Industry Specific Company Incorporation

Posted by Enterslice on March 6th, 2018

You have to make a conscious decision for starting a new business. Firstly it is important to identify the right business. Another important aspect is to give yourself permission to explore more. For “success” proper business planning is important to improve chances of success. A proper business plan gives clarity, focus, and confidence.

To set up your own business, you have to consider the type of industry in which you want to build your business.

1. Business & Information

1. Consultant
2. Marketing/Advertising
3. Online Business
4. Publishing Services
5. Retail Sales
6. Technology Services
7. Telemarketing
8. Travel Agency, etc.

2. Construction

1. Architect
2. Building Construction
3. Contractor
4. Engineering/Drafting
5. Equipment Rental
6. Repair/Maintenance, etc.

3. Finance & Insurance

1. Accountant
2. Auditing
3. Book-keeping
4. Insurance
5. Investor, etc.

4. Food & Hospitality

1. Alcoholic Beverage Manufacturing
2. Bakery
3. Caterer
4. Food/Beverage Manufacturing
5. Hotels/Motels (Casino)
6. Hotels/Motels (No Casino)
7. Mobile Food Services
8. Restaurant/Bar
9. Tobacco Product Manufacturing
10. Truck Stop, etc.

5. Health Services

1. Acupuncturist
2. Dentistry
3. Emergency Medical Services
4. Emergency Medical Transportation
5. Hospital
6. Pharmacy
7. Veterinary Medicine

6. Real Estate

1. Interior Design
2. Real Estate Broker/Agent
3. Warehouse/Storage, etc.

To start a business, one can register their business as Private Limited Company or Public Limited Company.

• Private Limited Company

In this, by paying a share capital fees owners subscribe the shares of the company and by subscribing the shares of the company, owners become the shareholders of the company.

A Private Limited Company has its own separate legal entity. Under this, the liability of the shareholders is limited to the extent of the share capital contributed by them. Private Limited Company formed by registering the company with the registrar of companies (ROC). 

Requirements:

Memorandum of Association and Article of Association is drafted and signed by the promoters of the company.

Minimum two directors are required to be appointed for day to day operations of the company.

Accounts of the company must be prepared according to the provisions of the act. Annual compliances need to be done in the company.

Benefits:

1. Greater flexibility in the management of affairs and conduct of business.
2. No requirement of statuary meeting as well as submitting a statuary report.
3. There is a minimum requirement of at least two directors.
4. In this type of company, another benefit is a limited liability due to which every member enjoy this facility.
5. There is a minimum requirement of at least two shareholders.
6. Easy to raise funds.

• Public Limited Company

In Public Limited Company there must be at least 7 members and unlimited maximum members. A public limited company can be listed on a recognized stock exchange or it can be unlisted. Listed public company shareholders can trade its shares freely on a stock exchange.

In public limited company, there are more compliances & public disclosures. There is also a requirement of appointing independent directors on the board. It is a separate legal entity and its existence is not affected by the death, retirement, or insolvency of any member.

Benefits:

1. Separate Legal Entity
2. Perpetual Succession
3. Ability to raise a large amount of capital
4. Shares are freely transferable

Source by: http://www.sooperarticles.com/business-articles/consulting-articles/industry-specific-company-incorporation-1639594.html