Business Startup, Startup Consultant

GST is one of the compliance requirements that are common for most of the business entity setups. From sole proprietorship to complex company structures, most of the business entities engaging in regular business transactions would be on the radar for GST compliance. What are some of the compliances under GST ? Let’s find out- ·            Filing of returns GST returns unlike many other annual compliance requirements need to be filed every month. This makes compliance tough initially but easy with time. Making accounts and transactions in line with GST regulations will reduce a considerable amount of work to file the GST returns every month. The problem arises with incorrect bookkeeping practices and similar inconsistent practices that may help internally for the business, but are not valid or recognized under the eyes of law/government. GST compliance requires the filing of monthly, quarterly, half-yearly as well as yearly returns app...

A private limited company is a company that is closely held by a few individuals with limited liability for the losses the business might incur in the future. Unlike the public limited company, the shareholders or investors could be restricted to 100 persons. A private limited company in the eyes of law is a separate legal entity, which gives it an edge over partnerships and various other business setup options where a separate legal entity might not exist. The partners or investors in this type of arrangement can be selected and is an excellent choice for startups looking for limited investment without compromising ownership. A private limited company may hire a maximum of 50 employees only. Initial private limited company compliances During the initial year of doing business, private limited companies face some once for all compliances. These can be listed as follows- ·          Appointment of an auditor All companies re...

One person company functions on the principles of a company but is generally managed by one primary person. It has to be registered under the Companies Act of 2013. The member of such a company is one person, however, it can have multiple investors, shareholders, creditors or employees. Some of the benefits as well as features of OPC can be listed as follows- ·          Ease of incorporation The OPC can be incorporated by any person born in India, who is not regarded as foreign. Such a person will need approvals from the Registrar of Companies with respect to naming and other formalities. Following which, registration fees have to paid, e-forms to be uploaded, and the incorporation certificate is received. ·          Ease of compliance Annual Compliance for OPC is similar to a company, however, it is slightly simpler. The packages for one person compliance are about 1/3 rd times cheaper than ...

Limited Liability Partnership is one of the most popular and beneficial ways of setting up a business. With benefits like limited liability, unlimited partners, a combination of benefits from a corporation and a partnership, etc., it becomes one of the most widely formed business entities across India. However, what are the compliance requirement, what ideal annual compliance for Limited Liability Partnership package should contain, is it complicated? A ll these questions shall be addressed by learning more about the compliance requirements of an LLP company. ·          LLPRegistration The LLP has to be registered with the Registrar of Companies as well as the Ministry of Corporate Affairs. ·          Filing of Form 11 Form 11 is the annual return for an LLP and includes details about any restructuring that took place during the financial year. It also consists of details with respect to cha...

One Person Company and Limited liability partnership are two of the most common business entities that prevail in India. Both of them have a set of rules and compliances that need to be followed in order to run the business smoothly without any worries and legal matters. There are many major differences in the Annual compliance for OPC and that of an LLP. Here, we will discuss the end to end compliances that are required for both the entities along with various regulations and laws required to govern them One Person Company The OPCs work according to the Companies Act, 2013 and all the associated rules. Starting from maintaining the accounts books to the composition of annual financial statements and getting various events approved for the company by conducting general meetings and board meetings are some of the major Annual compliances for OPC . Limited Liability Partnership Similar to OPC, there are important Annual compliances for LLP as well that a company...

GST is a new tax system that is complex only because people are not used to it. The unified taxation system aimed at making India a single trade entity is simple to interpret once you use the services of a consultant or professionals. It can in many ways be beneficial as well. The list of key aspects for income tax consulting could help in resolving the not so difficult GST- ·           Regulatory upgrades The interpretation of tax law amongst the regulatory body and the tax body may be LLP or a sole proprietor or any other business entity may be different. It is important to remain compliant and legally vigilant. It is not an easy task as the GST environment is very dynamic in nature and things you have been following may or may not be right. Income tax consulting can help you fill this gap and ensure the right policies are being adopted for better compliance and reporting. ·          Accountin...

GST introduced in mid of the year 2017 is a new tax system and there are bound to be some transitional worries, concerns or difficulties. The Goods and Service Tax that is aimed to treat India as a consistent market irrespective of internal borders like state or localities have received mixed responses. Everyone wants to understand how beneficial it could be for their business or what reporting or book-keeping mechanism needs to be altered in order to be compliant with the GST regulations. Things that need to be on the checklist for GST compliance ·          Registration GST registration is often considered as mandatory and compliance. However, it is important to determine if your business needs a GST registration or not. If it is needed what is the procedure and how to go about the same. This is the first step towards GST compliance. ·          Day to day Invoicing and Billing GST complian...