Minimum authorised Capital for a pvt co to do the business

Page no : 2

Prateek (B.Com(H) PGDBA CA Final) (436 Points)
Replied 26 April 2011

Can anyone tell me if a person opens a Sole Proprietorship/Partnership/LLP/Pvt Ltd Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How they have to maintains Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 28 April 2011

Membership - Institutional Trading-cum-Clearing Member (ITCM)

Institutional trading cum clearing members (“ITCM”) are entitled to trade on their own account as well as on account of their clients, clear and settle trades executed by themselves as well as of trading members and trading cum clearing members of our Exchange.

Eligibility criteria

Entities - Following entities are eligible to apply for membership, subject to the regulatory norms and provisions -

Companies, Institutions

Networth

The minimum networth for the purpose of eligibility is Rs.100.00 Lakh

source : mcxindia

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 28 April 2011

Originally posted by : Prateek
	Can anyone tell me if a person opens a Sole Proprietorship/Partnership/LLP/Pvt Ltd Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How they have to maintains Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally.

IRDA does not offer agency other than individuals.

commission = direct income

expenses = direct expenditure

TDS = Incometax paid (advance)

Prateek (B.Com(H) PGDBA CA Final) (436 Points)
Replied 29 April 2011

But US Sharma. For Mutual Funds

see the link https://www.amfiindia.com/showhtml.aspx?page=registration

Prateek (B.Com(H) PGDBA CA Final) (436 Points)
Replied 29 April 2011

one more querry is if a Partnership/Pvt Ltd selling mutual funds then who will be taking AMFI Registration Partners or Employees or Both or only partners if there is no emplyees