"It takes a lot to believe in Yourself and Launch Your Dream Start up"
Scope out your industry
If you're just starting to think about entrepreneurship in general, find the best industry to fit your style and talents.
Size-up the competition.
Study your competition by visiting their online or offline stores. Get detailed competitor information, their modus operandi including financials
Another important consideration is your personal financial resources. Make sure you have a considerable amount of capital set aside.
Think about funding. A lot
Can you bootstrap? Or small business loan? Might an entrepreneur in the family be able to invest? or should you look for an angel investor?
Private Limited Company Incorporation
Among various types types of business entity that exists in India, Private Limited company is the best. It has all the refined necessities that you may require in order to run your business smoothly. On the other hand it has all the legal parameters fully abiding by the taxation and governing laws of India.
Limited Liability Partnership
This is a comparatively new concept of business entity which is perfect for small business or for those who want to save something in terms of compliance cost. This LLP comes with a lot of benefits such as lower cost of maintenance and lest cost of formation.
There is no mandatory auditing required for this sort of entity till you reach a certain point of turnover revenue. It is an advanced version of partnership firm and so there exists legal partnership agreement between the partners. It also has beneficial point of being registered on MCA website, so you and your business is 100% transparent and validated by Govt.
One Person Company
(OPC) Pvt Ltd
We at Taxaj meet few budding entrepreneurs who has a lot of potential and some fiery ideas of business, but they don't to get tied up to something or someone, they just want to take decisions at their will and gut feeling. for those One man army this is the best option.
Section 8 Company
(NGO/ Society/ Trust)
After looking at the irregularities and lack of compliance with almost all Hawker NGO's. govt. decided to put an end to this organised loot by setting up a structured procedure to form NGO in terms of Section 8 Company, which is solely for non profit works.
Section 8 has all benefits of a NGO or trust in addition to that it is fully transparent and has its credential verified from MCA website so everybody knows the current status of the company and its books are also fully compliant,
Partnership Firm Registration
Partnership firm is a simple structural company registration where where a group of individuals can jointly form a company and can give it a legal name and this sort of company is called partnership firm.
This partnership firm comes at an easy cost and no cost to maintain at all, but yes the liability lies with the partner at full.
The most basic form of ownership in India is called proprietorship firm. In this sort of entity the entire liability rests with the owner or proprietor.
The proprietorship firm can easily be formed in various ways, and is it so simple to maintain, but here its hard to differentiate between the profit of the company and income of the owner, so that taxation here is a bit confusing.