Documents Required for Partnership Firm Registration in India

Eligibility

• For PRISM Phase-1:
  Any Indian citizen, including student innovators, can avail support to develop their novel ideas into demonstrable models/prototypes.
• For PRISM Phase-2:
  PRISM innovators who have demonstrated success or innovators who have proven their concepts with assistance from other government institutions or agencies.

Eligible Sectors for the Scheme

The proposals are encouraged to focus on sectors such as

• Green Technology
• Clean Energy
• Industrial Smart Materials
• Waste to Wealth
• Affordable Healthcare
• Water & Sewage Management
• Other technology or knowledge-intensive areas.

Application procedure for Startups

• Submit your project proposal following the prescribed format to the nearest TePP Outreach cum Cluster Innovation Centres (TOCICs). Here’s a list of TOCICs in India.
• Once received, TOCIC coordinators will review proposals for completeness and forward them further.
• Domain Knowledge Experts associated with TOCIC will then assess the proposals.
• Evaluated proposals are forwarded to DSIR for further action and reviewed by the PRISM Advisory and Screening Committee (PASC) for recommendation.
• Upon Department approval, "Terms & Conditions" must be signed before grants-in-aid release.
• Initial fund release is based on project milestones and PASC recommendations. Subsequent releases depend on project progress evaluated by the Project Review Committee (PRC).
• TOCIC and network partners, along with technical experts, will monitor approved projects.
• TOCIC will provide project status reports to DSIR every 3 months, while PRCs will review project progress at least once every 9 months.
• Upon successful project completion, the DSIR will accept the project completion report based on PRC recommendation.

Benefits of the PRISM Scheme

The PRISM Scheme includes various phases designed to support innovators in different stages of their project development. Each phase may involve different levels of support, resources, and guidance tailored to the specific needs of innovators.

• For Phase-1:
  Category 1: Maximum support within this category is capped at INR 2,00,000 or 90% of the approved project cost, whichever is less.
  Category 2: Maximum support is limited to 20.00 lakh or 90% of the total project cost, whichever is lower.
• For Phase-2:
  For projects with costs ranging from INR 5 Lakhs to INR 35 Lakhs, maximum support of either INR 20 Lakhs or 90% of the total project cost (whichever is lower) is provided.

Please note: If the project beneficiaries abandon the project, innovators must reimburse the funding disbursed, along with a 12% interest rate, to the DSIR.

Frequently Asked Questions

Entrepreneur Vs Businessman: Know the Differences Now!

To clearly understand the difference between entrepreneur and business man, let's compare their key characteristics:

By examining these key differences, you can begin to understand the distinct mindsets and approaches that define an entrepreneur and a businessman. While entrepreneurs bring innovation and disruption to industries, businessmen excel at optimising existing models for profitability and longevity.

Who is a Businessman?

A businessman is an individual who operates within the confines of an existing market, focusing on profitability and stability. They typically follow proven business models, work with lower risks, and aim for steady growth rather than groundbreaking innovation. Businessmen are skilled at identifying opportunities within established industries and leveraging their expertise to maximise returns.

Qualities of a Businessman

To succeed as a businessman, one must possess a unique set of qualities that enable them to navigate the challenges of running a business effectively. Some of the essential qualities of a successful businessman include:

• Strong decision-making skills to navigate complex business situations
  
• Effective risk management to minimise potential losses
  
• Excellent leadership abilities to guide teams towards common goals
  
• Financial acumen to optimise budgets and maximise profits
  
• Adaptability to changing market conditions and consumer demands
  

A businessman with these qualities can effectively steer their organisation towards profitability, make sound financial decisions, and lead their team to achieve targets and milestones.

Types of Businessman

Businessmen can be categorised based on their business model and operations. Some common types of businessmen include:

• Small Business Owners: These individuals own and operate small-scale businesses, often in local markets or niche industries.
  
• Traders: Businessmen who engage in buying and selling goods or services for profit, often in wholesale or retail markets.
  
• Manufacturers: Those who own and manage manufacturing facilities, producing goods for sale to other businesses or consumers.
  
• Franchise Owners: Businessmen who operate a business under a franchising agreement, following established business models and brand guidelines.
  
