Saturday, December 01, 2007

Great news for Entrepreneurs : One-Person Company

Government is planning to accept "One-Person Company" (OPC). Difference between Sole proprietorship and this new OPC is that liability lies upon the firm but not on the individual. Let us all hope that this bill will during the winter session.

Meanwhile, I have been looking at Bank Account for a sole proprietorship firm, I have found that the cheapest way to do that is through ICICI, just with 5000/-. However they require any one of the registration papers (such as Shop establishment, Service Tax, IT returns etc). Another interesting bank in this regard is : Kotak Bank, where-in you need to maintain the balance of 10000/-.

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