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The object of Trust is to serve people without earning profit and the main object of any Partnership firm is to earn profit. Hence here object of both the entities are conflicting with each other and so a partnership firm cannot be converted into a trust. In this case one needs to open a new trust under Indian Trusts Act, 1882.

In the Proprietorship Firm business, an individual (referred to as the Proprietor), himself is the sole owner of the whole business. The proprietor carries the burden and responsibility of the business and its operations.

Sole Proprietorship Firm is a popular business structure in India because of its ease of setup, administration and involvement of nominal cost. It is the simplest form to run the business in India. There is no separate legal existence from the proprietor.

Investment is something about the mutual consent and provided in the partnership deed. The Partners have to decide whether the investment is to be brought by each partner or not and if it is brought in, in which manner - cash or kind. Here, “kind” means any tangible or intangible asset, knowledge, or time invested by the partner. Sometimes, there are also partners who are included just for profit.

Partnership and Private Limited Company, both are distinct organisation in terms of its formation as well the management. Choosing a right business structure is vital for directed growth of any business and this decision would depend on number of criteria. To answer the question, here are the two advantages of a Private Limited Company over a Partnership Firm:

Section 17 of the Trade Marks Act, 1999 talks about composite marks and how a proprietor can claim exclusive rights over the whole mark and not just some parts.

A "composite" mark may consist of a word or words combined with a design or designs; it may consist solely of words, when there are separable word elements; or it may consist solely of separable design elements. We see this mainly in brands that include logo and brand together, for example coco-cola, levis etc.

What is Partnership Firm?

When two or more person enters into an agreement to share profit of a business carried on by them or any of them is known as Partnership Firm.

Advantages of operating business in a Partnership Firm:

Trademark is an identity created to recognize and distinguish one goods and services from another. Trademark registration allows the applicant to have exclusive ownership rights and it restricts all others from its unauthorized usage and allows the owner of registered trademark to sue or claim damages for any infringement.

Risks for using a trademarked brand name in a domain name are as follows:

The registration under GST is mandatory in following general conditions,

Normally abbreviated as ST, Service Tax in India is now Goods and Service Tax (GST). GST Registration is applicable to many entities based on the criteria of turnover or nature of business.

To know if GST would be applicable for your business, get in touch with expert at LegalWiz.in today or visit us at https://www.legalwiz.in/gst-registration-india

Below mentioned are general criteria for mandatory registration:

For registration of a Private Company in India, four simple steps are followed. The incorporation process being centralised, it will remain same across India. The steps in forming a Private Company can be enlisted as below:

Step 1: Procure Digital Signature Certificate

DSC of the directors and shareholders must be procured for e-filing of applications.

Step 2: Reservation of name under RUN