Accounting Equation

Setting up a new business

The first step in starting the business journey is to identify and choose the structure for the proposed business. There are various types of entities can be registered such as proprietorship, partnership firm, Limited Liability Partnership (LLP), Private Limited Company, One Person Company (OPC).

Once the type of entity to be registered is finalised it is important to register with the Tax authorities. First most registration required is getting a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). Further, Goods and Service Tax (GST) registration is mandatory for any person or entity if the turnover exceeds Rs. 40 lakhs (Rs. 20 lakhs in case of service providers).

Setting up a new business

We at Accounting equation helps out client in identification of best legal structure for your business.

Perform market research
Market research will inform you if your idea has a chance of becoming a profitable business. It’s a method of gathering information about new clients and existing businesses in your neighbourhood. Make use of this data to gain a competitive advantage for your company.
Make a business plan.

The basis of any company is its business strategy. It’s a step-by-step guide to setting up, running, and growing your new company. You’ll use it to persuade others that working with you or investing in your business is a wise decision.

Invest in your company

Your business plan will assist you in determining how much money you’ll need to get started. If you don’t have that much money on hand, you’ll have to raise it or borrow it. Fortunately, there are more options than ever before for obtaining the funds you require.

Select a business structure
Your business registration requirements, tax obligations, and personal liability will all be influenced by the legal form you chose for your company.
Choose a name for your Business
It’s not easy to come up with the ideal name. You’ll want one that embodies your brand and exhibits your personality. You should also double-check that your company name isn’t already in use by someone else.
Create an account for your company
It’s time to make your business name legal and protect your brand after you’ve chosen the perfect name. You’ll need to register with the federal government and possibly your state government if you’re doing business under a name other than your own.
Register your Business
Basis the legal structure you select for your business, the reisteration process will change. You may need to register with MCA - ROC, Income-tax Authorities, GST, MSME, IEC etc.

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