I wanted to open a new business of Manpower Recruitment along with my 2 friends. Can anyone plesae help me as to how i should get registered my firm and how to get a service tax no.
vishak (manager) 05 September 2012
You may start right now without ST registration as up to Rs 10 lac there is exemption from ST, however if t exceeds limit in your first year, then u are required to get ST registration.
In case of partnership, you need to be registered via partnership deed on required stamp with requisit details
Keep the enthu...on
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 05 September 2012
Yes. I opnined with Mr.Vishak.
Hashim Wafa (Trainee- Company Secretary) 06 September 2012
As your business is of HR Consulting & Manpower recruitment, its good if you register as a Private Company. The top companies wich requires manpower prefers to contact HR consultancies which are proper in Legal. so setting up a Private company would be a better option for you business i understand.
General Advantages of forming a Company
Protects from Personal Liability: A company will be a different person that the owner. With it like this, then the owners/managers and stockholders are protected from personal liability when they are sued. Once you set up a company, if you start having public customers or any employees, you can run into any liability. With a corporation, you can have a protection from having your business life mess up your personal life.
Tax burden Reduces:While Sole proprietorship and partnerships pay income tax, Companies pay Corporation tax on their taxable profits. There are many allowances and tax-deductible costs that can be offset against the profits of a company. That means Tax would be paid after deducting many costs incurred by you. In addition to that the current level of Corporation Tax is lower than income tax rates.
Never ending legacy:An incorporated business continues irrespective of change in its owners. It is because, as per the law an incorporated business is a legal person distinct from its owners. So change in the owners will not affect the existence of an incorporated business. This is not the case for a partnership or sole proprietorship. If a partner resigns or dies, it is the end of the partnership firm. Same is the case of a sole proprietorship firm.
Credibility & Acceptance: A company will generally look better to people than a partnership. Companies usually last longer than other businesses and they are usually bigger. Because they look so much better to people, this means that more people will be willing to pore their money into your company. With this, you may eventually have more profits with a company than any other business
Leverages your Wealth creation:This blending of the resources is possible only with the formation of the company. You can accumulate huge investment from the share holders and business debt from the lenders. Share holders do not fear much, because their risk is limited to the extent of their share
Investment and Loan availability:Investors always prefer an incorporated business regulated under a law as its business scope and financial information etc are available for verification at any time. Formation of a company multiplies the borrowing capacity of the organization and also secures the deposits and loans from Banks and financial institutions.
Protection of Business name: An incorporated business is registered with a name and the same name will not be available for registration for any other firm.
Transfer of the company is easy:In case you want get away from the company you can do it very easily. You can transfer the entire share holding to the intended people as an ongoing concern. This change of ownership saves the time and money and also stamps duty.
Brajesh Kumar (Owner) 10 September 2012
I agree with all of above. You may choose either partnership , Limited Liability Partnership or Private limited company. it depend on your short term & Long tern Planning in this business.
AMAR RAWAT (law student (sr.accountant)) 11 September 2012
If you want to open a new business of Manpower Recruitment first of all you need to see whats type of business you want to open Like..Partnership or company both are gud option but with company has some more complinces, in both cases you need to have service tax no.