~DECIDE YOUR BUSINESS STRUCTURE~💛

HELLO EVERYONE! I AM HERE TO HELP YOU IN DECIDING YOUR BUSINESS STRUCTURE AND FORMALIZING IT💛

EACH BUSINESS TYPES COMES WITH ITS OWN SET OF LEGAL REQUIREMENTS AND REGULATIONS.BUSINESS SHOULD PAY SPECIAL ATTENTION TO THEM BEFORE INCORPORATING THE BUSINESS.

TYPES :-

SOLE PROPRIETORSHIP 

PARTNERSHIP

LIMITED LIABILITY COMPANY

PRIVATE LIMITED COMPANY

LEGAL DETAILS:-

 1)SOLE PROPRIETORSHIP

a)Meaning :- sole proprietorship is a type of enterprise that is owned & run by one person &in which there is no legal distinction below the owner & business entity.

b) Registration:- No formal registration required.

*Decide the business name

*Search availablity of name

*Register your name

*Obtain business license and permit from:-

The federal government

The state government

The local government

c)Member liability:- Unlimited liability.

(The business owner is personally responsible for any loss the business makes.)

d)Legal status:- Not recognised as a separate entity and promoter is personally responsible for all the liabilities.

e)Number of members Required:- Can only have one person.

f) Transferability:- Not transferable.

g)Taxation:- Taxed as individual,based on total income of proprietor.

h)Annual statutory meetings:- No requirement for annnual statutory meetings.

i)Annual filing :- No requirement to file annual report with the registrar of companies.

Income tax to be filed on the income of the proprietorship.

j) Existence or survivability:- Proprietorship existence is dependent on proprietor.

k)Foreign ownership:- foreigner are not allowed to be sole proprietors.

2) PARTNERSHIP

a)Meaning:- partnership is where two or more people share ownership as well as they manage companies income and loss both if co fails .

b) Registration:- Registration is optional .

File form A for registration of firm along with the form A 

Following documents required to be submitted :-

*Duly filled specimen of affidavit

*Certified true copy of the partnership deed

*Ownership proof of the principal place of business or rental /lease agreement.

c)Legal status :- It is not recognised as a separate entity and promoters are personally responsible for all liablities.

d)Members liability:- Unlimited liability.

e)Number of members Required:- Minimum of two members Required to start a partnership.

f) Transferability:- Non transferable.

g)Taxation:- Partnership profits are taxed as per the slabs provided under income tax act 1961 plus surcharge and cess as applicable.

h)Annual statutory meetings:- No requirement are annual statutory meetings.

i)Annual filings:- No requirement to file annual report with the registrar of companies income tax to be filed to the partnership.

j) Existence or survivability:- Partnership existence is dependent on partners.can be dissolve at will or upon the death of Partners.

k)Foreign ownership:-Foreigners are not allowed to be part of a partnership.

3) LIMITED LIABILITY COMPANY

a) Meaning:- limited liability is a company in which some or all partners have limited liability investor and owners private assets are not at the risk.

b) Registration:- Limited liability company has to be registered with MCA (ministry corporate affairs)under LLP Act 2008.

*Deciding the partner and designated partners

*To obtain DIRECTOR IDENTIFICATION NUMBER (DIN) & DIGITAL SIGNATURE CERTIFICATE (DSC)

*After name approval file form 2 and form 18 to the ROC.

*After that file LLP agreement (I.e form -3) and partners details (i.e form -4).

c)Legal status:-limited liability comapny is a separate legal entity.the promoters of the LLP are not personally liable towards the LLP.

d)Member liability:- limited liability to the extent of contribution towards to the limited liability company.

e)Number of members Required:- Minimum of two members are required to start LLP.

f) Transferability:- ownership can be transferred.

g)Taxation:- limited liability company profits are taxed as per the slabs provided under income tax Act,1961 plus surcharge and cess as applicable.

h)Annual statutory meetings:-No requirement for annual statutory meetings .

I)Annual filings:- must file annual statement of return &solvency and Annual return.

j)Existence or Survivability:-Existence not dependent on partners.can be dissolved voluntarily or by order of the comapny law board

k)Foreign ownership:- foreigners are allowed to invest with /without the approval of the Reserve Bank Of India(RBI) and other applicable permission for the relevant government of India authorities depending on the category of business they are interested to invest .

