What are the procedures to start sports academy

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A Sports Academy can choose to register itself using the following forms:- Sole Proprietorship:- Registration not required. However, one can register a Proprietor Declaration deed with the Sub-Registrar’s office. Partnership Firm: Under Section 58, a firm can be registered at any time by filing an application with the Registrar of Firms (Sub-Registrar’s Office) of the area in which any place of business of the firm is situated. There are three sub-registrar offices in the district of Kanya Kumari. The Application needs to be presented where the place of business of the firm is situated. The application shall contain the following particulars: - Name of the firm: Place or principal place of business Name of any other place s where the firms carries on business. Date on which each partner joined the firm Name in full and permanent address of partners Duration of the firm Costs involved: Statutory Cost: Stamp Duty: Rs.300 Registration Fee: 1% on the capital invested Professional Cost: Drafting of the Partnership Deed & Legal Advisory costs Limited Liability Partnership: Requirements- A minimum of two partners will be required for formation of an LLP. Appointment of at least two “Designated Partners” shall be mandatory for all LLPs. Every LLP shall be required to have at least two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. Every Designated Partner would be required to obtain a “Designated Partner’s Identification Number” (DPIN) on the lines similar to “Director’s Identification Number” (DIN) required in case of directors of companies. Declaration made either by an Advocate, or a Company Secretary or a Chartered Accountant or a Cost Accountant, who is engaged in the formation of LLP by stating that all the requirements of Companies Act and its rules have been complied with. Name and address of the persons who are to be its partners of the LLP on incorporation. Name and address of the persons who are to be designated partners of the LLP on incorporation Partners must enter into an LLP agreement & also need to have Incorporation Document. The name can be reserved by Registrar of Companies on approval of Form 1, for a period of 3 months from the date of intimation by the Registrar. Registering Authority: Registrar of Companies, Ministry of Corporate Affairs (Chennai & Coimbatore) Process of Registration: The process of incorporation of LLP is entirely online. The electronic filing of documents is done with the Registrar of Companies at http://mca.gov.in/LLP . Step 1: - Obtain Digital Signature for each partner Step 2: - Obtain Director Identification Number (DIN) Step 3: - Submit Form 1 for approval of name of the LLP Step 4: - Submit Form 2 with incorporation details Step 5: - File LLP Agreement in Form 3 and Details of Partners in Form 4 Then LLP gets registered. Step 1: Obtain Digital Signature Certificate (DSC) for each partner of the LLP A digital signature certificate (of Class 2) is required for electronic filing of documents with the Registrar of Companies, through the website of the Ministry of Corporate Affairs. It can be purchased from a licensed authority in India, such as MTNL Trustline, e-Mudhra etc. Step 2: Obtain Director Identification Number (DIN) for each designated partner of LLP DIN can be obtained for each designated partner of LLP by filing form DIR-3. Standard set of documents required to be attached to the form- proof of identity, proof of residence (such as Passport, Voter ID, Driving License, Ration Card, Pan Card) and a photograph. As of January,2017 cost of filing Form DIR 3 on MCA site is Rs.500 per designated partner. Step 3: Submit Form 1 for name approval After obtaining the DIN and the DSC for the Directors, Form 1 needs to be submitted on the LLP site for approval of a name of the LLP. The LLP may give up to six preferences for its name. The preferences must be given keeping in mind the LLP Rules,2009. The key guidelines in the rules are summarized here: - The name must not resemble or sound the same as the name of an already registered company, LLP or an existing trademark. The name should not be in abbreviated form. It should not give a misleading impression relating to the scale of operations of the LLP. The name should not be misguiding or offensive to any sections of the people. Note: Reade Rule 18 before choosing name of the LLP. Step 4: Submit incorporation details in Form 2 After approval of the name of the LLP, details about the LLP need to be submitted in Form 2 with the prescribed fee as per following table: - Fee for registration of LLP Contribution of LLP (in Rs.) Registration