personal assets or income.
The Goods & Services Tax (GST), launched in 2017, applies to all Indian service providers, freelancers, businesses, traders and manufacturers and all must register for the same. GST registration is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods). GST is an amalgamation of a variety of Central Taxes which is levied at every step of the supply chain. It consists mainly of 3 tax components, Central Goods and Services Tax(CGST), State Goods and Services tax (SGST) and Integrated Goods and Services Tax(IGST) levied on transactions between two states. The procedure for GST filing is entirely online, requiring no manual intervention and also has several benefits for the taxpayer.