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21
Nov
17
Choose a Right Name for Your Startup

Choosing an appropriate name is one of the most important decisions that should be taken by any Startup.  In order to choose an appropriate name, a proper research must be conducted. After choosing a name the startup must ensure that the name chosen must be available for registration. Many times people start investing in the branding of their business name without even checking its availability, which may prove to be costly and may drag you in litigation in future for trademark infringements of other’s brand. So, before you begin, you should make sure that your business name is available for registration with the Registrar of Companies

Factors that should be considered while choosing a perfect name for the company are as follows-

  1. Unique and unforgettable- The name chosen shall be distinct and memorable. Every company wants a name that stands out from the crowd, a catchy handle that will remain fresh and memorable over time helps to acquire large market share.
  2. Avoid critical spellings- While creating a name, stay with words that can easily be spelled by customers. Some startup founders try unusual word spellings to make their business stand out, but this can be trouble when customers ‘Google’ your business to find you, or try to refer you to others. Also, customers are unable to memorize the unusual spellings.
  3. Keep it simple- The name chosen must be simple and short. Avoid using special characters and algorithms.

4.Easy to pronounce- Try to choose the business name that customer can pronounce and remember easily. Skip the acronyms, which mean nothing to most people. When choosing an identity for a company or a product, simple and straightforward are back in style, and cost less to brand.

  1. Avoid using restrictive name-While choosing the brand name make sure that the name chosen must allow your business to move around or add to its product line. This means avoiding geographic locations or product categories to your business name. With these specifics, customers will be confused if you expand your business to different locations or add on to your product line.

6.Ensure that the name is available- After finalizing a name an applicant must check the availability of the name chosen in order to avoid any further litigation.

  1. Suggestive company name- Try to choose a name which suggests the activities of the business entity rather than choosing any random name. Suggestive name helps the business entity to attract more customers.
  2. Use common suffixes- Try to choose common suffixes like“.com” or the standard suffix f. If these suffixes are not available for the name you prefer, pick a new name rather than settling for an uncommon suffix.

 Thus, a startup shall keep all the factors mentioned above in mind while choosing his company name as it will assist it in establishing a good brand image in the market.

25
Sep
17
Start-up a Platform to Raise Opportunity in India

Make in India and Digital India are the two parallel steps for start ups in India. Start-up registration has given opportunities to youngsters. Technology has encouraged many young minds in India to start Business in India. Since in India unemployment rate is decreased by1 percent.     

Start-ups have important roles to play in economy of the country. Many new comers have been employed with start-up regime in India. Therefore, is the major concern to boost start-up registration in India and also the event Start-up India Stand-up India campaign has motivated many young entrepreneurs to make a wake call to start the Business. Youngsters and Mid-level executives are seeking a stable career with start-up.

Many start-ups have got funding from the investors for Business expansion. Business with private limited company is the simplest and easiest form to start business in India. Since, it is easy to raise funds. The company has also greater flexibility and Limited Liability to make things reliable. It is a corporate structure that has generated better ROI and managed operational cost in India. 

Running Business in India has been has ocean of opportunity. Since, Couple of years MNCs have shown interest to invest the capital for start-up in India. Indian Human Resource is among greatest in all over the world. Many Foreign Company in India has Indian CEO. Plans and strategies have emerged to a greater success and consistency in the work is the best factor to set of factors that make startup companies successful. It is the curiosity in the young minds that succeed better.

Here are some of the points to start a successful start-up

  • Greater focusmotivation, commitment and passion
  • Enjoy small success and celebrate them
  • Follow success stories and failure stories side by side
  • Taking advice from a good mentor or consultant and domain-specific business knowledge for example finance, operations, and marketing.
  • Good pitch for the funding.
  • Usage of technology and internet make things less costly and saves time and manpower.
  • Patience and persistence due to the timing mismatch of expectations and reality.
  • Passionate about the Business and shows commitment.

A genuine start develops better outcomes for greaterprofits with the flexible procedure. It could be along the item pivot or the market hub, yet it must be a sufficient change that it truly requires a modification in technique and a relating alteration in asset portion. In any event, that is my definition. Energy and inspiration are the undeniable variables. Each business person, business mentor, specialist, counselor, news analyst, speculator and industry examiner discusses energy. It's likely progressed toward becoming excessively antique.

What I like about this examination is that it goes to the foundation of the enthusiasm. Individuals that are fruitful trust in what they are doing. The fruitful business visionary feels that they can have an effect and an effect on the planet. There is so much idleness and antagonism around getting a startup off the ground. Effective business people are aggressive. They play to win, and they prefer not to lose. This quality may show-up distinctively with various identity sorts; however I have never met a fruitful business visionary that doesn't have an aggressive soul and a will to win.

