Hello Seniors,
With due respect, I would like to know that I am planning to start a firm selling online photographs, similar to shutterstock.com or any other platform. Currently, I would like to establish a Sole Proprietorship. I want to know:
1. What are the requirements for obtaining Sole Proprietorship?
2. What are the charges associated with Sole Proprietorship?
3. Can I later convert it to a Private Limited company?
Kindly assist as needed.
From India, Rajula
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With due respect, I would like to know that I am planning to start a firm selling online photographs, similar to shutterstock.com or any other platform. Currently, I would like to establish a Sole Proprietorship. I want to know:
1. What are the requirements for obtaining Sole Proprietorship?
2. What are the charges associated with Sole Proprietorship?
3. Can I later convert it to a Private Limited company?
Kindly assist as needed.
From India, Rajula
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I echo ITJOBZone; you may easily research but wouldn't be aware of the functionalities. Please contact vendors who can help you beyond your research. It's good to know and read about it. But trust an expert to troubleshoot escalations for you.
Wish you all the best!
From India, Mumbai
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1872Wish you all the best!
From India, Mumbai
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Dear Syed,
You didn't mention where you want to set up your business, the number of persons to be employed, and other details. However, for setting up a small proprietorship firm, no elaborate procedure is required if your place is within Karnataka.
1. Arrange address proof (like an Electric Bill or landline phone bill (BSNL/MTNL) or corporation water bill, ration card, property tax paid receipt, sale deed, or rent/lease agreement of the building where you are setting up the business.
2. You have to obtain your PAN from the IT Dept.
3. Thirdly, simultaneously, you have to obtain your TAN No. also from the IT Dept. to effect TDS/TCS and to remit IT.
4. Open a bank account with any of the Scheduled Banks, either PSU or Pvt. sector banks, in the name of your firm and obtain a cheque book. You have to register under the Karnataka Shops & Commercial Estt Act and obtain a Certificate of Registration in Form 'C'.
5. If your business is considered a 'Service' provider, which requires separate registration under the Service Tax Rules (Finance Act) from the Central Excise Department, the ED would issue a certificate of registration and Service Tax regn.No based on your IT PAN No.
6. MSMED (micro/small/medium) firm certificate from the O/o the Commissioner of Industries & Commerce, which will help you get a loan, quick realization of your bills, etc.
7. If more than 10 persons are employed, registration with PF Commissioner for Employees Provident Fund.
8. Similarly with Employees State Insurance Corporation, if applicable to you.
These steps are more than enough to start for your type of business. However, you have to examine/consult whether registration under CST or Commercial Tax for VAT is required or not.
You will find many consultants (brokers) roaming in the corridors of government offices or CAs who will help you get all these things done, of course for a fee/charges. Practically, it is very difficult if you try to do it yourself. You know better how things are done in India.
All the best.
From India, Bangalore
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You didn't mention where you want to set up your business, the number of persons to be employed, and other details. However, for setting up a small proprietorship firm, no elaborate procedure is required if your place is within Karnataka.
1. Arrange address proof (like an Electric Bill or landline phone bill (BSNL/MTNL) or corporation water bill, ration card, property tax paid receipt, sale deed, or rent/lease agreement of the building where you are setting up the business.
2. You have to obtain your PAN from the IT Dept.
3. Thirdly, simultaneously, you have to obtain your TAN No. also from the IT Dept. to effect TDS/TCS and to remit IT.
4. Open a bank account with any of the Scheduled Banks, either PSU or Pvt. sector banks, in the name of your firm and obtain a cheque book. You have to register under the Karnataka Shops & Commercial Estt Act and obtain a Certificate of Registration in Form 'C'.
5. If your business is considered a 'Service' provider, which requires separate registration under the Service Tax Rules (Finance Act) from the Central Excise Department, the ED would issue a certificate of registration and Service Tax regn.No based on your IT PAN No.
6. MSMED (micro/small/medium) firm certificate from the O/o the Commissioner of Industries & Commerce, which will help you get a loan, quick realization of your bills, etc.
7. If more than 10 persons are employed, registration with PF Commissioner for Employees Provident Fund.
8. Similarly with Employees State Insurance Corporation, if applicable to you.
These steps are more than enough to start for your type of business. However, you have to examine/consult whether registration under CST or Commercial Tax for VAT is required or not.
You will find many consultants (brokers) roaming in the corridors of government offices or CAs who will help you get all these things done, of course for a fee/charges. Practically, it is very difficult if you try to do it yourself. You know better how things are done in India.
All the best.
From India, Bangalore
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Dear Syed,
You plan to open an 'establishment,' as such you need to obtain a registration certificate under the Shops & Establishment Act from the state that you are from. This will be a source document for all your requirements, viz. a bank account, et al.
Of course, you can convert from a sole proprietorship to a private limited company anytime, but you will have to do so as per the provisions of the Companies Act, 2013.
Shrikant Prabhudesai
Email: shrikant@classiclabour.com
From India, Mumbai
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You plan to open an 'establishment,' as such you need to obtain a registration certificate under the Shops & Establishment Act from the state that you are from. This will be a source document for all your requirements, viz. a bank account, et al.
Of course, you can convert from a sole proprietorship to a private limited company anytime, but you will have to do so as per the provisions of the Companies Act, 2013.
Shrikant Prabhudesai
Email: shrikant@classiclabour.com
From India, Mumbai
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