4) PRIVATE LIMITED COMPANY

a)Meaning :- A private limited company does not publically trade shares & is limited to maximum 50 shareholders .

b) Registration:- Private limited company has to be registered with the MINISTRY CORPORATE AFFAIRS (MCA) Under the companies Act.

*Optain Digital signature Certificate (DSC)for the proposed Directors .

*Obtain Director identification number (DIN)for the proposed Directors.

*Select suitable Company Name and Make an application to the Ministry of corporate affairs for availability of name.

*Draft MOA &AOA.

*Sign and file various documents including MOA &AOA with the registrar of companies electronically .

*Payment of requisite fee to Ministry of corporate affairs and also stamp duty .

*Receipt of certificate of registration/incorporation from ROC.

c)Legal status :- Private limited company is a separate legal entity.The promoters of the company are not personally liable towards the company.

d)Members liability:- limited liability to extent of share capital.

e)Number of members Required:- Minimum of one person required to start. Private limited company.

g) Transferability:- Ownership can be transferred by means of share transfer.

h)Taxation:-private limited company profits are taxed as per the slabs provided under income tax Act ,1961 plus surcharge and cess as applicable.

I)Annual statutory meetings:- Board and General Meetings should be conducted periodically.

j)Annual filings:- File annual statement returns & solvency and Annual return with the registrar every year .Tax returns must also be filed annually.

k) Existence or Survivability:- Existence not dependent on directors or shareholders.it can be dissolved voluntarily or by regulatory Authorities.

l)Foreign ownership:- Foreigners are allowed to invest with/without the approval of RBI and other applicable permission for the relevant government of India authorities depending on the category of business they are interested to invest.

HOPE THIS WAS HELPFUL TO YOU 👍😁❤️

FOR MORE DETAILS READ MY OTHER BLOGS .

~STARTUP INDIA POLICY~💛

         HELLO EVERYONE! IAM HERE TODAY TO             ERADICATE ALL YOUR WORRIES FOR                     YOUR BUSINESS FUNDS💛

HAVE YOUR HEARD ABOUT STARTUP INDIA POLICY .TODAY WE ARE GOING TO GET TO KNOW ALL ABOUT IT 👍

STARTUP INDIA POLICY IS AN INITIATIVE OF THE GOVERNMENT OF INDIA.THE CAMPAIGN WAS FIRST ANNOUNCED BY INDIA'S PRIME MINISTER NARENDRA MODI DURING HIS RED FORT ADDRESS IN NEW DELHI ON 15th AUGUST 2015 .OUR PRIME MINISTER NARENDRA MODI HAS STARTED AND PROMOTE STARTUPS INDIA INITIATIVE TO RECOGNISE AND PROMOTE STARTUPS .

WHAT IS STARTUP INDIA POLICY :- Startup offers new product & services that is not being given elsewhere in the same way or redevelops the current products and services into something better & innovative.it help in developing indian economic & attract talented ENTREPRENEURS.

LEGAL REQUIREMENTS:-  IT MUST BE REGISTERED UNDER THE FOLLOWING LEGAL FRAMEWORK

* COMPANIES ACT 2013.

* LIMITED LIABILITY PARTNERSHIP ACT 2002.

* UNDER SECTION 59 OF PARTNERSHIP ACT 1932 ,AS PARTNERSHIP FIRM.

INDIAN STATES WITH STARTUP POLICY.

GOVERNMENT HAS TAKEN INITIATIVE & LAUNCHED STARTUP POLICIES FOR THEIR STATE'S 

                      Few Of Them Are:-

WEST BENGAL 

UTTAR PRADESH

ODISHA

RAJASTHAN

KARNATAKA

GUJRAT

JHARKHAND

ETC.

FOLLOWING ARE THE IMPORTANT POINTS FOR STARTUPS :-

1)Choose the right legal structure

2) Registration & business license

3) Intellectual property protection

4)Founder equity split & vesting

5)Founder agreement

6) Employment contracts

7)Employee stock option pool (ESOP)

8)Third party agreement

9) Investment structure

10) Compliance management

PROCESS OF RECOGNITION OF STARTUPS:-

As startup shall be through mobile app/portal of department of industrial policy & promotion.