The following two things go as an inseparable unit. I kept them isolate since I think mentorship is so vital, and it has assumed such an immense part in my vocation achievement. Because you will learn does not imply that you will look for a tutor and tune in to their direction. Incidentally, I'm not upholding that you accept each suggestion and direction from your tutors, however in the event that you have chosen solid coaches that have huge space, specialized or business skill.  It gets to modesty. It's something when you think you have it, you don't.

Past that, you require an arrangement, steadiness, persistence, a readiness to be adaptable, and a world-class group. You additionally should be cheap, brilliant, and develop solid coaches. The most ideal path know to do every one of these things well and productively is to take after an efficient procedure where you design, confer, track comes about, advance achievements and raise the essential capital, or "fuel in the tank," to drive the development of your startup.

12
Sep
17
Tips to Start your Own Company

Company Incorporation is a massive load of work for entrepreneurs those who are fresher with own Business and having professional experience. Business men need to deal with lot of legal formalities to follow rules and regulation according to the Indian company Law. People in India are very talented and hardworking to achieve something they put effortless hard work and cooperating with their social environment.     

There are many ways to start company in India. Private Limited Company is considered the most preferable form of company due to greater flexibility and Limited liability. It is easy to raise funds when company registration is registered as Private limited Company. Private Limited Company in Delhi NCR, Kolkata, Mumbai, Chennai or in electronic capital of India Bangalore are beneficial to start. You will have great Business expansion in India. They are many other forms of that you can register One Person Company, Section 8 Company and Public Limited Company.

Business Registration is a not faint hearted task. It is a mountainous and stressful job. Entrepreneur need to have full focus upon the demands of the market. Here are the points to start your company.

Evaluation of sources and time

Time Management and Sources are the two parallel deeds required to start a Business. What Resources do you have with you and how you will implement them according to the time are the most important aspects that should be followed across to carry business.   

Business Idea development

Person should have unique and impressive idea to start a Business. It should match each reliable criteria so as to be successful. Anyone should not just move into something that is in vogue and you think commercializing it will make money. Be passionate about what you are doing and you are experience about that niche. Develop an Idea that will solve problem of the society integrate it to practically make it real.  

Market identification and Business plan

Business should be planned according to the market in which you will implement it. Target your people to work with whether they are freelancer or solopreneur. Be ready with mission statement, an executive summary, a company summary, a service or product offerings, a description of a target market, cost of the operation and the financial projections. Perform a competitive assessment.  Assess the market, targeting the customers most likely to make a purchase    

Budget

Identification of the capital is an important aspect to manage your business more effectively. Determine money for mandatory compliances to figure with product development. Funding is an important whether it is from your savings, loans, credit cards, grants or venture capitalists. 

Legal Structure and Support system

New venture requires full attention time and resources. There are some of the process for which you need to be aware with should be challenging. Person before starting sure about the form of company a sole proprietorship, a limited liability company, partnership,  corporation, a non profit or a cooperative. Go to web and check online about the domain whether it is available or not in the country.

Business Name Registration

Person need to check company name on MCA portal and before any company registration or firm registration, or Sole proprietorship Registration. Arrangement of Insurance covers theft or damage to business assets, as well as liability for any business-related injuries. Location of the Business should be chosen as per convenience. Place that best fits the needs of your business. Offering opportunity for growth with the right competition and be accessible to customers. Having an Office is the second need and trademark, patent and copyright can wait. Trademark registration can be done afterwards after good business expansion. There are some other forms of registration for intellectual property like patent registration, Copyright registration etc. Since, it cost extra money to invest. 

Flexibility of Business

Original idea is many times modified to succeed more in Business. Things should be known  to the nearest and dearest to honest people who can suggest and advice you for the betterment of the Business. At the same time, there will be some people to criticize the concept try to ignore them in case the idea of being listened and approved by most of the expert. Control your anger towards the interference in the Business this weaker your energy to work for your start-up.

Quick service with motivation

Launch your product or service quickly. Through this business will work in progress. Interaction with people is an important part of Business. Potential customers want to know as much about your business. Keep moral stories your and always remember that success won’t happen overnight. Profit will come day by day as the Business progresses. Listen to failure stories with success stories.

Make more meetings

Prepare more meeting with Business partner and also with the client at the right. Share each and every small about the Business about the industry. There’s no need to become an object of pity. Manners might even focus customers to a competitor who may offer a product or service. Market is one of the knowledge Resource as an inspiration to outperform a rival. Good old-fashioned word-of-mouth marketing cannot be beaten by anything. Reveal yourself and do not be afraid to get out there and show your outside in the market to the public.

