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...