starting architecture firm: partnership or company

This query is : Resolved

Pankaj Chandani (Querist)
Follow

09 April 2009 Hi,
I want to start my architecture firm with my friends. what would be more preferable: partnership or private ltd company.

Does one need to prepare the financial statements in case of partnerships. where to register the partnership firm in Delhi? what all taxes need to be paid in both the types of business entity?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

09 April 2009 1. Financial Stements are required in case of Partnership also, as your profession is covered in Section 44AA.

2. Registration of patnerships are being carried out at Registrara of Partnerships Office near Kashmiri Gate.

3. Both the entities will need to pay Income Tax, FBT and Service tax if limits crossed.