- Investors prefer corporate structures over partnership firms.
- The liability of the members or the directors are limited in case of a company whereas in case of partnership firm the liabilities are unlimited
- A company is more transparent structure of business as compared to partnership firm
- The benefit of startup recognition under the startup India scheme of the government of India can be availed by a company and not by any partnership firm.
- The company has a separate legal identity as compared to a partnership firm.
- There is a separation of ownership and management in a company, whereas in partnership firm, the partners are owners and the managers of the firm.
- Particulars of members along with the proposed shareholding ratio
- Declaration of two or more directors verifying the particulars of all members
- Affidavit from all the partners for dissolution of the firm
- Copy of the Partnership Deed
- Copy of Newspaper advertisement in prescribed format
- Relevant certification from a CA/CS/CWA; etc.
- Consent of majority of members
- No objection certificate from the concerned Registrar of Firms
- Statement of accounts of the existing entity, prepared not later than 15 days preceding the date of application duly certified by auditor
- Undertaking by the proposed directors for compliance with requirements of Indian Stamp Act, 1899
- A copy of latest Income Tax Return of the firm
- Declaration/particulars as per DIR 8, DIR 2,16(1), INC 9
- Bank Statement with current transactions
- KYC documents
- Electricity Bill, Rent Agreement, NOC by the owner of Registered office
- Dissolution Deed
- NOC unsecured creditors &secured creditors
- Preparation of DSC and DIN of all proposed Directors
- Preparation and Filing of name application through web form RUN through MCA portal.
- Preparation and filing of E form URC 1, E form spice, E form Spice MOA & E form Spice AOA
- Appropriate Government fees is payable depending upon the authorized capital of the company.
- Issuance of Certificate of incorporation along with PAN and TAN.