Startup will be required to submit a simple application with any of the following documents:-

1)You have to follow all the normal procedures for registration of any business like obtaining the certificate of Incorporation/Partnership registration, PAN, and other required compliances. 

 2)Register with Startup India

Then the business must be registered as a startup. The entire process is simple and online. All you need to do is log on to the Startup India website and fill up the form with details of your business and upload certain documents.

3)Documents to be uploaded (in PDF format only)

a) A letter of recommendation/support A letter of recommendation must be submitted along with the registration form. Any of the following will be valid.

i) recommendation (regarding innovative nature of business) from an Incubator established in a post-graduate college in India , in a format specified by the Department of Industrial Policy and Promotion (DIPP).

ii) A letter of support by an incubator, which is funded (in relation to the project) by Government of India as part of any specified scheme to promote innovation.

iii) A letter of  recommendation (regarding innovative nature of business), from an Incubator, recognized by the Government of India in DIPP specified format.

iv) A letter of funding of not less than 20% in equity, by any Private Equity,Incubation Fund,Angel Fund,Fund,Accelerator,Angel Network, duly registered with SEBI that endorses innovative nature of the business

v) A letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation.

vi) A patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of the business being promoted.

b) Incorporation/Registration Certificate

You need to upload the certificate of incorporation of your company/LLP (Registration Certificate in case of partnership)

c) Description of your business in brief

A brief description of the innovative nature of your products/services.

 4)Answer whether you would like to avail tax benefits

Startups are exempted from income tax for 3 years. But to avail these benefits, they must be certified by the Inter-Ministerial Board (IMB). Start-ups recognized by DIPP, Govt. of India can now directly avail IPR related benefits without requiring any additional certification from IMB.

 5) You must self-certify that you satisfy the following conditions

a) You must register your new company as a Private Limited Company, Partnership firm or a Limited Liability Partnership

b) Your business must be incorporated/registered in India, not before 5 years.

c) Turnover must be less than 25 crores per year.

d) Innovation is a must ,the business must be working towards innovating something new or significantly improving the existing used technology.

 6)Immediately get recognition number.

 On applying you will immediately get a recognition number for your startup. The certificate of recognition will be issued after the examination of all your documents.

However, be careful while uploading the documents. If on subsequent verification, it is found to be obtained that the required document is not uploaded/wrong document uploaded or a forged document has been uploaded then you will be liable with fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.

EXEMPTION FOR STARTUPS

Reduction In Cost

Easy Access Fund 

Tax Holiday For 3 Years

Apply For Tender 

Research & Development Facilities

No Time Consuming Compliance

Tax Saving For Investors

Choose Your Investor

Easy Exit

Meet Other Entrepreneurs

FINANCING OPTION AVAILABLE FOR STARTUP COMPANIES

1) GOVERNMENT PROGRAMS (MUDRA):-

(PRADHAN MANTRI MICRO UNITS DEVELOPMENT & REFINANCE AGENCY LIMITED )Providing loan up to ₹10 LAKH to the non-corporative ,non-firm small/micro enterprise.These loans are given by the COMMERCIAL BANK ,SMALL FINANCE BANKS ,MFIs & NBFC.You can visit the website WWW.MUDRA.ORG.IN under this mudra has created three types of loan name 

SHISHU which provides the loan up to ₹50,000.

KISHORE which provides loan from ₹50,000 to ₹5 lakh.

TARUN which provides loan of ₹5 lakh to ₹10 lakh.

THE KEY BENEFITS OF MUDRA LOAN IS THE BORROWER DOES NOT REQUIRE TO PROVIDE ANY SECURITY OR COLLATERAL .THERE ARE NO PROCESSING CHARGES ON MUDRA LOAN..

2) BOOTSTRAPPING YOUR BUSINESS:-

It means SELF FUNDING specially when you are just going to start your business some business requires instant funding after starting .As it has less formalities/compliance.it is suitable for only small business.Some business needs money right from the beginning and for such business BOOTSTRAPING may not be a good option.

