Starting a business would follow the business formation to its registration with various authorities. Based on the organisation structure chosen, the formation process will be followed to make the business come in existence.
As soon as the formation or incorporation is completed, the priority task will be to obtain PAN and TAN of the entity, which will be followed by opening the bank account.
The business further needs to register itself with various authorities based on applicability and the requirements. Irrespective the organisation type, following registrations are attracted;
- Registration under Shop & Establishment Act of respective State;
- Professional Tax Registration, if required;
- GST Registration (mandatory or voluntary)
If the business activity requires specific registrations, they must be obtained. Example of few are FSSAI or Food Licence for Restaurants, permission of RBI to start financial institution, SEBI approval for stock broking, etc.
Other formalities include the Intellectual Property Protection and drafting of legal documents that would be required to carry on business or are necessary for it.
A business consultant can guide you from choosing the right organisation structure and other required formalities and registrations. If you need one, get in touch with LegalWiz.in
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