The proprietorship is not a legal entity i.e. it refers to a person who owns the business and is personally responsible for its debts. Ideal for small traders and merchants.
Partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. All partners share liabilities and profits equally.
Limited liability partnership is a form of business where the features of a partnership and the company are combined together to make a registered business.
GST Registration is a mandatory tax registration for all businesses who involve in buying and selling with annual sales greater than Rs 20 lacs or providing services in India.
GST return is a document containing details of income, Under GST, a registered dealer needs to file GST returns that include: purchases, sales, output GST, ITC.
The Government Provides Special benefit to small business in terms of taxation, subsidiary and incentive. Bank give loans at concessional rates to set up these business.
An Importer-Exporter Code (IEC) is a key business identification number which is mandatory license for export from India or Import to India. The code is issued by the DGFT.
Through Patent Registration, the patentee shall have all the rights regarding controlling, making, using, selling or importing patented product or process for producing that product.
Provisional Patent Registration helps to protect a new invention from being copied during the 12-month period before a formal patent application is filed.
» Proprietorship tax returns are to be filed every year unless there is an exemption. » You can use use the Form ITR-3/ Form ITR-4 to file tax returns depending on the nature of the proprietorship.
» It is mandatory for every partnership firm to file the return of income irrespective of amount of income or loss. » You can use the form ITR-5 to file tax returns for a partnership firm.
» LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return). » Every LLP has to file Income Tax Returns every year, irrespective of its transactions.
» It refers to the filing of – Form AOC-4 along with Directors Report and Form MGT-7 with the Registrar of Companies. » It is mandatory to File every year, irrespective of Company carries business or not.
