How To Start A Business In India?

India is considered as one of the difficult places in the world to start a business

. But actually speaking it is not that difficult. Many successful startups have come from India. The first and foremost step while starting your business is to register your organization. Although this is not a must and can be done any time in the future, there are certain advantages while registering your organization. If you register your organization, all legal proceedings like opening a current account, opting for loans from bank and so on will be very easy. So it will be better to register the organization.

You can register your company either under the provisions of the companys act, 1956 or as a partnership firm under the Indian Partnership Act, 1932. If your company has one or more partners then it should be registered under the Partnership Act.

If your organization is a partnership firm, then a partnership deed has to be made in a Rs. 300 stamp paper. An auditor can be consulted to know about the contents of the partnership deed. The deed contains details about income sharing between the various partners, salary details of each of the partners and details about the signing authority for cheques. Once the partnership deed has been made, you can get the form for registering your firm which is form V of the Indian Partnership Act, 1932. The form has to be filled in with partner details and a fee of Rs. 300 has to be paid. A week after the submission of the form, you will get your firm registration certificate.

Once you are done with registering your firm, your next step will be to apply for a PAN Card in the name of your company. This is required by the Income Tax Department. Next step will be to open a current account. This is rather simple. Approach the bank which is best suited to you. Give them a copy of your firm registration, PAN card and partnership deed and your current account will be opened in no time. So you are finally done with registering your company and the whole process takes around 10 days at the max.

by: Shankar K

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