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Maxima Formwale is the largest online business services platform of India that is dedicated in helping people to easily start and grow their business, at an affordable cost

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One Person Company

Easily Register an OPC

One Person Company is a new type of business entity that allows a single entrepreneur to operate a corporate entity with limited liability protection.

The concept of One Person Company (OPC) in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of an OPC is that there can be only one member in an OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership. Similar to a Company, an OPC is a separate legal entity from its members, Which offers limited liability protection to its shareholders, that maintains the continuity of business and is easy to incorporate.

Though a One Person Entity allows a lone Entrepreneur to run a business with Limited Liability protection, an OPC does have a few limitations. For instance, every OPC must nominate a nominee Director in the MOA or AOA who will become the owner of the OPC in case the promoter Director is disabled. Also, an OPC must be converted into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year. Therefore, it is important for the Entrepreneur to carefully consider the features of an OPC prior to incorporation. MAXIMA FORMWALE can help incorporate a One Person Company (OPC) in India.

ADVANTAGES OF ONE PERSON COMPANY

Separate Legal Entity - A company is a legal entity and established by a juristic person under the Act. Therefore a company form a group of organization that has wide legal capacity and can own property and also incur debts. The members (Shareholders/Directors) of a company have no liability to the creditors of a company for such debts.

Uninterrupted Existence - A company has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.

Borrowing Capacity - A company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.

Easy Transferability - Shares of a company limited by shares are transferable by a shareholder to any other person. Filling and signing a share transfer form and handing over the buyer of the shares along with share certificate can easily transfer shares.

Owning Property - A company being a juristic person, can acquire, own, enjoy and alienate property in its own name. No shareholder can make any claim upon the property of the company so long as the company is a going concern.

Limited Liability - Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships.

ONE PERSON COMPANY INCORPORATION PROCESS

OPC Incorporation - MAXIMA FORMWALE.com can incorporate a One Person Company in 14 to 20 days, subject to ROC processing time.

Step-1: Obtaining DSC & DIN

Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Director of the OPC. DIN and DSC can be obtained for the proposed Director within 5 to 7 days.

Step-2: Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

Step-3: OPC Incorporation

- Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.



Limited Liability Partnership

Easily Register a LLP

Limited Liability Partnership (LLP) offer limited liability protection for an association of persons doing business. LLP is ideal for small businesses.

Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a form of limited liability for each individual's protection within the partnership, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest forms of business to incorporate and manage.

ADVANTAGES OF LIMITED LIABILITY PARTNERSHIP

Separate Legal Entity - A LLP is a legal entity and established by a juristic person under the Act. Therefore a LLP form of organization has wide legal capacity and can own property and also incur debts. The Partners of a LLP have no liability to the creditors of a LLP for such debts.

Uninterrupted Existence - A LLP has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A LLP, being a separate legal person, is unaffected by the death or other departure of any Partner but continues to be in existence irrespective of the changes in Partnership.

Audit NOT Required - A LLP does not require audit if it has less than Rs. 40 lakh of turnover and less than Rs.25 lakh of capital contribution. Therefore, LLPs are ideal for start-ups and small business that are just starting their operations and want to have minimal regulatory compliance related formalities.

Easy Transferability - The ownership of a LLP can be easily transferred to another person by inducting them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.

Owning Property - A LLP being a juristic person, can acquire, own, enjoy and alienate property in its own name. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.

Limited Liability - Limited Liability means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships.

LLP INCORPORATION PROCESS

LLP Incorporation - MAXIMA FORMWALE can incorporate a Limited Liability Partnership in 20 to 30 days, subject to ROC processing time.

Step-1: Obtaining DSC & DIN

Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) is required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Partners within 5 to 7 days.

Step-2: Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

Step-3: LLP Incorporation

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.



Public Limited Company

Easily Register a Company

Limited company is the ideal choice of corporate entity for medium and large sized businesses that raise equity capital from the public.

A public limited company grants limited liability to its owners and management. Being a public company it allows a firm to sell shares to investors and which is beneficial in raising capital. A minimum of three Directors are required for establishing a Public Limited Company and it has more stringent regulatory requirements compared to a Private Limited Company.