3) CROWDFUNDING :- An entrepreneur will put up a description of his business in detail on crowdfunding website .he/she will mention how much funds he /she requires and what is his/her goals.whoever will like or believe in his/her plans will invest in their business .

4)ANGEL INVESTMENT:-There are individual with surplus cash & keen interest to invest in upcoming startups.

5)VENTURE CAPITAL:-They are professionally managed funds who invest in companies that have huge potential.they usually invest in business against equity and exits when there is an IPO or an ACQUISITION .It may be appropriate for small business.

6)RAISE MONEY THROUGH BANK LOANS :-Bank provides two kinds of financing 

I)working capital loan - Require to run one complete cycle of revenue generating operation & the limit is usually decided by stock holder & debtors.

II) funding from bank -  it involves usuall process of sharing the business plan &the valuation detail along with the project report based on loan sanctioned.the banks you can choose are :- Axis bank ,Bank of baroda,Hdfc,ICICI.

7)GET BUSINESS LOAN FROM MICRO FINANCE PROVIDER (NBFC).

When you can't qualify bank loan , there is still an option which is (NON BANKING FINANCIAL CORPORATION)that provides banking service without meeting legal requirement/defination of a bank.

THANK YOU FOR READING IT ❤️😇👍I HOPE IT WAS HELPFUL TO YOU .

~HOW TO FILE INCOME TAX RETURN~💛

HELLO EVERYONE! I AM HERE TODAY TO SHARE WITH YOU HOW TO FILE INCOME TAX RETURN BY YOUR OWN .

It has been many changes in these years and now it's very simple and modified to file ITR.

IT has been easy because all your data and details of your salary and deduction are atomatically filled up.which means now you don't have to fill your data . it's just you have to match your details with FORM 16.

WHAT IS FORM 16:-

It is the certificate issued under section 203 of the Income tax Act for tax deducted at source (TDS) from income under the head 'salary'. It is issued on deduction of tax by the employer from an employee's salary and deposit of the same with the government. Form 16 can only be downloaded and issued by your employer. Any individual cannot download their Form 16. There is a common misconception that an individual can download Form 16 on TRACES website using the PAN number. All salaried individuals are eligible to get a Form 16 from their employers.

THERE WILL BE FEW DETAILS WHICH YOU HAVE TO FILL WHILE FILING ITR .WHICH I WILL EXPLAIN YOU IN THIS BLOG .

STEPS TO FILE INCOME TAX RETURN (ITR)

1) LOGIN TO WEBSITE OF ITR :-

http:/incometaxindiaefiling.gov.in

2)FILL THE FORM 

PAN (PERMANENT ACCOUNT NUMBER)DETAILS 

3)AFTER LOGIN YOU WILL OPEN TO DASHBOARD SELECT OPTION (e.file )and choose the first option (INCOME TAX RETURN)

4)NOW FILL THE DETAILS 

ASSESSMENT YEAR MEANING:-It is a year in which you are filing ITR.As our financial year starts with 1 APRIL and ends to 31ST MARCH of next year 

5)THEN SELECT ITR FORM NUMBER 1 :-We will select ITR form 1 as we are filing for salary person .then next filing type select ORIGINAL REVISED RETURN.

Then for submission mode :- select prepare and submit .

THEN YOU WILL SEE SOME DETAILS SHALL BE PREFILLED IN ITR FORM.SEE THE THIRD OPTION WHAT IS FORM 24Q:-It is a form that your employer files on your behalf to INCOME TAX DEPARTMENT (ITD) so all your data will automatically filled up .

NOW TAP ON CONTINUE ,I AGREE & CONTINUE.

6)NOW YOU WILL BE OPEN WITH ITR FORM.

First you should ensure here is that ITR FORM NO 1 is applicable to you or not ,if not then you can go back and select another ITR NUMBER as per your applicability.

7)READ THE GENERAL INSTRUCTIONS THEN SCROLL YOU WILL SEE EVERYTHING PREFILLED.

NOW SCROLL DOWN 

NATURE OF EMPLOYMENT:- select it as per your details ,don't change filled up sections,it will remain the same.

