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accomplishment, rather it’s just a beginning of painful processes and learning which will follow before you hit your treasure.
The critical decision making situation for you arises to decide on the formation structure of your business so that all of your objectives are met.Starting a business: What structure will you use to operate your business? Sole trader
A sole trader is a person trading on their own. The sole trader:
- controls, manages and owns the business
- is personally entitled to all profits
- is personally liable for all business taxes and debts.
As a sole trader you can usually begin the business without following any formal or legal processes to establish it. You may employ other people to help run the business.Partnership
In a partnership, two or more people run a business together. Each partner:
- shares responsibility for running the business
- shares in any profit or loss equally, unless the partnership agreement states otherwise
- is liable for any debt within the partnership.
Many partnerships are established with a formal partnership agreement.Income tax
The partnership itself does not pay income tax. Instead it distributes the partnership income to the partners. The partners then pay tax on their own share.
Income, tax credits, rebates, gains, expenditure or losses allocated to a partner in an income year will generally be allocated in proportion to each partner’s share in the partnership’s income under the partnership agreement.Limited Partnerships
A limited partnership exists as a formal and legal entity in its own right. It is separate from its partners.
To register a limited partnership you need to contact the Companies Office.Companies
A company exists as a formal and legal entity in its own right. It is separate from its shareholder(s) or owner(s).
To register (incorporate) a company under the Companies Act, you need to:
- Contact the Companies Office
- Pay for a legal registration process.
- Owns the assets and liabilities of the business
- Is responsible for any debts.
The shareholders’ liability for losses is limited to their share of ownership of the company.
We help you free up your time to focus on running your company by offering a full range of business solutions. We have created a solution for small to mid-sized businesses that can be tailored to your specifications. Our customized small to mid-sized business solutions can also include functions such as data entry and web marketing.
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As an entrepreneur looking to expand into a new business, there are many financial factors you must consider to ensure the the success of your new venture.
For clients looking to start a business, you must decide what form of business entity your new venture will be. Choosing and setting up the form of entity your business will be is one of the most important business decisions you will make in the beginning.
Here is what we can do to help get your business started:
- Selecting the right form of entity viz proprietorship, partnership, company, LLP etc
- Documentation to float the entity
- Drafting of partnership deed/ LLP agreement/ drafting of MOA/ AOA etc
- Application for Digital Signature Certificate (DSC)
- Application for DIN/ DPIN
- Application for availability of name
- Filing of other relevant forms
- Registration with the statutory authorities
- Registrar of Companies / Firms
- Service Tax
- Professional Tax
- Import Export Code (IEC)
- Accounting of per-incorporation transactionsAs a start-up business, we understand that your priority is to generate revenue and grow your new business. The time is right for you to hire someone to handle your bookkeeping & accounting, knowing that CHOKSI TAX SERVICES Accounting Experts will have the proficiency and ability to take your business to the next step.
Let us help you steer in the right direction with a FREE consultation with our business experts.
In addition to our company’s experience and knowledge, CHOKSI TAX SERVICES will utilize our full network of service providers and business professionals for any needs that your business might need.
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