Business Start-Up Services in India

Service Details:

HUF  Joint Hindu Undivided Family Business is a distinct type of organisation which is unique to India. Hindu Undivided Families are the form of organizations has separate legal entity for the purpose of tax assessment. As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has basically evolved from ancient Hindu law. The HUFs have been defined under the Hindu law as a family, which consists of male lineally descended from a common ancestor and included their wives and unmarried daughters.

The relation of HUFs arises from the status not from legal contracts. Creating HUFs are the best possible way for an assessee to save taxes.

1.     Select a suitable name, Capital:-For an HUF to be created the major requirements is the capital and persons. Capital can be in the form of ancestral property, assets gifted by relatives and friends, or received by the HUF through a will. The HUF to be created should have proper name. The members can choose a suitable name before starting a HUF business form.

2.     Form a Deed:-Formation of HUF should be embodied in a deed which provides that a proper legal deed or agreement is required before creating a HUF. The agreement should be between the Karta &other family members. The agreement need not always be in writing. The agreement/ deed should have all the details, including the name of Karta, co-parceners, address & source of funds in the corpus.3.     Apply for PAN: After executing the deed, the Karta is required to obtain a permanent account number PAN for the HUF. Obtaining PAN is a mandatory requirement as all financial transactions shall carry PAN.The minimum no. of members required is two who can be a husband and wife. Both the spouse can create a family and constitute a HUF.

4.     Open a Bank Account: After that, the Karta is required to open a Bank a/c in the name of the HUF. The HUF is now ready to function. The Karta will have to invest in tax saving instruments and file tax returns on behalf of the HUF. Only the money related to the business of HUF shall be invested in such Bank accounts...

Proprietorship Company Registration

A sole proprietorship, also recognized as the single trader or merely a proprietorship, is a form of business company held and controlled by one person, and where there is no legal difference between the owner and the corporation. A sole proprietorship is a corporation held, run and operated by one individual only. It is one of India's most popular industry models, used by small enterprises working in the unorganized sectors.

Proprietorships are very quick to get going, and need very limited legislative enforcement to get going. However, during the startup process, proprietorships do not provide a number of other advantages to the owner, such as limited liability, separate legal organization, autonomous life, transferability, etc., which are attractive characteristics for any company. Proprietorships therefore are ideal for independent, unorganized companies with minimal presence

Proprietorship Startup Process

Anuj Mittal & co can help startup a Proprietorship in 7 to 14 days, subject to Government processing time. Since the proprietorship is itself not distinguishable from its owner hence there is no registration or approval is required to start a proprietorship business. Proprietorships do not have a process of incorporation. Therefore, our Company Counselors can guide you about how many government approvals will create the identification of the Proprietorship company.

There is no process for registration or establishment of a Proprietorship given by the Government of India. Hence, the presence of a proprietorship is only defined by tax registers and other company registers that a proprietorship is expected to have in compliance with the laws and regulations. At Anuj Mittal & co we will support you by acquiring the necessary registrations to create an identity for your proprietorship.