Hi,
We have started a secondary school in Rajasthan just 1 year back. Now we are facing serious problems in managing the legal documents.
We are a bunch of 4 people who had invested in purchasing the school land in different share ratio. And subsequently school building was constructed. Now since school will always be running by a registered society, we have to give the building on lease to a society. Now we have following doubts regarding the legal documents:
- Every year, do we need to have separate balance sheet for school as well as for society?
- Since there is a chance of adding or removal of partners, should we register for a Pvt. Ltd. or LLP? Once we do that, we will transfer the names of 4 investors to a Pvt. Ltd/LLP in the land registration. Similar actions would be taken for society lead dead as well.
Please do let me know if I am not clear about my question at some point.
Regards,
Hemant