Legal Question in Banking Law in India
I would like to open a current account for our Academy in India. We provide Martial Arts training and Fitness services and it is currently a low income business.
Some told us that we should open our current account as sole proprietorship, while other told us it would be better to open in partnership. I want a current account as soon as possible. We are also not liable for Service tax, as our income is less than 10,000,00 per annum.
It would be really helpful if someone could tell me what all necessary documents are required to open a current account in an Indian Bank, and weather a Sole proprietorship should be opted for or as a partnership (I require the account asap)
1 Answer from Attorneys
13.12.2014
Dear Sir / Madam,
You will need to check with the formalities for opening a Current A/c with the bank and complete the same. If the Academy is owned by only one person, you can opt for a sole proprietory concern and if the ownership is of more than one person, you should opt for a partnership firm.
Regards,
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