Body Of Individuals

Querist : Anonymous (Querist) 28 July 2010 This query is : Resolved
I want to create a body of individuals to trade and invest in shares.
1. Can I create it with my farther and mother?
2. What is the step by step procedure for the same?
3. Can I give any name to that BOI ( Body of individuals )?
4. After creating BOI , I want to open bank account , now bank account will be open in my name or BOI name, and for this I have to give any name for BOI ?
5. What documents I need to open BOI bank account?
6. Bank account of BOI will called as "firms bank account" and it will be just like a account opened for the firm ?

Any detail explanation in this regard will be of great help. Thank you.

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S. Bharath (Expert) 29 July 2010
I would advise you to hire a good lawyer for professional advice.

s.subramanian (Expert) 29 July 2010
follow what bharath has said.

adv. rajeev ( rajoo ) (Expert) 29 July 2010
make a partnership deed and get it regd., to avoid the future consequences.

Querist : Anonymous (Querist) 29 July 2010
@ adv. Rajeev,
What do you mean by future consequences ? What future consequences I will face ?

I have heard that partnership firms attract tax at a flat rate of 30% whereas BOI are assesed as individuals so thought of BOI.

Please help me.

DEFENSE ADVOCATE.-firmaction@g (Expert) 06 August 2010
You can do any legal thing with body of persons , no bar whatsoever.

Only thing is that NSDL will not open a demat account for shares.

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