Opening up a Hostel in Residential property??

We would like to get a clarification on the below mentioned points: 1. Since, it would be a hostel accommodation, can it be opened in a residential property? We understand the utility bills (such as electricity bill, etc.) would be paid as per commercial rates, however, we want to be sure whether we can go ahead and open the same in a residential place or not. 2. We would like to know the legal compliances that needs to be followed along with tentative timeline as to by when we can get the approval post application. As per our understanding, we would be required to obtain a trade license, fire license and food license from the government. Is there anything else that will be required? 3. There is a possibility that we may even receive payments in dollars. In such scenario, is there any additional compliance or approval required? 4. We are thinking of starting the business as a partnership business. For that, we understand there has to be a partnership deed that needs to be made. What are the formalities and timelines for getting the partnership firm registered? Also, can we start business as an unregistered partnership and later convert it as a registered one?