Forming A Business Made Easy

1
Forming A Business Made Easy
2
(No Transcript)
3
For those who one day wants to become the next
Steve Jobs or Sachin Binny Bansal, or the first
of their name in the entrepreneurial attempt,
business formation is the first step to start
with. The business structure is the first step to
secure financing, hire executives and provides
the foundation to hold up all the pillars of the
company. Although taking risks is certainly a
part of the entrepreneurial scenario, it is
always a good idea to nail down the business
structure required. An entrepreneur has the
option to set up these common types of
business- Sole proprietorship It is the simplest
business to set up, although it offers no
protection to the owner. A sole proprietorship is
acceptable for businesses with minimal
risks. General partnership This is another
informal business entity that does not require
more than a partnership deed. General
partnerships do not provide any sort of asset
protection.
4
Limited Liability Partnership (LLP) This
business requires at least one general partner
and one limited partnership. It combines the
advantages of both company and partnership into a
single form of organization. Private limited
company These are closely held businesses,
usually between family members and / or friends.
Private companies are allowed to issue stocks and
have shareholders. Usually the formation of a
business goes through a number of stages which
are mentioned below- Arrangement and
verification of Documents At first, the basic
documents of Directors who will be at the helm of
the company are aggregated and verified. After
that all directors or official representative
create their respective digital signatures to
make the process of documentation more authentic
and secured. DSC also verifies and establishes
the identities of parties involved in a business
formation.
5
Documentation and approvals Once Digital
Signatures and Digital identification Numbers
are acquired, proposed name of the company is
sent to the registrar of companies for approval.
Only after these approvals, a company can get MoA
(Memorandum of Association), which has to be
printed and made public with anyone who is
associated with a company. Filing for
Incorporation After the registration of
Memorandum of Association, Articles of
Association, the registrar issues a Certificate
of Incorporation. This certificate is the
evidence that the company is incorporated and all
the requirements of the Companies Act have been
complied with. One has to remember that a
business cannot come into existence out of a
void. The efforts of the entrepreneur as well as
the rest of the team put a name to the business.
The process of business formation starts with
conceiving an idea and translating that idea into
action. This implies the establishment of a
business and its commencement depends much on the
team hired and foundation members, stakeholders
and other parties liable to it.
6
A business owner once decided to incorporate his
venture, has already taken a route thats full of
challenges and possibilities. Thats why we want
to tell you a secret- once you register with
Filingenie, your business formation already gets
under way. Filingenie ensures that business
formation does not end up becoming a round -about
process. Filingenie is the one stop solution for
all business formation deals that too without any
signup or payments gimmicks. For more information
about how we can help build up your business,
visit www.filingenie.com  
7
(No Transcript)