Sunday, 8 May 2016

Factors to keep in mind before Register new Business!!! (7 Point Cheat Sheet)

1-    As far as possible Register Private Limited Company instead of LLP Incorporation or One Person Company Registration or Firm Registration.
a.     There is not much difference in cost for LLP, One Person Company Registration and Private Limited Registration and they all can be done Online easily with help of company registration consultants.
b.    Pvt Ltd Company Offers various advantages like it is easy to offer ESOPs, no liability of Directors and also it is easy to close Private Limited Company in worst case scenario of business not working
2-    Should take Service Tax Registration/VAT Registration, TAN (For TDS deduction) as soon as Possible. This gives a sense of seriousness to your business and increase credibility with clients
3-    Make budget on Day one and stick to it (Try It !!!! It is not very difficult). Ensure that your business has cash for atleast next 6-8 months of operations
4-    Maintain Accounting and Book-Keeping on regular basis from Day 0 (all the expenses you incurred before registering new business like domain name registration, Private Limited Company Registration Online cost). For starters (till you have monthly revenue of INR 5 Lacs or over 100 transactions per month), you can maintain the accounting and book-keeping yourself but after this stage, it is advisable to hire professional CA or consultant service
5-    Have a proper plan ready with potential list of all clients (database) you will target in first 3 months of starting the business
6-    Run through business idea with acquaintances who understands your line of business.
7-    Spend wisely and Hire Smartly!!!
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