TYPES OF BUSINESS ENTITIES like Private Limited Company, OPC etc.
It is extremely important to choose the right type of business entity for your business. Because the right choice leads to more tax savings, availing the advantages of the particular form of business enterprise. The most efficient way of selecting the correct business entity depends around the legal and taxation benefits it offers. There are number of variables which are to be kept in mind while zeroing in on a particular form of business entity. Since times immemorial there are the 4 basic kinds of business entities: sole proprietorship, partnership, corporation, Private Limited Company and Limited Liability Company. It also includes NPO’s and SBC’s.
The first step is to understand each type of entity in detail:
PARTNERSHIP FIRM:
It is basically an association of two or more persons ca...