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Arunava Pal (CFO)     21 February 2013

Setting up a partnership

Hello,

My partner and me would like to set up a partnership firm. We are in the IT and WebServices field and have the following queries.

1. One of us is from Kolkata and the other from Hyderabad. We would like to know is their any financial/administrative benefit of registering the firm at either Kolkata or Hyderabad?

2. We would also like to know post registration what are the Income Tax related rules and laws applicable ?



Learning

 4 Replies

sahil kumar (cosultancy)     22 February 2013

Sir you have to make a LLP MEANS LIMITED LIABILTY PATNERSHIP FOR THAT  YOU HAVE TO DECIDE A NAME WHICH WILL BE SEARCHED FOR AVAILIBILTY ON MCA SITE THAT IS GOVT SITE MINISTRY OF CORPORATE AFFAIRS.

AS YOU ARE INCLINED FOR SERVICE SECTOR WHICH WILL ATTRACT SERVICE TAX 12.36 IF IN A YEAR TOTAL SALES VALUE EXCEED 10 LAKH AND FOR INCOME TAX IT WILL BE 30% ON YOR PROFITS.

FOR PATICULAR STATE BENIFIT YOU HAVE TO MEET CONSULTANT OF THAT PATICULAR STATE.

FOR FURTHER QUERY REGARDING INCORPORATION OF LLP YOU CAN MAIL ME AT LEGALCORPCARE@GMAIL.COM

Arunava Pal (CFO)     22 February 2013

Originally posted by : sahil kumar

Sir you have to make a LLP MEANS LIMITED LIABILTY PATNERSHIP FOR THAT  YOU HAVE TO DECIDE A NAME WHICH WILL BE SEARCHED FOR AVAILIBILTY ON MCA SITE THAT IS GOVT SITE MINISTRY OF CORPORATE AFFAIRS.

AS YOU ARE INCLINED FOR SERVICE SECTOR WHICH WILL ATTRACT SERVICE TAX 12.36 IF IN A YEAR TOTAL SALES VALUE EXCEED 10 LAKH AND FOR INCOME TAX IT WILL BE 30% ON YOR PROFITS.

FOR PATICULAR STATE BENIFIT YOU HAVE TO MEET CONSULTANT OF THAT PATICULAR STATE.

FOR FURTHER QUERY REGARDING INCORPORATION OF LLP YOU CAN MAIL ME AT LEGALCORPCARE@GMAIL.COM

Do u mean to say we cant have a simple partnership firm?

sahil kumar (cosultancy)     23 February 2013

You can have a simple patnership as well but now days it has become out dated . TAX POLICY WILL BE SAME

bharat (sr. clerk )     25 May 2013

hello dear,

i'm semi government employ person

now i am setup a business with partner ship

as per our government department a'm not to joint legally in this business ,

so what can i do right now ?

if any legal process available to cure this ?

-bharat, ahmedabad

bestoffer1234@gmail.com


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