Sole Proprietorship is the easiest form of business done in India since it isn’t governed by any specific laws. Under sole proprietorships, the compliance’s are minimal and easy to fulfill. Sole Proprietorship means a business carried on by one person. The decision-making and management of the business are in the hands of a single person.

A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.

A private limited company is a privately-held business entity. It is held by private stakeholders. The liability arrangement in these is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them.

A Public Limited Company designates a company that has offered shares of stock to the general public. The buyers of those shares have limited liability. Like, they cannot be held responsible for any business losses in excess of the amount they paid for the shares.

Nidhi Company is a type of Non-Banking Financial Company (NBFC). It is formed to borrow and lend money to its members. It inculcates the habit of saving among its members and works on the principle of mutual benefit.

One Person Company is the Company which is incorporated by only one person. If you are thinking of incorporation of One Person Company, then you should also start thinking of its name. A unique name gives an introduction of your company to people.

HUF is the shortest form of Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.

A society is a community or group of people living together in an organized way. Associations are organizations that bring together business owners from a specific area.