Limited Liability Partnership (LLP) is a type of organization in which each partner’s liability is limited to the extent of his/her contribution. It is formed under the Limited Liability Partnership Act 2008. Limited Liability Partnership (LLP) firm is a combination of partnership firm and private limited company, hence LLP enjoys benefits of both types of organizations.
A Partnership Firm is a form of organisation wherein two or more persons enter into an agreement and agree to share the profits of a business carried on by all or any of them acting for all.
One Person Company (OPC) is a type of Company under the Companies Act, 2013. OPC is a company that has only one person as to its member and another person as their nominee. It can also be said that an OPC is a blend of Proprietorship concern and a Company.
A Business Entity is an entity formed in order to engage in business activity. A business entity is an organisation set-up by the business owners considering the factors such as the size of the business, nature of the business, the number of members involved, capital requirement, etc.
Food Safety and Standards Authority of India (FSSAI) is an autonomous body established under the Ministry of Health and Family Welfare, Government of India. It is responsible for protecting and promoting public health through the regulation and supervision of food safety. FSSAI is a mandatory registration/ licence for business entities that engage in food and related activities.
The Shop Act is designed to regulate the payment of wages, hours of work, leave policies, holidays, terms of service and other work conditions of people employed in shops and commercial establishments. Shop Act is a mandatory registration and is necessary if the business premises are located in municipal limits. It is compulsory to display this document in a prominent place in the business premises.
Funding institutions are an important source of funding to start or expand a business. Borrowings required can be in the form of cash credit for working capital or term loans for purchasing fixed assets. Funding institutions require information in a particular format to process business loan applications. This checklist is helpful as it consolidates the requirements of the funding institutions.
Business Planning is the first step towards a successful enterprise. Business Planning includes deciding what products or services you would like to offer, the place where you would like to start the business, analysing competition, estimating demand and creating the financial model.