A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. The owner of a sole proprietorship is entitled to all profits but is also responsible for the business’s debts, losses, and liabilities.

A Partnership Firm is form by two or more people where a formal agreement is made who agree to be the co-owners, distribute responsibilities for running an organization and share the income or losses that the business generates. Firm registration is not mandatory.

Limited Liability Partnership (LLP) is a body corporate, formed and incorporated by two or more designated partners and partners under the Companies Act, 2013. It is a separate legal entity and the liability of the designated partners/partners are limited.

One Person Company (OPC) is a body corporate, formed and incorporated by a single person under the Companies Act, 2013. It is a type of Sole proprietorship with benefits of Private company and eliminate the disadvantage of Sole proprietorship.

Private Limited Company means a company whose shares are not offered to the public, also any limited company whose shares were originally offered to the public and are no longer available to the general public, or that were removed from trading on a regulated market shall also be considered a private company.