How to start a business?
I see many people asking me how to form a company or business! And what kind of formalities should we do…even though I am not an expert on the subject I have started 2 business entities so far…I exited the first business and the second business is my training company…
One of my friend who wanted to register his company as a sole proprietorship called me to ask for procedures…and I knew there are so many of them who have the fear starting a business because of these issues….firstly, anyone can start a business and make a profit!
This is what I found:
Proprietorship firm ( How to start a business using Proprietorship model)
“For a proprietorship firm, there is no separate registration required.
Moreover, there is no procedure for obtaining name approval (as in the case of companies).
You would have to just open a bank account with the firm name. But in case your business is liable for VAT and / or Service Tax registration, then you must obtain VAT and / or Service Tax registration.
Further, for a sole proprietorship firm, no separate income tax PAN is required. The PAN of the proprietor will be the PAN of the firm and proprietor will have to file income tax return in his personal name.”
Partnership Firm ( How to start a business using Partnership model)
For partnership firm, you need to form a Partnership agreement and create a Partnership deed and it is better to approach a charted accountant…
Apply for a separate PAN card for your company
Get your rental agreement and also apply for a current account with your bank!
Hope people understand how easy to start a business…starting a business is not the difficult part but bringing business and profits is all matters….