17 March 2015
Hello, I would like to know what legal processes need to be complied with to open an coaching institute.
We are 4 girls, all engineers who wish to start a coaching institute for school kids in our city. We would be teaching ourselves and have guests lecturers visiting too in future. What are the legal formalities that need to be fullfilled to open such an coaching centre, and would we be needed to have a formal accounting structure and stuff in place?
17 March 2015
Hello Ms.Swati, First of all you have to decide whether you all want to start your business as partnership firm or LLP or private limited company. You may opt any one option. So far as concerned to legal formalities, first you have to get your business registered, then you have to get PAN (Permanent account number) of the entity and after analyzing your business objective, activity and clients nature, I would be able to suggest, whether service tax number required or not. Rest, you may have to register under shop & establishment Act, depending on your city.
We are thinking of a partnership firm. What will be the detailed requirements. Plus will it require a registered office? What else could be a better option?
17 March 2015
First let me know the city of proposed office? You may opt for LLP means Limited Liability Partnership, where the liability of partners are limited, but in case of partnership firm, partners liability are unlimited.
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