A company is a legal organization created by laws to promote various purposes such as business. There are five main types of companies: proprietorship, partnership, private limited, LLP, and OPC. Proprietorship is owned by one person while partnership allows multiple partners. Private limited, LLP, and OPC require more formal registration with the Ministry of Corporate Affairs and have separate legal identities from their owners/members. When registering a company, the name must be unique for private limited, LLP, and OPC and suffixes like "Pvt Ltd" are required. All company types provide limited liability for owners/members depending on their investment level.

1. What is a company?
A company is an artificial legal
organization created and formulated by
laws to promote various purposes such
as charity, art, research, religion, or
business. The company has the same
rights as an individual and has equal
obligations. But he has neither a mind
nor a body.

2. Definition:
"A company is a centralized, economic, complex,
administrative structure run by professional
managers who rent capital from investors".
What are the types of company?
There have five types of companies:

3. Proprietorship is an Individual i.e. an
individual company which is owned by
only one person, that is, this company
is established by only one person.
Setting up a company requires less
paperwork i.e. less paperwork.
1- 1- Proprietorship

4. 2- Partnership Company:
A partnership company is an informal
company like the proprietor ship but it
uses the multi partner method i.e. it has
different types of partner which help in
the growth of the company. And like
proprietorship, there is less paperwork in
this company.

5. 3- Private Limited Company:
A Private limited company
is a formal company, which is a
formal company consisting of
multi partners, multi-investors
i.e. multi investors and multi
directors. This requires more
paperwork to install.

6. 4- LLP (Limited Liability Partnership)
Limited Liability Partnership is
also a formal company of 1 Formal,
which has multi partners. In simple
words, it is a mixture of company
partnership and private limited
company. It also requires more
paperwork like a private limited
company.

7. 5- OPC (One Person Company)
A one person company is an
individual company like
proprietorship company but the
benefits gained in it are similar to a
private limited company. In a way it
is a proprietorship company in
which you have to complete
paperwork under all legal
proceedings and in a way a formal
company.

8. Rules for Company Name
Before knowing the company name rule, we
have to understand the meaning of a word
which is Suffix.
A suffix is a letter or group of letters that is
associated at the end of a word to form a new
word or to change the grammatical function of
a word. In the context of the company, we
understand the meaning of this word
somewhat differently.
For example you may have seen Suffix at the
end of a lot of company. You can take the
name of Reliance Jio. The name Pvt Ltd after
Reliance Jio is called Suffix. So let's talk about
company name rules –

9. 1- Proprietorship:
If you are opening a proprietorship company, you do
not need to keep the name of the company unique or
unique, because it is an informal company and it also
does not require you to put Suffix in it. it occurs. But
friends, while creating this company, keeping in
mind the name of this company, one thing has to be
noted that you should not name any trade mark in it,
i.e. any famous company which has already been
established. For example Jio, Airtel, Amazon,
Flipkart etc.

10. 2- Partnership Company:
Even if you are starting a Partnership company,
you do not need to bring exclusivity in your name.
And like proprietorship, in establishing this
company, one thing should be kept in mind that
you should not take the name of any already
established company which is very popular.

11. Private Limited Company
Friends Private Limited Company is a formal company
and while naming it, you have to take care that the name
should be unique. That name must have an attribute. If a
company has already kept that name, then you cannot take
that name. And at the same time you have to put Suffix after
the end of this company name. For example, you have not
placed Tree Life of your company, then after Tree Life, you
have Pvt. LTD. If you are opening a private limited company
and if you have not done a good research before naming it,
then when you go to their website to name it, then you have
to make payment in advance there. And if you pay and the
name is not available, it can cause problems for you. And it
may also happen that you do not get your payment back.

12. 4- LLP (Limited Liability Partnership):
If you are looking to open a Limited Liability
Partnership Company because it is a formal
company so you have to find the name of this
company unique and at the same time you have
to put LLP after the name of the company like a
private limited company.

13. 5- OPC (One Person Company):
OPC is an individual company which will be
owned by only one person, but its benefits will
be like a private limited company. So that's
why you have to keep a name for this
company that no one has put before. And the
odd thing with this is that there is also a Suffix
with it, but before that a private limited
company Suffix has to be installed. After that
you have to apply OPC. Eg. Treelife Pvt. LTD
(OPC).

14. How to Register a company?
Formal Registration: Under formal
registration i.e. Formal Registration you will
have to register your company with the
Ministry of Corporate Affairs i.e. MCA i.e. the
company which is registered with Corporate
Ministry of Corporate Affairs, the company
should be formally registered money.

15. First we talk about Proprietorship:
1- Proprietorship Firm
Process of Proprietorship Registration:
You do not require any formal registration in the proprietorship company. If
you take GSTIN then the same will be treated as your registration. But friends,
in some states, it is possible that taking only GST Registration number is not
considered registration, in such a situation, the registration process of the
company in that state will be different and you will have to register your
company according to your state.

16. 2- Partnership Firm:
You can register the partnership company formally or else
you will have to prepare an agreement of the partners
associated with your company. In this agreement, you have
to give every information related to your partner.
3- Private limited company:
If you are opening a private limited company, then in this
case you will need company registration
i.e. you have to get your company registered with the
Ministry of Corporate Affairs (MCA). And after registering
your company, you will also have to get a GSTIN number.

17. 4- LLP:
You are opening a LLP i.e. Limited Liability Partnership Company. You
will also have to formally register this company in the Ministry of
Corporate Affairs MCA.
Note: Here, the means of formal registration is Company
registration Online.
5- One person company:
OPC is an individual company but its registration is done formally. So
if you are opening an OPC company, then you have to register it with
the Ministry of Corporate Affairs. At the same time, you will have to
give all the information related to the number of members working
with you, their liability, legal status.

18. What are the Benefits of these companies?
1- Proprietorship company:
A Proprietorship company is an individual company which is owned
by only one person. There is no separate entity of this company, that is,
your identity will be the identity of this company. For example, your PAN
card will be the PAN card of this company.
2- Partnership:
The number of members in a partnership company ranges from 2 to 20. It
also does not have Separate Entity.

19. 3- Private Limited Company:
A Private limited company is a formal company, hence the number of members in this
company varies from 2 to 200. And at the same time a legal Separate Entity of this company
has a different identity. Members associated with this company have a limited liability ie a
limited liability which depends on the investment of those individuals.
4- LLP –
Limited Liability Partnership the number of members starts from 2 and this number keeps
increasing i.e. you can add as many members and directors as you want with your company.
And the liability of the people associated in this company is also limited. This limited liability
depends on their investment just as they do in a private limited company.
5- OPC –
One Person Company also has a Separate Entity. Because even though it is an individual
company, we still get its benefits like the benefits of a private limited company. That is why it
has a different identity and hence the member associated with it also has a limited liability
which depends on their investment.

20. ABOUT US
Legal Salaah is an online service provider, providing assistance in matters related to taxation
and financial matters to a business or an enterprise. The main aim is to make people aware
about the details of different legal norms required and mandatory to run a business in a
hassle-free and productive manner, in the simplest terms possible. We deal in the following
fields GST Registration, MSME Registration, FSSAI Registration, GST Return Filing,
Company Registration Online, Annual compliance, Import Export Documentation, LLP annual
Compliances etc.