Should I register as a proprietorship or as a business person ?
3 years ago
I am starting freelancing soon. So what should I register myself as? proprietor or business person? My age is 19. My dad has his house in his name. I am also going to scale the business so even if I register as proprietorship I will definitely need to register as a business person. So what should I do now? And also I will be having international bank transfers and my work will be contract-based. What the best way to do it to help save money and tax? Pls, help me figure out what should I do next and also let me know the documents required. Thanks, in advance
Adv. Sarika Khude
Responded 3 years ago
A.Requires registration of the business as a sole proprietor.
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A.Go for proprietorship concern then switch on to LLP
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Rameshwar Dadhe
Responded 3 years ago
A.Register it as a pvt ltd companies with the help of any local charted accountant
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A.As per my knowledge you are business type is of freelancing and contract base business which requires registration of the business as a sole proprietor.
DOCUMENTS REQUIRED TO FORM PROPRIETORSHIP FIRM
A) RUBBER STAMPS
1) STAMP OF FIRM/ COMPANY NAME for cheque books etc.
2) ROUND STAMP of FIRM/ COMPANY NAME & STATION
3) BUSINESS ADDRESS STAMP
4) LETTER HEADS OF FIRM/ COMPANY NAME & BUSINESS ADDRESS (10 LETTERHEAD)
5) LOGO of Company (IF ANY)
6) SELF DECLARATION ON LETTER HEAD giving the brief description/ summary of business
B) TRADE LICENSE / BUSINESS ADHAAR LICENSE
1) 4 PASSPORT SIZE PHOTOS
2) PAN CARD (of Proprietor)
3) RESIDENCE ELECTRICITY BILL OF OWNERSHIP RESIDENCE (LATEST BILL) (ADDRESS OF ADHAAR CARD SHOULD MATCH WITH LIGHT BILL) (IF RENTAL HOUSE THEN RENT AGREEMENT )
4) RATION CARD / VOTER CARD / ADHAAR CARD / DRIVING LICENSE / PASSPORT
5) SHOP ELECTRICITY BILL OF OWNERSHIP / RENT (LATEST BILL) (IF RENTAL SHOP THEN REGISTERED LL AGREMENT REQUIRED & NOC from the current SHOP/ OFFICE OWNER)
6) APPLICATION LETTER (Mention Type of Business)
C) BANKING
1) Letter from C.A. to any bank for opening of the CURRENT ACCOUNT
2) TRADE LICENSE / GST REGISTRATION / SHOP & ESTABLISHMENT LICENSE
3) Opening of CURRENT ACCOUNT with INTRODUCTION –(Minimum Balance Rs.10,000/-)
D) GST- BUSINESS REGISTRATION
1) GST –Registration
2) GST – Certificate
Pertaining to international bank transfers you will have to to be in compliance with the FERA and FEMA banking acts of India has your contract maybe overseas one.
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ADV. ANISH PALKAR (High Court)
DOCUMENTS REQUIRED TO FORM PROPRIETORSHIP FIRM
A) RUBBER STAMPS
1) STAMP OF FIRM/ COMPANY NAME for cheque books etc.
2) ROUND STAMP of FIRM/ COMPANY NAME & STATION
3) BUSINESS ADDRESS STAMP
4) LETTER HEADS OF FIRM/ COMPANY NAME & BUSINESS ADDRESS (10 LETTERHEAD)
5) LOGO of Company (IF ANY)
6) SELF DECLARATION ON LETTER HEAD giving the brief description/ summary of business
B) TRADE LICENSE / BUSINESS ADHAAR LICENSE
1) 4 PASSPORT SIZE PHOTOS
2) PAN CARD (of Proprietor)
3) RESIDENCE ELECTRICITY BILL OF OWNERSHIP RESIDENCE (LATEST BILL) (ADDRESS OF ADHAAR CARD SHOULD MATCH WITH LIGHT BILL) (IF RENTAL HOUSE THEN RENT AGREEMENT )
4) RATION CARD / VOTER CARD / ADHAAR CARD / DRIVING LICENSE / PASSPORT
5) SHOP ELECTRICITY BILL OF OWNERSHIP / RENT (LATEST BILL) (IF RENTAL SHOP THEN REGISTERED LL AGREMENT REQUIRED & NOC from the current SHOP/ OFFICE OWNER)
6) APPLICATION LETTER (Mention Type of Business)
C) BANKING
1) Letter from C.A. to any bank for opening of the CURRENT ACCOUNT
2) TRADE LICENSE / GST REGISTRATION / SHOP & ESTABLISHMENT LICENSE
3) Opening of CURRENT ACCOUNT with INTRODUCTION –(Minimum Balance Rs.10,000/-)
D) GST- BUSINESS REGISTRATION
1) GST –Registration
2) GST – Certificate
Pertaining to international bank transfers you will have to to be in compliance with the FERA and FEMA banking acts of India has your contract maybe overseas one.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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