Public Limited Companies is those types of companies where minimum numbers of members are seven and there is no cap on the maximum number of members. A public limited company has most of the characteristics of a private limited company. A public limited company has all the advantages of private limited company and the ability to have maintain a any number of members, ease in transfer of shareholding and more transparency. Identifying marks of a public limited company are name, number of members, shares, formation, management, directors and meetings, etc.,

ADVANTAGES OF LIMITED COMPANY

Separate Legal Entity - A company is a legal entity and a juristic person established under the Act. Therefore a company form of organization has wide legal capacity and can own property and also incur debts. The members (Shareholders/Directors) of a company have no liability to the creditors of a company for such debts.

Uninterrupted Existence - A company has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.

Borrowing Capacity - A company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.

Easy Transferability - Shares of a company limited by shares are transferable by a shareholder to any other person. Filing and signing a share transfer form and handing over the buyer of the shares along with share certificate can easily transfer shares.

Owning Property - A company being a juristic person, can acquire, own, enjoy and alienate property in its own name. No shareholder can make any claim upon the property of the company so long as the company is a going concern.

Limited Liability - Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships, in a limited liability company the liability of the members in respect of the company's debts is limited.

PUBLIC LIMITED COMPANY PROCESS

Public Limited Company Incorporation - MAXIMA FORMWALE.com can incorporate a Public Limited Company in 14 to 20 days, subject to ROC processing time.

Step-1: Obtaining DSC & DIN

Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Directors of the Public Limited Company. DIN and DSC can be obtained for the proposed Directors within 5 to 7 days.

Step-2: Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

Step-3: Company Incorporation

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.



Service Tax Registration

Easily Obtain Service Tax Registration

Service tax registration is mandatory for all service providers having taxable turnover of more than 9 lakhs in a financial year.

Service Tax Registration is a tax registration required for business which provides the internet in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the same from the recipient of the taxable service. At present, Service Tax is levied at 12.3% on the value of the taxable service. This includes Education Cess @ 2% on the service tax amount, and Secondary and Higher Education Cess @ 1% on the service tax amount.

Service Tax registration is mandatory for every person or business in India that has provided a taxable service of value exceeding Rs.9 lakhs, in the previous financial year. Service Tax Registration is required for identification of the assess, deposit service tax, file service tax returns and undertake various processes required under the Finance Act, 1994.In case of failure to obtain service tax registration would attract penalty in terms of section 77 of the Finance Act, 1994.

SERVICE TAX HIGHLIGHTS

Small Scale Service Providers - Small scale service providers who provide taxable services of less than Rs.10 lakhs in a year is wholly exempted from service tax and service tax registration.

Service Tax Registration - Service tax registration must be obtained by any person who provided a taxable service of value exceeding Rs.9 lakhs, in the previous financial year. Failure to obtain service tax registration can result in penalty

Service Tax Return Filing - Service Tax Return Form ST-3 must be filled twice in a year. Return for half year ending 30th September and 31st March are required to be filed by 25th October and 25th April, respectively.

Service Tax Payments - Service Tax Payments must be deposited in designated banks quarterly in case of Proprietary Firms or Partnership Firms and monthly in the case of Companies, Trusts, Societies, etc.,

NO Service Tax on Exports - For services exported from India, service tax is not applicable. Therefore, exporters of service are not required to pay service tax. However, it is advisable for service exporters to obtain service tax registration.

Automatic Registration - In case Form ST-2, Registration of Service Tax is not issued within seven days of filling of Form ST-1 with all the relevant documents, the service tax registration is automatically deemed to be granted.

SERVICE TAX REGISTRATION PROCESS

Service Tax Registration - MAXIMA FORMWALE.com can help your business obtain Service Tax Registration in 7 to 12 days, subject to Government processing time.

Step-1: Application Preparation

- An MAXIMA FORMWALE Tax Expert will prepare your Service Application and obtain your signature in the format along with the necessary supporting documents.

Step-2: Application Processing

Once the application is prepared, MAXIMA FORMWALE will obtain ST1 Registration and submit the hardcopy Application with supporting documents to the concerned Tax Department.

Step-3: Service Tax Registration

Once the Service Tax Application and the attached supporting documents are verified, the Tax Department will allot Service Tax Registration (ST2) for your business.



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To review our FAQs, knowledge base and to submit a support ticket, please visit: support.maximaformwale.com


To contact our customer service team email info@mfwpl.com and you will receive a response within 24 business hours.

Company address:
Maxima Formwale Pvt. Ltd.
Registered Office: Karam Toli,
S. N. Yadav Road, Near Rishi Enterprises, Ranchi - 834008
Mobile No: +91-0000000000