ATK
New Delhi [India], April 23: There are different types of business structures allowed in India, like a Pvt. Ltd. company, one-person company, Limited Liability Partnership (LLP) and startups. You may own any type of company and to give it a legal existence in India you will need to register/incorporate it.
To register a company you need to fulfill certain requirements and follow the compliance. The entire registration process can be done online using a DIY approach. You will have to draft the legal documents, submit documents and apply on your own. This can be a vulnerable approach that you may be following to save some money. It is advisable to hire professional services while registering your company.
Many owners prefer to hire professional services to register their companies. The professional will be aware of the necessary laws and processes. They will have the knowledge and experience of registering companies. They can help you out with drafting legal documents and the government processes that are required for registering a company. When you hire professionals it will help you save time, effort and money.
DIY vs Seeking Help
1. When you follow the DIY approach you are not aware of any new or old laws and regulations and therefore there are chances of errors.
The professional will be aware of the new as well as the old laws and regulations that apply to registering a company. They will be able to navigate easily through the complex legal requirements.
2. In the DIY approach, you may not be aware of any changes in the laws and regulations of the companies.
The professional will be up-to-date with the latest changes and will be able to guide accordingly. They will be aware of the pros and cons of each business structure.
3. In the DIY approach, you will do things based on the information available online which may not be complete.
Professionals will have the knowledge and experience and will know what is best for a company. They will be skilled in their work and will be able to streamline the process. They will submit the documents in the required time frame.
4. If you handle the company's business and also the legal and regulatory work then you will not be able to focus on the business growth.
When you hire professionals for online company registration you can save a lot of your valuable time. As these professionals do your work you can easily focus on your company's growth.
5. When you register your company using the DIY approach you may not pay attention to the minute details.
Professionals will be able to manage every minute detail carefully.
6. When you register a company on your own it may drive you to heavy penalties and fines due to errors or oversights.
Professionals will help you prepare the documents properly which can help you avoid penalties and fines.
Why should you not follow the DIY approach?
There are several reasons why you should not try to register your company on your own:
* You may not be aware of the setting-up and registration processes. Doing everything on your own will be time-consuming and expensive. There may be startups that may not have enough funds therefore they should hire professional services.
* Businesses have to comply with the legal requirements and the regulations. If businesses do not follow them then it can lead to heavy fines or penalties. If a business is given a penalty then it will also affect the business reputation. To fulfill all the conditions you must take professional help.
* You may not be aware of the procedures, and you may not be able to cope with them by the DIY approach. You may make mistakes while filling out the forms or during documentation. These can lead to delays in the submission of the documents. To avoid such cases you should hire professionals.
* In the initial stages, the businesses are inexperienced and not well-versed with the laws. Businesses may break the law unintentionally which could lead to fines and penalties. Therefore, seeking professional help is a better option.
DIY or seeking help, which approach is better? If you want to start a business as soon as possible, then hiring professionals is a better option. They can help to speed up the registration process.
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