Registration of a sport academy

3674 views 6 replies

Hi,

A person wants to register and start a table tennis sport academy. The academy will be providing the TT coaching as well as other facilities like Gym, Meditation, Physical training etc and for all these specialised people will be appointed.

Now, I would like to know whether this sport academy should be registered as a Private Ltd. Company or a Partnership Firm or a Society or a Trust or in any other form?? In which form it will be more benefitted from the tax angle or any other compliance angle?

Replies (6)
see thr r 2 scenarios i.e.
1. individual is trying to do busines and he himslf has special skills or not?
2. he is just opening entity and will be hiring skilled persons for tht?

based on ur selection i can suggest...!!

The person himself is a renowned coach in the circuit, and in this academy he will also train the players actively, and along with him he will appoint another 2-3 coaches for assistance. For providing physical training, meditation etc. separate persons will be appointed.

It would be better if you explain both the scenarios as you have mentioned.

in that case he cannot open a trust, and shud not open any partnrshp or co. or llp as it ll be hvng high tax to pay,
instead open an AOP and draft all the formalities and do ths training things thereafter, in that case only taxes burden shall be lessor in my point of view.
Thanks for your reply. But, Why are you saying that setting up of trust will not be beneficial? can you explain that?
And, what about registration under Societies Act?
i said u cannot opt for trust, coz in tht case too u ll have to either show activities of trust as religious or like tht to claim exemptions u/s 10 23 or 11 and tht wud be so lengthy as well as not worth it
further societies act - in tht case u ll have to apply for as AOP na and tht is wht i have said as above...

Thanks a lot.

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