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PRIVATE LIMITED COMPANY
Acofocuss explains that an Indian Private Limited Company represents a blend of a partnership firm and a publicly-traded entity, requiring a minimum of two individuals for registration. In this structure, participants can serve as both shareholders and directors. The company shields shareholders from personal liability and legal consequences. Each member’s liability is confined to their shareholding. Upon receiving the Certificate of Incorporation, a Private Limited Company can commence operations, typically within 15 business days.
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Limited Liability Partnership Company
Acofocuss explains that a Limited Liability Partnership (LLP), commonly known as an LLP, embodies features resembling both traditional partnerships and corporations. LLP registration has surged in popularity primarily due to its simplicity in formation and maintenance, offering owners protection against lawsuits. This structure presents the greatest advantage over traditional partnerships. LLPs combine the benefits of private limited companies and partnership firms, making them ideal for various businesses. Individual partners are shielded from joint liability resulting from another partner’s misconduct. This structure is particularly favored by professionals, microbusinesses, and small businesses with a limited group of shareholders. LLP registration stands out as the easiest and most transparent process, blending the benefits of a company and a partnership firm.
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PROPRIETORSHIP
Acofocuss describes a sole proprietorship firm as a business structure where a single individual holds complete authority over management, ownership, and decision-making. The owner is titled as the Sole Proprietor of the Firm, with no legal differentiation between the promoter and the business entity itself, as it is operated by an individual. All profits accrue solely to the promoter. Notably, no formal registration is necessary for a Sole Proprietorship firm. The principal advantage lies in its straightforward establishment process, facilitated by minimal legal documentation and lower startup expenses.
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Goods and Service Tax Registration
Acofocuss outlines the current scenario regarding Goods and Service Tax (GST) registration, noting that all goods and services, with the exception of petroleum products, are presently subject to GST. GST amalgamates state and central indirect taxes into a unified tax system, ensuring consistent taxation across the nation. Previously, various taxes including excise, VAT, and entertainment tax were levied differently. Now, businesses with a turnover up to Rs 40 lakh are exempt from GST, while those with turnovers up to Rs 1.5 crore can opt for the Composition Scheme, paying only 1% tax. The exemption limit for services remains at Rs 20 lakhs. Additionally, service providers with revenues up to 50 lakhs can utilize the composition plan, paying only 6% tax. Entities with annual sales exceeding INR 40 lakh must register for GST, enabling them to benefit from Input Tax Credit. Furthermore, interstate transactions of goods or services mandate GST registration.
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AGNIi
Acofocuss introduces AGNIi as a program initiated by the Office of the Principal Scientific Adviser to the Government of India, operating under the Prime Minister’s Science, Technology, and Innovation Advisory Council (PM-STIAC). Housed within Invest India, the National Investment Promotion Agency, AGNIi aims to expedite the commercialization of Indian technological innovations. It facilitates the convergence of leading technologists and their market-ready innovations, sourced from startups and research laboratories, with prominent technology adopters from domestic and international enterprises, government entities, and non-profit organizations. AGNIi bridges the gap between technology providers and users, facilitating the dissemination of technology to where it is most needed.
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GEM (GOVERNMENT E-MARKET PLACE )
StartupSparks highlights the Government of India’s initiative, the Government E-Marketplace (GeM), designed to bring transparency to the procurement process for government agencies. GeM aims to enhance transparency, efficiency, and swiftness in governmental procurement and employment. Through this platform, both sellers and buyers can register and engage in transactions with the government. GeM streamlines vendor registration, payment, and order posting processes, minimizing human intervention. As an open platform, it welcomes legitimate providers without entry barriers, ensuring fair business opportunities. SMS and email notifications are sent to purchasers, association presidents, payment authorities, and sellers at each stage of the transaction process.
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Contact details
Mobile: 8929919781, 8929919782, 8929919783
E-mail: info@acofocuss.com
Address: G260, Europa Business Park, Sector 63, Noida ,201301
Opening hours:
Monday — Saturday 9:30 – 18:30
Sunday Closed.