8)NOW WE ARE ON THIRD TAP (COMPUTATION &TAX ) 

Every thing is prefilled.the data filled here is as per form 24Q which is given by your employer to the government.

Don't change your SALARY AMOUNT if you did any changes in amount you will recieve salary defect notice from ITR office .so never change the option of salary as per sec 17(1).

9)NOW PAY ATTENTION:- If you are taken any house lone and you want to take INTEREST AND PRINCIPLE DEDUCTION but you should have a proof, so fill it here.

And add the amount because it will not be atomatically filled but if you are given your loan interest certificate to your employer and he has added it in form 16 then it will also be atomatically filled.

NOW SCROLL A LITTLE AND YOU WILL SEE GROSS TOTAL INCOME.

ABOVE IN THE PICTURE YOU CAN SEE PART C :-Here too data will be atomatically filled but in house loan the deduction for INTEREST AND PRINCIPLE ARE GIVEN SEPARARTELY and the limit for principle amount is 150000 .here it is completely full but suppose in section 80(c) the amount would be 80000 and your house loan would be 20000 so you could add it here .

10) SCROLL DOWN TOTAL INCOME IS GIVEN ITS ALWAYS ROUND OFF AND CESS WILL BE ADDED WHICH IS 4% 

YOU CAN MATCH YOUR DETAILS BY FORM 16

11) NOW GROSS TOTAL INCOME

Understand one thing you can either file for house rent deduction or house loan .

12) IF IN YOUR CASE HOUSE RENT IS APPLICABLE THEN  SELECT THE OPTION SECTION 10(13A)

whatever amount is applicable fill it in the amount .

13) TAP THE TAX DETAILS:- ALL THE INFORMATION ARE AUTOMATICALLY FILLED HERE.

14)NEXT TAP TO TAX PAID AND VERIFICATON

must ensure the AMOUNT PAYABLE IS 0 AND THE AMOUNT REFUND IS ALSO 0. Which means the employer has paid a perfect amount of tax and you don't have to pay any amount .

15)SCROLL THERE WOULD BE  A VERIFICATON COLUMN .select self and place .

down choose the third option :-i don't want to verify and then first safe draft

16)NEXT TWO TAPS ARE FOR DONATION:-incase you are giving any donation to POLITICAL PARTY or any NGO.whichever is registered  in government income tax act in which you can get exemption.this you can know through the same NGO or WHEREVER you donate.

NOW

PREVIEW AND SUBMIT

FOR BUSINESS PERSON ITR FORM IS 4.Self-employed individuals can file their income tax returns through an ITR-4 or ITR-4S form. The ITR-4 form is for individuals earning from a profession or proprietary business, while the ITR-4S form is for those who have a presumptive business income. In the latter, a certain percentage of the receipts are taken as net income and you’ll pay tax on that, instead of claiming business expenses against those receipts, and paying tax on the balance.

NOTE :-JULY 31st IS THE LAST DATE OF                            FILING RETURN.

SEPTEMBER 30th IS THE LAST DATE FOR FILING OF INCOME TAX RETURN FOR CORPORATE AND TAX PAYER & ALL THOSE WHOSE A/C LIABLE TO BE AUDITED.

THANKS FOR READING ! I HOPE THIS BLOG WOULD BE HELPFUL TO YOU 🙏😊❤️

~Types Of Companies And Their Incorporation~💛

                      HELLO  EVERYONE !                               I AM HERE TODAY TO HELP YOU OUT IN UNDERSTANDING HOW MANY TYPES OF COMPANIES WE HAVE.

First of all Let me know in comments if you were knowing the meaning of the word ‘COMPANY'

  

So the word ‘company' is derived from the Latin word ‘Companis' which means ‘com' (with or together), ‘panis' ( bread or meal ) so this is reffered to an association of persons or people having meal together 🍜

SO THERE ARE THREE TYPES OF COMPANIES WE HAVE AND OTHER ARE ALL  HOLDING TYPES OF COMPANIES OF THIS THREE COMPANIES . EXAMPLE -A HOUSE  IS A COMPANY AND OTHER COMPANIES EXCLUDE THIS THREE TYPE OF COMPANIES ARE THE ROOMS OF THE COMPANY.

