Basic Aspects of Company Registration Process - VRGyani News and Media


Thursday, December 20, 2018

Basic Aspects of Company Registration Process

An entrepreneur must have the knowledge on basic legal aspects of a  business before going for incorporation procedure. A business entity is governed by multiple business laws such as Company Act, shop and establishment registration, GST and tax registration, ESI EPF registration. You need to identify the law under which you business falls and ensure that the company fulfills statutory compliance to avoid legal roadblocks in business operations.

Choosing the Right Business Type

The very first decision before filing company registration application is to decide the type of business organisation depending upon nature of business, services and products and future funding.

You can make a choice from sole proprietorship, partnership firm, limited liability partnership, Pvt Ltd company or One Person Company. This decision is crucial to define future business path to sustainability and profitability. Each type of business has a separate statutory compliance which you need to follow to maintain legal status of company.

Statutory Compliance

All business entities are required to follow the statutory compliance dependent on the  registered office address. A business comes under Indian jurisdiction if it is registered in one of the 29 states and 7 union territories in India which have different set of laws and compliance you need to follow.

Intellectual Property Law (IP)

A incorporated business is unique and it is run by professionals who have a long term goal. Thus, it is important to get products, logo, identity, original research registered under IPR. Patent, trademark and copyright are prime assets for your business. Through trademark, copyright, patent registration; a business can control infringement and distribution of its intellectual property; thus maintaining the brand value. Business will have legal right to claim losses due to infringement from any third party.

Income Tax and GST Laws

If your business is incorporated, company has to comply with the tax and GST norms it is applicable to. It is important for business to understand the applicable taxes and due dates of payment. If the tax compliance is not met; it can lead to heavy penalties by the tax vigilance departments.

GST Book Keeping

A business has to maintain monthly accounts to analyze the cost of business and improve performance of business operations. Accounting and bookkeeping is necessary for tax compliance and annual return filings..

The incorporated company is also liable to comply with the norms of governing bodies such as SEBI, RBI, IRDA, ICAI, ICSI etc if business is registered with the bodies or if business operations requires it.

We at GSB Taxation will guide you through legal aspects of company registration. To know more or to register your company in India, Please call 085-868-06283 or send an email to [email protected]. Get expert consultation for company registration, MSME registration and tax preparation services (GST, ITR, TDS, EPF). Enquire to outsource your accounting services. Also get information for trademark registration.

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