Type of Entity	Basic Requirement
Sole Proprietorship	Only one person	Managed and controlled by one person
Partnership Firm	Minimum two partner	Managed and controlled by its partners
Limited Liability Partnership	Minimum two partner	Managed and controlled by its partners
Private Limited	Minimum two members	Managed by its directors and controlled by its private share holders
Public Limited	Minimum seven members	Managed by its directors and controlled by its public share holders
Association / Society	Minimum seven members	Managed by its members
Trust	Minimum three members	Managed by it trustees