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You can do all the activities you have mentioned without any registrations. While filing your IT Returns you will have to declare the revenue from these services as Income from business and you will have to pay the applicable Income Tax. However, you will not be able to open a current account in your trade name. If you want to open a current account i...
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ProfessionalAt what stage of a startup, should it be incorporated into a company (llp, plc, etc.)
I am a sole founder and am about to launch my app. I plan to receive payments from the app (both advertisements and customer payment). I would like to know if I can start out such a business without registration initially, and then register it as a company when the scale is appropriate. Please do let me know if I was unable to frame my question properly.
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Wazzeer Professional Network
ProfessionalYou can do all the activities you have mentioned without any registrations. While filing your IT Returns you will have to declare the revenue from these services as Income from business and you will have to pay the applicable Income Tax. However, you will not be able to open a current account in your trade name. If you want to open a current account in the name of your trade, then you will have to register either for Professional Tax, GST, Shops & Establishment etc. You may or may not incorporate an LLP or Private limited company in future. That is entirely your business decision and you can decide whether or not or when to incorporate the company under MCA.
To give you more clarity on this:
In case you need any assistance in legal or accounting or secretarial services, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get your Wazzeer"
over 3 years ago
View answer
At what stage of a startup, should it be incorporated into a company (llp, plc, etc.)
I am a sole founder and am about to launch my app. I plan to receive payments from the app (both advertisements and customer payment). I would like to know if I can start out such a business without registration initially, and then register it as a company when the scale is appropriate. Please do let me know if I was unable to frame my question properly.
-
Wazzeer Professional Network
ProfessionalYou can do all the activities you have mentioned without any registrations. While filing your IT Returns you will have to declare the revenue from these services as Income from business and you will have to pay the applicable Income Tax. However, you will not be able to open a current account in your trade name. If you want to open a current account in the name of your trade, then you will have to register either for Professional Tax, GST, Shops & Establishment etc. You may or may not incorporate an LLP or Private limited company in future. That is entirely your business decision and you can decide whether or not or when to incorporate the company under MCA.
To give you more clarity on this:
In case you need any assistance in legal or accounting or secretarial services, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get your Wazzeer"
over 3 years ago
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