• Corporate Businessmen: High-level executives or managers within large corporations, responsible for overseeing departments or entire business units.
  

Each type of businessman contributes to the economy in their own way, whether by providing employment opportunities, generating revenue, or contributing to the overall growth of their industry.

Who is an Entrepreneur?

An entrepreneur is an individual who identifies a problem or opportunity, takes on the risk of starting a new venture to address it, and comes up with innovative ideas to disrupt the market. Entrepreneurs are driven by a passion for solving problems and creating value, often venturing into uncharted territories to bring their vision to life.

Entrepreneurs focus on building scalable businesses from the ground up, constantly seeking new ways to innovate and improve upon existing solutions. They are not afraid to challenge the status quo and take bold risks in pursuit of their goals. Some famous examples of entrepreneurs include Bill Gates (Microsoft), Steve Jobs (Apple), Elon Musk (Tesla, SpaceX), and Jeff Bezos (Amazon), all of whom founded highly innovative companies that revolutionised entire industries.

Qualities of an Entrepreneur

Successful entrepreneurs possess a distinct set of qualities that enable them to navigate the challenges of starting and growing a business. Some of the key qualities of an entrepreneur include:

• Innovative thinking to come up with original, impactful ideas
  
• Comfort with taking risks to bring unproven concepts to market
  
• Resilience to overcome the many challenges of starting a business
  
• Strong leadership skills to build and inspire talented teams
  
• Adaptability to pivot business strategies as needed
  
• Creative problem-solving abilities to navigate uncharted territory
  

These qualities help entrepreneurs blaze new trails and create value in the world.

Entrepreneurs with these qualities are well-equipped to identify market gaps, develop unique solutions, and persevere through the ups and downs of building a successful venture.

Types of Entrepreneur

Entrepreneurs can be classified based on their approach, industry, and level of innovation. Some common types of entrepreneurs include:

• Small Business Entrepreneurs: These individuals start and run small businesses, often serving local markets or niche industries.
  
• Scalable Startup Entrepreneurs: Entrepreneurs who focus on building high-growth, innovative companies with the potential to scale rapidly and disrupt markets.
  
• Social Entrepreneurs: Those who start ventures with the primary goal of creating social or environmental impact, often addressing pressing societal issues.
  
• Corporate Entrepreneurs (Intrapreneurs): Entrepreneurs who operate within large corporations, driving innovation and new business development from within.
  
• Innovative Entrepreneurs: Entrepreneurs who consistently push the boundaries of their industries, introducing groundbreaking products, services, or business models.
  

Each type of entrepreneur brings a unique perspective and set of skills to the table, contributing to the overall diversity and dynamism of the business world.

Similarities Between Entrepreneurs and Businessmen

Despite their differences, entrepreneurs and businessmen share some common traits and characteristics that contribute to their success. These similarities include:

1. Leadership skills: Both roles require the ability to lead and motivate teams, set goals, and make critical decisions.
   
2. Goal orientation: Entrepreneurs and businessmen are driven by their goals, whether it's building a successful startup or growing an established company.
   
3. Financial management: Both must be skilled at managing finances, creating budgets, and making sound financial decisions.
   
4. Market understanding: A deep understanding of their target market, customer needs, and industry trends is essential for both entrepreneurs and businessmen.
   

While their approaches may differ, both entrepreneurs and businessmen play crucial roles in driving economic growth, creating jobs, and generating value for their stakeholders. Recognising these shared traits can help aspiring entrepreneurs and businessmen focus on developing the skills and qualities that are most likely to contribute to their success, regardless of the path they choose.

Final Thoughts

Choosing between the path of an entrepreneur or a businessman ultimately depends on your individual goals, risk appetite, and preferred work style. If you thrive on stability, have strong management skills, and prefer working with established business models, the path of a businessman may be right for you. On the other hand, if you're a passionate risk-taker with a drive to solve problems and disrupt industries with innovative ideas, entrepreneurship could be your calling.

Regardless of the path you choose, understanding the difference between a businessman and an entrepreneur is crucial in aligning your skills and passions with your professional goals. By recognising the key differences between entrepreneur and business man, you can make an informed decision about which route best suits your unique strengths and aspirations.

