Private Limited Company
A private limited company is a company privately held for small businesses. It governed by the Companies Act, 2013 and the Companies Incorporation Rules, 2014. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares. Read more.
One Person Company
A new concept has been introduced in the Companies Act 2013, about the One Person Company(OPC). But now as per Section 2(62) of the Companies Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company.
In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.