A sole- proprietorship concern shall be set up by an Individual. If more than one person wants to start a business, they have to choose among other options such as partnership firm, limited liability partnership (LLP) or a company. Proprietor is for the all the activities of his business. Proprietor's personal assets will also be affected if business assets are insufficient to settle business liabilities. Tax liability is in the name of proprietor or in the name of proprietary concern.

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Incorporating a private limited company through Simplified Proforma for Incorporating Company electronically (SPICe -INC-32), with eMoA (INC-33), eAOA (INC-34)

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A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

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A partnership firm is a closely held business. It is not required by law to share its performance and position with others. Thus, all knowledge about the firm is restricted to only the partners of the firm. Partnership is an association of two or more persons to carry on a business in the capacity of co-owners. Each such person is called a partner. All the partners share the profits and losses in proportion of their respective ownership, or as agreed between them.

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If there is only one promoter/founder, One Person Company (OPC) is the best way to start a company. An OPC is a hybrid structure, wherein it combines most of the benefits of a sole proprietorship and a company from of business.

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You are exempted from income tax if your income does not exceed Rs 5.00 lakhs

Income Tax Return Filing for salaried individuals: Income Tax Return (ITR) filing is a must for salaried persons. ITR should ideally be filed even by those whose annual income below the taxable limit.

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An individual taxpayer who has income more than Rs 50 Lakhs (total income from salary, house property, other sources etc.) has to file their income tax return in ITR-2 form.

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A letter of undertaking (LTU) is the documents format of which is being prescribed under form GST RFD 11 under rule 96A. In simple words, LTU is the document by which the taxpayer declares that he shall fulfill all the requirement of the GST with regard to export. 

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A letter of undertaking (LTU) is the documents format of which is being prescribed under form GST RFD 11 under rule 96A. In simple words, LTU is the document by which the taxpayer declares that he shall fulfill all the requirement of the GST with regard to export.

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Udyam Registration is a registration for small and medium enterprise businesses in India. The Government Udyam Registration's main objective is to provide single-page registration, less time-consuming and simplify processes of registering of any enterprise under Micro, Medium and Small Enterprise (MSME). Any form of an agency such as a limited liability partnership (LLP) or a private limited company can be registered with the Udyam registration portal.

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A registered trademark is your business’s intellectual property or intangible asset and acts as a protective cover of the company’s investment made in the logo or brand. It identifies a product as belonging to a specific company and recognises the company’s ownership of the brand. 

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LLP Form 8 or Statement of Account & Solvency is a form that must be filed every year by all Limited Liability Partnerships (LLPs) registered in India. LLPs must file Form 8 with the Ministry of Corporate on MCA portal irrespective of the turnover of the LLP.

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It is a registration done by NGO to get an organization income exempted from Tax. All income shall not be taxable after 12A registration. If NGO does not get 12A Registration, income tax is payable on surplus during the year.

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The Government e-Marketplace (GeM) is a dedicated online platform where goods and services can be procured by various organizations and departments under the Government of India, and by the PSUs also. GeM is aimed at enhancing the efficiency, speed and transparency in public procurement of goods and services.

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