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Help require for clarity for company registration

kumar (Officer) (25 Points)

01 February 2012  

Dear All,

i am very young man with some group of people having a passion of arts i.e. paintings, creative arts, animation etc.. We want to make it more strong by adding more people and going in market. Hence we registered our company as proprietor ship. But now we are unable to do account opening and others formalities too. Some one suggested us to go for Pvt. Ltd. But as we are a very small company and managing the funds on self basis(even i do work somewhere else for getting money for it). Hence going for Pvt. Ltd is costly for us. Even if we go for that anyhow, just worrying abt yearly expenses for file returns and other process required for Pvt. Ltd.. Pls suggest me and clear my following points.

1. Is it possible to secure our brand name with proprietor ship?

2. Is it possible to get the current account with proprietor ship?

3. We do both sales and services. Is it possible and profitable to go for service tax and sales tax?

4. Our annual turnover is not even more than 5 Lacs. Is it ok going for Pvt. Ltd. at this stage?

5. If we go Pvt. Ltd. What are the files we have to do and how much costs app.?

6. We are three partners. Also have partner ship firm options? is it also ok?

7. Our main work is multimedia? what formalities we should do by law?

Need your help urgently. Pls suggest...

 

Thanks

Kumar


 4 Replies


(Guest)

 

1. Is it possible to secure our brand name with proprietor ship?

 

Yes you can decide on your brand and logo and then register it

 

2. Is it possible to get the current account with proprietor ship?

 

You have to submit an affidavit stating that you are the owner of the brand, the bank officials can give the required format or you can get it from any lawyer.

 

3. We do both sales and services. Is it possible and profitable to go for service tax and sales tax?

It depends on its liability. If your turnover crosses the statutiry limit, then you are left with no option but to register for service tax and sales tax. Service tax - 9 lakhs, VAT - 4-5 lakhs (  pls confirm). If you are with 3 partners then,you can serve the client in 3 diff names and avoid liability of VAt and Service tax.

 

4. Our annual turnover is not even more than 5 Lacs. Is it ok going for Pvt. Ltd. at this stage?

Not recommended

 

5. If we go Pvt. Ltd. What are the files we have to do and how much costs app.?

 

 It will cost you Rs 35-40 k to register. You have to take CS ka services every year may cost Rs10k

 

6. We are three partners. Also have partner ship firm options? is it also ok?

 

Prefered

 

7. Our main work is multimedia? what formalities we should do by law?

No idea

 

Hari Wadhwa (CA in Practice) (485 Points)
Replied 01 February 2012

Well done Ashwin! Well explained.

 

A pvt Ltd co. may be formed as low as even at just12,000 only & that too within a week.


(Guest)

@ Ashish

The quote includes proff fees, OPE, DIN charges, share certificate charges, PAN, TIN.... apart from the statutory charges of stamp duty, regn, form submission.. etc

kumar (Officer) (25 Points)
Replied 02 February 2012

Originally posted by : CA CS Ashwin Sharma

 
Thanks Ashwin... its a great help. We are actually very young in business and want to run the show by taking care of unemployment in animation field. But very much confused regarding the registrations and all. Seeing the cost and process of Pvt. Ltd... looking little bit difficult for this option.. But if we hit any overseas project with payment in dollers then in that case is it also ok to do with partnership firm? We want to do everything best from our side and as available in market.. If it cost us money and manpower ... we will do it any how because we dream to a big organization.. Pls suggest.... 


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