INCORPORATE A BUSINESS ENTITY
The very first step of starting a business is to decide on the format of entity for conducting the business. This is an important decision - the right type of business entity will support your business plan and help accelerate your business growth. You may also be able to avoid high tax rates and prevent personal liabilities in case of a loss. In India, a business may be set up in one of the following formats:
4. LIMITED LIABILITY PARTERSHIP (LLP)
5. PRIVATE LIMITED COMPANY
6. PUBLIC LIMITED COMPANY
Each business entity has its own unique advantages and the best fit for your business will be determined based on the number of founders, size of business and future plans. While it is generally possible to convert a business from one format to the other, it may involve significant time, effort and expense. It is necessary that you are aware of the type of setup that is best suited for your business and make the right choice.
Your LawLeo counsel will consider various factors about your venture, will advise you about the optimal format for housing your business and will assist you in the process of registration of your business.