Ultimately, both entrepreneurs and businessmen contribute significantly to the economy, and society needs each type to thrive. The key is to align your career path with your unique strengths, passions, and goals. Whether you choose to be an innovator or an optimiser, the business world offers endless opportunities for growth and success.

Frequently Asked Questions

Who is a Company Secretary?

A Company Secretary (CS) is a key managerial professional responsible for ensuring that a company complies with legal, regulatory, and governance requirements. In India, a Company Secretary serves as the compliance officer, legal advisor, and corporate governance guide.

The core duties include:

• Overseeing compliance under the Companies Act, 2013
• Drafting, filing, and maintaining legal documentation
• Facilitating communication between the board of directors and shareholders
• Distributing dividends and handling investor relations
• Maintaining statutory records and registers
• Organising and recording minutes of board and shareholder meetings
• Drafting policies and internal documents for the company
• Ensuring compliance with stock exchanges (for listed companies)
• Managing corporate actions like mergers, acquisitions, and restructuring

Eligibility Criteria of a Company Secretary

To qualify as a Company Secretary in India:

• One must pass the ICSI (Institute of Company Secretaries of India) exam and hold an active membership with ICSI.
• Listed companies are required to appoint a full-time Company Secretary.
• Public and private companies with paid-up share capital of ₹10 crore or more must mandatorily appoint a whole-time CS.
  
  

This ensures that companies above a specific size have strong compliance and governance oversight.

Importance of the Company Secretary in the Business Environment

A Company Secretary is more than a compliance officer—they are strategic advisors who ensure a business operates within legal frameworks while fostering governance and ethical practices.

Key importance includes:

• Ensuring compliance with corporate and securities law
• Advising leadership on legal and governance risks
• Playing a critical role in board meetings and influencing policy decisions
• Building trust with investors, regulators, and the public through transparent reporting

By law, only those with ICSI membership or equivalent recognised qualifications can be appointed, ensuring professional credibility.

Functions of Company Secretaries

Under Section 205 of the Companies Act, 2013, the functions of a Company Secretary include:

• Ensuring the company complies with the secretarial standards issued by ICSI
• Reporting compliance status to the Board of Directors regularly
• Performing duties as prescribed by the Companies Act and other applicable laws

This formalises their role as the company’s governance backbone.

Duties of a Company Secretary

According to Rule 10 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the duties of a CS include:

• Guiding directors on their statutory responsibilities
• Convening and recording minutes of board and general meetings
• Ensuring approvals for company actions like the issue of shares, loans, or mergers
• Representing the company before regulators, tribunals, and government bodies
• Assisting the board in company affairs and decision-making. Ensuring compliance with corporate governance standards and best practices

Responsibilities of a Company Secretary in India

In India, a Company Secretary carries responsibilities that go beyond legal compliance:

• Facilitating business operations by ensuring all approvals are in place
• Conducting secretarial audits to verify compliance
• Advising on corporate transactions such as mergers, acquisitions, and share issues
• Promoting corporate governance through ethics, transparency, and accountability
• Acting as a communication link between management, regulators, and investors

Rules of Company Secretary Appointment in India

As per Section 203 of the Companies Act, 2013, and Rules 8 & 8A:

• Every listed company must appoint a whole-time Company Secretary.
• Every public or private company with a paid-up share capital of ₹10 crore or more must also appoint a CS.
• Smaller companies may appoint a CS, though it is not mandatory.

Company Secretary Appointment Procedure in India

The process for appointing a Company Secretary involves:

1. Notifying directors through a Board Meeting under Section 173
2. Passing a Board Resolution for the appointment
3. Filing Form DIR-12 with the Registrar of Companies (ROC) within 30 days
4. Submitting Form MGT-14 (where applicable) with prescribed fees
5. Updating statutory registers as per Section 170 of the Companies Act, 2013
6. For listed companies, informing the stock exchange about the appointment

Procedure for the Removal/Resignation of Company Secretary

If a Company Secretary resigns or is removed:

• The company must hold a Board Meeting to pass a resolution
• File DIR-12 with the ROC (and MGT-14 in the case of public or listed companies)
• Inform stock exchanges in case of listed entities

Update the register of directors and key managerial personnel as per Section 170

Frequently Asked Questions (FAQs)