[ALL THE COMPANIES  REGISTERATION ARE DONE IN ROC ‘REGISTER OF CORPORATION’ WHICH IS SITUATED UNDER MCA ‘MINISTRY OF CORPORATE AFFAIRS'.ALL THE STATES HAVE ONE ROC EXCEPT MAHARASHTRA AND TAMIL NADU HAS TWO ROC OFFICE ]

1) PUBLIC CO SECTION 2(71):- ITS NAME ENDS WITH ‘ PUBLIC LIMITED COMPANY ' WHICH COMES UNDER COMPANIES ACT 2013.

Public company means a company in which the ownership is distributed among the public as ‘equity shares'.The equity share holders are the owner of the company. Many private company turn their companies into public to raise their capitals. Who ever buys the equity shares of the company becomes the owner of the company and also has to accept both the loss and profit of the company. Company may pass the IPO ‘Intial public offer' to general public to buy their shares And company also has to trade atleast one stock exchange. Public company is answerable to their shareholders. Shareholders get right to vote for the corporate affairs. 

 IN PUBLIC COMPANY 

                        MINIMUM      MAXIMUM

DIRECTORS.     3                     15           

MEMBERS.       7                   NO LIMIT

FOR INCREASING THE MAXIMUM DIRECTORS FROM 15 YOU NEED TO PASS ‘SPECIAL RESOLUTION' IN WHICH THE VOTE SHOULD BE THREE TIME MORE THEN THE AGAINST VOTE .

EXAMPLE :- AMONG 100 MEMBERS 75 SAID YES FOR INCREASING THE NUMBER OF DIRECTORS AND OTHER SAID NO .SO THE VOTE IS 25 SAID NO AND 75 SAID YES :-25+25+25 IS 75 SO THE VOTE IS 3TIMES MORE THEN AGAINST VOTE SO THE RESOLUTION CAN BE PASSED .

2)PRIVATE COMPANY SECTION 2(68) :- ITS NAME ENDS WITH ‘PRIVATE LIMITED COMPANY’.WHICH COMES UNDER COMPANIES ACT 2013.

A private company is a firm held under private ownership. Private companies may issue their stock and have shareholders, but their shares are not traded on public exchanges and are not issued through an initial public offering (IPO) And are non government Organization.

RESTRICTION FOR PRIVATE COMPANY

1)Number of members cannnot exceed 200,exclude employees.

2)Cannot freely transfer it's shares

(with restrictions yes)

3)Cannot make and initial public offer (IPO)

To general public to subscribe it's security (shares).

 

IN PRIVATE COMPANY :-

                   MINIMUM       MAXIMUM

DIRECTORS   2                        15 

MEMBERS     2                       200

FOR INCREASING THE MAXIMUM DIRECTORS FROM 15 YOU NEED TO PASS ‘SPECIAL RESOLUTION' IN GENERAL MEETING.

Private Company Can Also Be A SMALL COMPANY SECTION 2(85):- 

Condition -capital should not exceed ₹50lakh .

                  Turn over should not exceed ₹2crore

Higher amount prescribed by central government not exceeding ₹ 10crore .

Higher turnover amount prescribed by central government 100 crore.

3) ONE PERSON COMPANY SECTION 2(62) :- THE 2013 ACT INTRODUCES A NEW TYPE OF ENTITY TO THE EXISTING LIST .OPC MEANS A COMPANY WITH ONE PERSON AS ITS MEMBER.

It has only one member.

A nominee must be appointed.

One director is sufficient.

One person comapny cannot invest in shares of other companies. 

Minor not allowed

VOLUNTARY FOR OPC  :- Cannot convert upto 2 years from the incorporation to Pvt or public ltd co.

COMPULSARY FOR OPC:- If capital exceeds ₹50lakh or total income of preceding 3 financial year exceed ₹2 crore then it's obligatory to convert it from OPC to other company.

Resident in india :-Have been in country for atleast 182 days in last financial year.

