What are the things to keep in mind before starting a business?
Trade is an integral part of the world economy. Many do not consider justice in order to make a profit in business, Start any business. But without proper planning it is difficult to achieve business success And time consuming. So if you have a clear idea of what kind of business it is, It will be easy to determine which type of business is right for you.
When a business is individually owned And is managed automatically. Then that is sole proprietorship. Most small businesses are sole proprietors. Here the responsibility and control of running the business rests entirely on the business owner. Is responsible for its own gain or loss.
Partnership is when two or more people start a business together, Where everyone is a business partner. It is of two types. General Partnership and Limited Partnership.
This infrastructure requires at least two partners. However, the state does not have the problem of registration. They have their own contract. Business profits and losses are divided between the partners. They invest money according to their own ability And profit and loss are distributed according to the agreement. However, both members are equally responsible for the company’s debt and other matters.
Limited Liability Partnership (LLP):
Here the partners are not personally responsible for the business and the loan. In other words, the debt of the company will not be on the investors. In this case a valid contract is required. Both investors have to submit a partnership deed to the state. Here’s the tax pressure on the company, right? But members do not have to pay any tax separately on their dividends. Such an organization was started in India in 2010 And so far more than 1 lakh LLP companies have been registered in India.
There are a few such companies:
# Air Logistics LLP (transport, storage, communication)
#Aroma Med Farm LLP (agriculture & allied activities)
#Robotek LLP (Business Services)
# 4 Dots Cards & Printers LLP (Manufacturing papers and printing related activities)
This is the most complex and largest business infrastructure, Where there are multiple investors And everyone owns the business. In the case of corporations, business can be done with less capital. You can make a profit by buying shares of any company according to your ability and selling them on time. But here the investor’s profits are doubly taxed, Once at the corporate level, Once upon a time for personal gain. The biggest example of a corporation is, Google which is an American multinational company. Also Amazon, Apple, Microsoft, General Motors etc. are some of the famous corporations in America. Some of the famous corporations in India are Reliance Industries, Tata Motors, Tata Steel, Bajaj Finance, Asian Points, Ajanta Pharma, Britannia Industries etc.
So you must have an idea of what kind of business it is. Now considering one’s own advantages and disadvantages, You just have to be more discriminating with the help you render toward other people. Every type of business has its pros and cons. But all businesses are risky. But in that business you can work smoothly And can last a long time, Finding out, We have to move forward according to the appropriate plan.