Hello, We have a sole proprietorship and we want to hire a Business development manager to expand. Is it mandatory to convert it into PVT LTD? I want to know what all the requirements to hire one.
From India, Delhi
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From India, Delhi
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There's no imperative need to convert a proprietorship firm to a Pvt. Ltd. Co. to develop your business. Even in a proprietorship firm, you can recruit persons to any post. Nevertheless, converting into a Pvt. Ltd. Co. is the option and discretion of the proprietor, at his or her own will. You can also consider registering it as a partnership firm with a Limited Liability Partnership (LLP) status, taking a few from your own family or friends as your partner(s). Incorporating the firm as a Pvt. Ltd. Co. involves comparatively more procedures, filing of returns, maintenance of records/accounts, and audit. It also requires the role of a Company Secretary, either as a consultant or a full-time incumbent, to manage statutory requirements, shareholding, etc. My suggestion is, for the present, you are well advised to convert it to a partnership firm with LLP status. In due course, considering requirements, you may think of converting it to a Ltd. Co.
A candidate who is either ACA/ACS, MBA(F), or BE/MBA-Fin. with LL.B., possessing in-depth knowledge and experience in corporate affairs and business development, will be an ideal choice.
From India, Bangalore
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1159A candidate who is either ACA/ACS, MBA(F), or BE/MBA-Fin. with LL.B., possessing in-depth knowledge and experience in corporate affairs and business development, will be an ideal choice.
From India, Bangalore
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Continuing the above post, there is one option available to you if you wish to have the distinction of owning "A Company" without admitting anyone as a partner or a shareholder, yet still remaining and ruling it as a King. Read on to learn how to go about it.
One More Option: OPC-ONE PERSON COMPANY
With the introduction of the overhauled Companies Act (1956) 2013, a new provision has been introduced that a Sole Proprietorship firm, where there's only one owner, can become a company known as OPC-ONE PERSON COMPANY. You can read about the salient features, formation, etc., provided in the attachment. The choice is yours.
From India, Bangalore
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One More Option: OPC-ONE PERSON COMPANY
With the introduction of the overhauled Companies Act (1956) 2013, a new provision has been introduced that a Sole Proprietorship firm, where there's only one owner, can become a company known as OPC-ONE PERSON COMPANY. You can read about the salient features, formation, etc., provided in the attachment. The choice is yours.
From India, Bangalore
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Business-Develo pment-Manager-d raft-22-07-08.p df
Manager - Property Development - 20th April 2008- for comments.doc