HOPE THIS INFORMATION WOULD BE HELPFUL TO YOU ❤️😁👍

~10 ideas to start a Business~💛

                    MARKET RESEARCH

                    WRITE YOUR BUSSINESS PLAN

                    PICK YOUR BUSINESS LOCATION

                    FUND YOUR BUSINESS

                   CHOOSE BUSINESS NAME

                   REGISTER YOUR BUSINESS

                  TAX ID'S

                  APPLY FOR LICENSES AND PERMITS

                  OPEN BUSINESS BANK ACCOUNT

1)MARKET RESEARCH -It will help you to know if there is an opportunity to turn your idea into successful business. Research the potential about the customer, Also your's and others business, brand and industries in your area or locality to understand in which business you can achieve more success. gather all the information and take advantage for your business plan also you can collect information through people staying in that locality to understand their needs and then start that business to earn more profit like monopoly.

2)WRITE YOUR BUSINESS PLAN -First of all writing everything helps you in remembering exactly what you should do. make a proper structure about your business plan and also make a future assumption for profit and loss both. Always be ready for both if loss occur be calm and start again with some new ideas.business is all about dealing with all situations, all ups and downs. If any Make a note that how many partner you are going to involve. Or else an individual can alone start a business.

3)PICK YOUR BUSINESS LOCATION -It is the most important part Or a decision you will make whether it's small or a big business idea. The choice you would make could effect your taxes, legal requirements and revenue.

4)FUND YOUR BUSINESS -As per your business plan you will get an idea on how much fund is going to be require for your business. You will need to raise or borrow funds as per requirement for your business. Many banks and institutes gives loan for your business plan if they found your idea fascinating.

5)CHOOSE BUSINESS NAME -Its not easy to pick the perfect name. the name you choose should reflect your business.also be sure the name you choose should not be name of someone else business or brand name .

6) REGISTER YOUR BUSINESS -Its time to make it legal and protect your brand. so that no one else would use the same name or the name of your business should not match anyone else brand or business name orelse registrar will cancel your application for registration. You have to give 5 names for registration whichever would be available the registrar will register it for your business or brand name .

7) TAX ID'S -First you have to get EMPLOYER IDENTIFICATION NUMBER and TAX ID number.There are the table to pay tax in every country. In india it is :-

Age of  1 to 60

If you earn amount 

0 to 2.5 lakh  the tax rate is 0%

2.5 to 5 lakh the tax rate is 5%

5 to 10 lakh the tax rate is 20%

10 lakh and above it's 30% 

Age 60 to 80 (senior citizens)

If you earn amount

0 to 3 lakh the tax rate is 0%

3 to 5 lakh the tax rate is 5%

5 to 10 lakh the tax rate is 20%

10 lakh and above the tax rate is 30%

Age 80 and above (super senior citizens)

If you earn amount 

0 to 5 lakh the tax rate is 0%

5 to 10 lakh the tax rate is 20% 

10 lakh and above the tax rate is 30%

REMEMBER - THIS SLABS ARE NOT ONLY FOR BUSINESS PEOPLE BUT FOR EVERYONE .YOU SHOULD ALWAYS FILE A RETURN NOT NECESSARY IF YOU ARE A BUSINESS PERSON OR NOT ,TAXABLE OR NOT YOU SHOULD FILE A RETURN .

7)APPLY LICENSE AND PERMIT -As per your location, state and country you have to see how many license or permit you would require for your business.Business license and permit are issued by government agencies that allow individual and company to conduct business within government geographical jurisdiction. It is an Authorization for you to start a business in your location without any obstacles.

8)OPEN BUSINESS ACCOUNT -This account is made in any bank.This account is made to keep the business transaction record and also to keep business and personal finance separate. Business account comes with special conditions related to business.

9)OTHER NECESSARIES - MUST APPOINT CA ,CS OR HAVE ONCE A COMMUNICATION WITH THEM RELATED TO YOUR BUSINESS IDEA, AS THEY WOULD HELP YOU IN ACCOUNTING AND TAX BENEFITS AND CS WOULD HELP YOU IN LEGAL REQUIREMENTS .

❤️😊👍HOPE THIS WAS HELPFULL FOR YOU

FOR MORE INFORMATION RELATED BUSINESS COULD COMMENT