Proprietory firn

Mayank (Querist) 20 January 2012 This query is : Resolved
Hi Lawyers
I am a proprietor of a firm in mumbai and want to open a new proprietory firm.

is it possible ?

will it be benefit me in any way ?
i was told that i should first close the first firm and then start a new one ...is that so?

or shall i start a firm on my wife's name and work as an employee there?

pls help

mayank

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Shailesh Kr. Shah (Expert) 20 January 2012
You can open other proprietor ship firm. There is no law, which restrict to open second proprietor ship firm.

Advocate. Arunagiri (Expert) 20 January 2012
You can start any number of proprietor firms.

Yes you can start a firm in your wife's name and work as a employee.

Devajyoti Barman (Expert) 20 January 2012
A person can start as many firms as he wishes either in his name o his relative's name.

V R SHROFF (Expert) 20 January 2012
yes, You can start any number of proprietor firms.

Yes, you can start a firm in your wife's name will help you divide income, To Save your Income Tax.

ajay sethi (Expert) 20 January 2012
agree with experts .

M/s. Y-not legal services (Expert) 21 January 2012
am also agree with experts..

-tom-

Raj Kumar Makkad (Expert) 21 January 2012
You are owner of your own wishes and convenience. You may open your proprietorship firms all over India if you can manage those.

Guest (Expert) 21 January 2012
Yes i do agree with Ld. experts,
further, MANY MANY CONGRATS Expert Tom for "y.not"... really may God Bless u and support u ALWAYS...:)

R Trivedi (Expert) 21 January 2012
Each firm will require: Separate Bank Account, Separate sales tax registration etc.., but the the PAN number and Income Tax file shall be common. So it is the question of one's ability to maintain multiple prop firms.

prabhakar singh (Expert) 21 January 2012
no need to say any more.

Sankaranarayanan (Expert) 21 January 2012
Yes u can there is no hard and fast rule

Sankaranarayanan (Expert) 21 January 2012
Yes u can no hard and fast rules

M V Gupta (Expert) 21 January 2012
Please consult your CA regarding filing of IT returns when you own several proprietorship concerns; whether any precautions are to be taken.

malipeddi jaggarao (Expert) 22 January 2012
Iagree with the experts Mr.R.Trivedi and Mr.M.V.Gupta

ARUN KUMAR VERMA (Expert) 23 January 2012
salry paid to a elative needs to be at market levels depending on the qulifications of the person to whom the salary is paid. in any case, such payments attract the attention of the income tax officer in a special way.

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