5. Organisation Formation
1. PROPRIOTORSHIP :
Proprietorship exist where the single Person who owns his business on his individual level ownership basis.
Proprietorship is governed under Maharashtra Shop and Establishment Act, 1948.
2. PARTNERSHIP :
Partnership exists where minimum two or more people comes together, with an intension to do same business as a co–owner(s) / partner(s) and at the same time distributing their responsibilities and sharing profit & loss whatever incurred. In this Liability is always unlimited.
Partnership is governed under Partnership Act, 1932.
3. LIMITED LIABILITY PARTNERSHIP (L.L.P.) :
Limited Liability Partnership exist where minimum two or more people comes together, with an intension to do same business as a co–owner(s) / partner(s) and at the same time distributing their responsibilities and sharing profit & loss whatever incurred. But in this Liability of each co–owner(s) / partner(s) has limited liability as per capital invested by each one.
Limited Liability Partnership is governed under Limited Liability Partnership Act, 2008.
4. ASSOCIATION OF PERSON (A.O.P.) / BODY OF INDIVIDUAL (B.O.I.) :
Association of Person or Body of Individual exists where two or more individuals come together with same intension and same goal for money making.
Association of Person or Body of Individual is governed under Income Tax Act, 1961.
5. HINDU UNDIVIED FAMILY (H.U.F.) :
Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
Hindu Undivided Family is governed under The Hindu Succession Act, 1956.
6. COMPANY :
Company is a legal entity formed by a group of people or organizations, firms
coming together to manufacture, selling of goods and or services.
Company is governed under Companies Act, 1956.
i. PUBLIC LTD. :
Public Limited Company is a company that offers shares to the public which are traded on a stock market.
ii. PRIVATE LTD. :
Private Limited Company whose shares are not traded on stock market and company shares may be sold if other concern shareholders agree.
iii. ONE OWNER COMPANY :
where the company to be formed is to be One Person Company that is to say, a private company, A one person company is a single stockholder company.
7. TRUST :
A trust is an obligation annexed to the ownership of property, arising out of a confidence reposed in, and accepted by the owner or declared and accepted by him for the benefits of another or another and the owner.
A trust is a legal entity that acts as agent, fiduciary, or trustee on behalf of a person or business for the purpose of administration, management, and transfer of assets to a beneficial party or beneficiary.
Trust is governed under Indian Trust Act, 1882.
8. NON GOVERNMENT ORGANISATION (N.G.O.) :
A Non-Government Organization is a non - profit organization that executes some social or humanitarian activates.
Non-Government Organization is governed under Indian Trust Act, 1882.
9. SOCIETY :
Society means an organisation of people who come together for a particular interest or purpose to do that purpose.
Society is governed under The Maharashtra Co-Operative Societies Act, 1882.
