If you are looking to start a business first time, it is highly advisable to take guidance of experts before you launch it on the actual ground. There are many questions, which need to have complete clarity before starting a business. Launching a business without having a clear idea related to the type of business you need to start, what should be ideal legal status for a new business? Where to raise initial funding? what are tax and legal compliances for the new business? How to switch from a Job to business? We at AKT Associates, keen to provide our expert guidance and advisory to all those entrepreneurs who want to start their first business venture or start-up without, Again free of cost. We are listing herewith some basic business question and answers of them, However, we strongly recommend to get in touch with us to get a one to one business consulting with our experts before you launch your first company.
As a famous say “ A stitch in Time, Saves Nine”. The same way timely advice from an expert will save you and your startup from lots of uncomfortable situations and will increase your ventures viability and survivability.
What is the best way to start the first venture?
If you ask which form of legal entity has least tax compliance, Proprietorship is always the best form to start your first business venture, However, if there is more than one owner, let’s say partners than Partnership or Limited Liability partnership is a better way to start the first business venture.
Which is the best legal form to start my first business?
As shared in the previous query, Proprietorship is the best legal form to start your first venture. Again it depends on many other criteria, such as No.of Promoters, Investment required to start the business, Level of control required, Type of customers or clients. Hence always better to consult an expert before the formation of proprietorship and understand various pros & cons of various legal statuses, In order to maximize tax benefits and minimize legal and tax compliances.
From where can I get Initial fund to start my company?
If a company means the first business venture, then the initial funding to start a business entity always come either from promoter or people near and dear to promoters, such as family, friends. Another way to funding the Initial fund requirement is by taking a personal loan or saving slowly when you are working as salaried income. However never try to take a high-interest loan, which will put your new business under pressure from day one.
How can I start a business while perusing my Job?
This is one of the best ways to test your business idea before you launch it full-fledged. You can start small and check the acceptability of your business model without taking too much risk. However, Never before you do so check your employment contract and never start a business where you directly compete with your employer. Always consult an expert on these points. Further, its always better seek the help of family members, parent or wife to support you in initial years when you will not be able to hire employees
What kind of business I can do with my studies?
You can start a business on a small scale along with your studies. It can help you to get initial practical ideas while you are studying. It will also add to your pocket money and even can support your parent, who might be struggling to fund your education along with the increasing cost of living. However, if your studies are too engaging wait till you finish it. With studies you can easily start ventures related to Online selling of products, E-commerce, Content writer, Digital marketing, App Development, Affiliate marketing, Referral marketing, You can contact us to get more such business ideas.
What kind of business is suitable for work from home?
If you are a looking for work from home, you can check following ideas Online selling of products, E-commerce, Content writer, Digital marketing, App Development, Affiliate marketing, Referral marketing, Accounts Outsourcing, Legal work. Depending on your experience and qualification
You can contact us to get more such work from home business ideas.
What are some business ideas for Housewives?
You can refer previous query work from home.
What are some businesses Ideas for students?
Refer the query No 5
What type of business working couples can start?
For working couples online selling, Digital marketing, and work from home kind of business can do, however, one person needs to be in a flexible job so that it can devote more time to promote business.
Can I start a business while in a job?
Yes, you can start your venture at a small scale and on the basis of feedback, you can choose to be a full-time entrepreneur. Ref query no 4 for more details
What are tax compliances for a new business?
Tax compliance depends on the legal status of business and nature of business activity. Most common tax compliances are Filing of GST returns, Accounting, Profession tax, TDS return filing & Annual Accounts finalization and Income tax return filing. If it is an LLP or Private limited company ROC compliance is also need to be done once in a year.
What is the tax rate for a new business?
Again this depends on business-to-business and also legal status of business.on an average for Proprietorship it is as per slab rate and for other business it is between 25%-33%. The Tax rate also depends on various tax planning measures.
What are the documents required to start a new business?
To Start a business as a sole proprietor you need the basic documents such as PAN Card, Address proof and two documents to prove business identity it can be a Gumasta Licence, Udyog Aadhar, Profession tax Registration Number or a certificate Issued by Practicing Chartered Accountant.
Should I start my business as a Proprietorship or Company?
As told earlier it all depends on business to business however if you first want to just taste the water first, Better go for sole proprietorship which you can change anytime as per requirement, however always have a vision of 3-5 years and accordingly go for the legal status of business
What is the best legal form to start an E-commerce business?
You can start an E-commerce business in any legal form, for example, if you want to just register with Amazon or Flipkart and sell products online, a sole proprietorship can do the job no need to invest in fancy private limited company formation. However, if you looking to launch your own brand or own e-commerce website then its better to launch as a corporate entity such as a Private limited company or at least a Limited Liability company to give an inbuilt brand advantage.
How to get startup status from Govt. of India?
The process is quite easy, first, register your business and file for approval with nodal approval agency which can be an IIT or other Govt. designated approval agency, after review if you are offering any innovative products and services that you can be awarded a start-up status. Again startup statuses are two kinds, one with tax exemption and another without the tax exemption.
What are various Govt.schemes for Start-ups?
Govt. Of India has launched various schemes to promote startup culture such as Startup India, Stand Up India, For Funding, they have launched Mudra Yojna, SME funding scheme, CGTMS Collateral free loans. You can contact our team to understand how you can take benefits of such Govt. Schemes.
How to open Bank A/c for new business?
To open a bank A/c on the name of business the proposed business should have at least two documents on the name of the business entity. For example, if you want to start a sole proprietorship firm with the name of ABC enterprises than you need to produce two documents, which support that you are the proprietor of the entity. We are giving herewith name of few such certificates are Gumasta or shop & Establishment certificates, UdyogAadhar, Certificate of a Chartered Accountants, GST Registration, Professional tax Certificates etc.
How to start a business in Partnership?
To start a partnership firm, you need at least two partners. A partner can be your friend or family member. A partnership deed needs to be drafted and registered, after this process, you can open a Bank ac and start your new business immediately.
How to start a Joint venture?
The joint venture is also a kind of partnership, so the procedure to start a joint venture is the same as for Partnership firm.
How to form a Private limited company?
A private limited company or Company which most of us call have the procedure starting from Name approval, so the promoters of the company take Digital signature and then Apply for DIN i.e. Director Identification Number. Once these two requirements are done. The next step is to apply for Name approval or Name reservation.
I am an NRI, How can I start a business in India?
As an NRI you are most welcome to start a company in India, again there are several ways to start business in India, Like you can open a Branch office here, or you can incorporate a wholly owned subsidiary of foreign company, It is always advisable to consult an Expert CA who can understand the requirement and guides you the best way to launch business in India.
How to start an export business?
You can start an export business even with a sole proprietorship there is a big misconception that to start an Export business you have to form a Private Limited company. Apart from the incorporation of a business, you need to take an IEC i.e. Import & Export Code. Post that you also need to take GST registration and need to apply for Letter of Undertaking called LUT for procuring and exporting goods without suffering GST on it.
How to start an online business?
You can start an online business same way as you start an offline business, the tax compliance and requirement of compliance will be same, except the point you will deal with your customers through your online presence. There are slightly different GST compliances and rate for an Online business however except that everything will be the same start from incorporation to compliance.
How to incorporate a business in India?
Generally, the incorporate word is used with the incorporation of Companies hence there is no difference in the formation of the company or incorporation of the company. The Incorporation happens under a particular law is called the incorporating a new entity according to law such s companies act 2013. Apart from that, the query has been already answered in query no. 21.
How to form a proprietary business in India?
We have already discussed the procedure to start a sole proprietorship business in India in query no 18. Refer the same.
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