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I have a website this medium will be used to get enrollment for events that I am planning to conduct across the country and trying to get sponsors for it. What kind of legalization do I need for the website? Please suggest me the most economic option.

Register your business as a sole proprietorship, get 'Shops and Establishment' license, and display 'Terms of service' contract. That should be sufficient for the basic features that you have explained in the question.

For further reading:

How to Register your business?

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