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Start up consultancy firm - what are the formalities

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[ Scorecard : 25]
Posted On 13 October 2012 at 06:49 Report Abuse

Dear all,

Am starting a small consultancy setup with my friends. We thought of a Pvt Ltd / Partnership / proprietorship, but could not take up a big place due to initial fund constraints. I don't know whether a board is required to be kept for a commercial display or its mandatory to comply with any statutory obligation.

I would like to make a modest beginning and then take up one by one. From the taxation related stuff (VAT / Service Tax / TDS, etc.,), which one suits better?

if i go with a proprietoryship (which i feel is the simplest to begin with), should i go for separate PAN & TAN for deducting tax from salaries (employees)?

How best the proprietorship can be explained to banks for an operating account & facilities?

Any further input & ideas would be highly appreciated.

Thanks in advance.

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[ Scorecard : 25]
Posted On 14 October 2012 at 08:36

Just an update.

My banker says that to open current account for a proprietorship, i need to submit VAT certificate, a leter from CA.

How does this differ if I open it as a Pvt Ltd or LLP? I believe the Registration letter in either of these should work out. Any idea on how long the formalities w.r.t. VAT / Service Tax / TAN should take and an indicative cost to invest?

Will i be bothered to have a board in front of my premise in any of this case? I have taken a furnished house to start with and I cannot put up any board over there.

Appreciate an input from anyone.

Best Regards,


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