Incorporation / taxation
Folks running venture in India - Do you mind sharing what is your corporate/legal structure? How you manage taxes?
Would also love to hear the story of how you started your venture.
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Folks running venture in India - Do you mind sharing what is your corporate/legal structure? How you manage taxes?
Would also love to hear the story of how you started your venture.
Hey 5id,
If its a new company without any customers or product, i would suggest your start with LLP or partnership so they r easy to close down. otherwise, Pvt Ltd is the way to go, once you are sure to cross 1cr in sales i.e. clarity on the way forward.
Opening a firm is quite simple with online services like https://vakilsearch.com/ etc..
The biggest hurdle is to get the company name accepted. Brand name & Entity Name r different so don't stress about getting brand as a company name if u have a generic term in you brand name.
Once the company is registered, process for GST (online) & get hold of a CA in ur area so they will handle Bookkeeping & tax filing etc... or explore online options too but we have local CA cause they provide more hand-in-glove service.
GST needs to be paid monthly or quarterly based on turnover which bookkeeping guys will handle
Hey Thank you so much!
How does the tax submission work, do you have a CA on retainer or once in quarter you talk to a CA and give him all your invoices.
I do understand the financial process for MSME and Enterprises. However, I am clueless about a niche indie side business say with a few hundred small ticket customers, where the focus will be on minimizing overhead costs and efforts. The real life expertise of someone whose business falls in that category will be very helpful.
Further, what are your thoughts on OPC (one person company), the problem with LLC is that it requires at least two person. If I want to keep my business small, not exchange equity for any other asset, OPC sounded good to me.
Once again, thanks for your inputs, that was very helpful.
Hey, Bookkeeping service will handle monthly Invoicing & GST filing
CA will handle quarterly & annual company filing
But both will be offered by CA firms, mostly as bundled service, 10k or so annually.
You can go for a Proprietorship firm which will be single-person company, all income will be counted as personal income, should be good enough till u make 10+lac ... CA will be better to advise on this..
There are all taxing details so don't stress too much, meet a couple of CA's, get quotes n get started. Just make sure all the quarterly & annual filings r in order so penalities r not levied, they r quite heavy for even not filing Nil returns ( that u dint make any money ).
Thanks that was very helpful.