Fee (in Rs) 1 Lakh or less 500 Above 1 Lakh but less than 5 Lakh 2000 Above 5 Lakhs but less than 10 Lakhs 4000 Above 10 Lakhs 5000 If all details are satisfactory, the ROC usually issues a certificate of incorporation within 1-2 weeks of submitting the details. Step 5: File LLP Agreement on Form 3 and details of partners in Form 4 After receiving the certificate of incorporation, the following forms need to be filled with the ROC within 30 days: Form 3, which requires certain details of the LLP Agreement to be pasted into the form. A stamped copy of the LLP agreement must be scanned and attached along with the form. Form 4, containing details of each partner and designated partner must be filed. Annual compliance Every LLP would be required to file (i) an annual return in Form 11 with ROC within 60 days of the disclosure of financial year, and (ii) a Statement of Accounts and Solvency in Form 8, within 7 months from the end of the financial year. Maintenance of Account An LLP whose contribution exceeds Rs.25 lakh or the Limited Liability Partnership whose turnover exceeds Rs.40 Lakh are required to annually get their accounts audited by any Chartered Accountant in practice. Cost Involved Statutory Cost:- Registration fee Rs.500 to Rs.5000 (please refer to the above table) Cost of filing Form 1 on the LLP site is Rs.200. Digital Signature Cost- Rs.200 to Rs.1000 Professional Cost: Towards drafting Incorporate Document & LLP Agreement and Advisory Services. One Person Company: An OPC can be established as a private limited company either as: - A company limited by share capital or, A company limited by guarantee. As per Section 2(22) of Companies Act, “Company limited by share” means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them. As per Section 2 (21) of Companies Act, “Company limited by guarantee “means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up. Registering Authority: Registrar of Companies, Ministry of Corporate Affairs (Chennai & Coimbatore) Threshold Limit for OPC When paid up capital exceeds Rs.50 lakh or its average turnover of immediately preceding three consecutive financial years exceeds Rs.2 Crore, then the OPC has to mandatorily convert itself into private or public company. Source: - http://www.mca.gov.in/MinistryV2/onepersoncompany.html Incorporation through SPICe (Without filling RUN) Stakeholders can avail of 5 different services (Name Reservation, Allotment of Director Identification number (DIN), Incorporation of New Company, Allotment of PAN and Allotment of TAN) in one form by applying for Incorporation of a new company through SPICe form (INC-32) - Simplified Proforma for Incorporating Company electronically (SPICe) - with eMoA (INC-33), eAOA (INC-34). Incorporation through SPICe (With RUN) Name reservation: RUN service shall be used for name availability. Incorporate OPC: After name approval, form SPICe shall be filed for incorporation of the OPC within 20 days from the data of approval of RUN. The company shall file form INC-22 within 30 days once form SPICe is registered in case the address of correspondence and registered office address are not same. Cost Involved: Statutory Cost Registration Fee: Digital Signature cost:Rs.1000 Professional Cost: Towards Drafting Memorandum & Article of Association and Advisory Services Private Limited Company : To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters. Registering Authority: Registered in the state where the registered office of the company is to be situated. [Registrar of Companies, Ministry of Corporate Affairs (Chennai & Coimbatore)]* Incorporation of a Private Limited Company Following documents need to be filed with Registrar of Companies;- Memorandum and Articles of the company duly signed by all the subscribers to the memorandum A declaration from an advocate, a chartered accountant, cost accountant or company secretary in practice who is engaged in the formation of company declaring that all the requirements of Companies Act and rules has been followed. An affidavit from each of the subscribers to the memorandum and from persons names as the first directors. The address for correspondence till its registered office is established Identity proof of every subscriber The particulars of the persons mentioned in the articles as first directors of the company, their names, the DIN, residential address, nationality along with proof of identity Particulars of interests of the persons mentioned in the articles as the first directors of the company in other firms or bodies along with their consent to act as directors of the company in such form and manner as may be specified.

Advocate Maithili Shaan Katari Libby LawRato