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Business is one of the most common and adopted source to earn income among people now a days. Businesses can be operated in multiple types like Proprietorship, HUF, Partnership Firms, Company, LLP, etc., in accordance with their suitability and economical aspects. Also, businesses are promptly emerging and growing day by day because of government new schemes getting introduced for upcoming entrepreneurs. Taxzona Consultancy not only provide one of the best Business Registration Services in Mumbai but also guides you timely for expansion of your business.
Further, Sole proprietorship registration can be accomplished by getting the following registration, which helps in fulfilling basic needs like opening a bank account, a government identification etc
Here is the procedure involved in forming a HUF.
A partnership firm is the most important form of a business organization and it is formed when a group of people join together with a profit-sharing motive in the pursuit of any kind of business. All partnership firms are governed in India under the Indian Partnership Act, 1932. A partnership firm is easy to form with fewer compliances as compared to companies. The partnership is the second most popular type of Business Registration Services in Mumbai.
The registration of a partnership firm is optional and not compulsory under the Indian Partnership Act. It is at the discretion of the partners and voluntary. The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business.
However, it is always advisable to register the partnership firm as a registered firm that enjoys certain special rights and benefits as compared to the unregistered firms. The benefits that a partnership firm enjoy are:
A partner can sue against any partner or the partnership firm for enforcing his rights arising from a contract against the partner or the firm
Partners cannot sue against the firm or other partners to enforce his right.
The firm can file a suit against any third party for enforcing a right from a contract
The firm cannot file a suit against any third party to enforce a right. However, any third party can file a suit against the unregistered firm.
The firm can claim set-off or other proceedings to enforce a right arising from a contract
The firm cannot claim set off in any proceedings against it.
1. Application to Registrar of Firm – The application shall be submitted with fess and affixing signature of all partners with all details i.e.
2. Selection of Name with fulfilling certain conditions
3. Registration Certificate
Sole Proprietorship Firm have following advantages
In the Sole Proprietorship Firm have following disadvantages
A partnership firm is where two or more persons come together to form a business and divide the profits in an agreed ratio.
Partnershipship Firm have following advantages :-
Partnerships Firm have following disadvantages
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