Record your payment

Make record of the clients to pay bills and be certain to receive payment for your products or services. You should be sure about the clients to be sure about the activity. Effective management is necessary to deal Business.

31
Aug
17
Foreign Direct Investment is a boost for Start-Ups in India

Foreign direct investment has been one of the highly considered investments for Business expansion. Indian start-up raises their full capital from foreign ventures. Make in India is a platform set by Indian Government to encourage start-ups in India. The step has given pace to the economic growth in India. Liberalisation is one of key role to play in India boost Business and economic policies. Making India a destination for the investors.SME and other small private limited Company has also got the lamp in their hand to showcase their talent.    

Foreign Direct Investment for Private Limited Company has opened a treasure of more Business in India and has boosted the concept of entrepreneurship. Many companies can activate foreign investment through the issue of convertible preference shares.

FDI also give good bond to good Business relation outside India. According to data from start-up intelligence the deal count for the first half (H1) of 2017 was down by 27 per cent on a year-on-year basis. Many Companies get investment at the crucial time and Indian venture capital funds have not grown which has led the funds to dry up.FDI has encourage the inflow of funds in India as foreign investors are likely to get better returns from Indian start-ups than European ones. According to the policy of FDI separate section and spells out provisions that allow them to raise foreign money from venture capital funds and other investors through instruments such as convertible notes.

Non residential Indian are allowed will be permitted to purchase convertible notes issued by an Indian start-up company. There are certain policies under Goods and service tax for non residential Indian. Consideration of Start-ups in FDI arrangement permitting 100 FVCI is an awesome activity by the administration. This activity will help part many new companies to access genuinely necessary capital which now and again ends up plainly awkward because of procedural issues. The administration has taken proactive measures in supporting new businesses and permitting 100% FVCI is clear sign of significance what new businesses have in government's plan of thing.

Salient features of FDI

  • Bonds are expressed in Foreign Currency
  • Principle Amount and interest amount is to be paid in foreign currency.
  • Foreign Capital Equity Bond is issued by the company which is a part of promoter group of a listed company.
  • Foreign Direct Investment hold shares offered in the company
  • FCEB permits for investment in capital market or in real estate in India.
07
Mar
17
Maintaining Statutory Register of the Company

Company is a legal entity made up of association of people. Companies can be natural, legal, or mixture. These are the organizations which can be commercial as well as industrial. Members of the company share a common goal and focus upon by uniting themselves. Company’s goal is an agenda for the employees of the company which is  achieved by the talent, effort, and skills in them.  

Statutory register is a form of register in which company’s data is maintained. Every company needs to have a statutory register which is kept in registered office or in Company’s house. Mostly these are the single bound book or loose-leaf binder which can be kept in any form, such as a computer record.  

According to Section 94, private companies may opt to keep certain information on the Central Companies House register instead of on their own statutory registers. In most of the companies, it is important to keep statutory registers. Since it is not only is it requirement of the Companies Act. But, also they should be kept up to date. Most probably the register of members, in particular, is the primary authority.

There are different types of Statutory Register

  • Register of members
  • Inspecting the register of members
  • Register of directors
  • Register of secretaries
  • Register of charges
  • Persons with significant control ("PSC") register
  • Other registers

Register of members

In every company record of the members (shareholders) is kept. This includes the names, addresses, numbers, Class of shares of the members. It also includes the date at which the person was registered or ceased as a member, the amount paid, or agreed to be considered as paid, on the shares.

Inspection of the Register

In Companies Act, 2006 there is an amendment about the inspection of the register. It remains open to any member of the company without payment. It can be with anyone else on payment of the prescribed fee.

Request for inspection or copies must contain the following information

  • Name and Address of the person making a request .This should also have the name of the organization they are acting. 
  • The purpose for which the information is to be used whether the information will be disclosed to any other person.
  • It must comply within 5 working days or apply to the court.

Register of directors

  • In every company, there must be the register of its director.
  • It must require contained particular of each person who is a director of the company.
  • The register must be inspected in company’s registration office or at a place specified in regulations.
  • The notice must be given to the registrar. The register must be open to the inspection. This should be available to every member without charge.
  • There is a provision of shadow director which is treated as an officer of the company.
  • A person found guilty in an offense under this section is liable on summary conviction to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.
  • Inspection of the register can be refused and the court may by order compel an immediate inspection of it.

Register of Secretaries

Company register of secretaries is required under section 275.In many Private companies, There are many companies where there are company secretary.

Register of charges

In every limited company, there is a requirement to keep its registered office a register of charges and enter in it all charges specifically affecting property of the company and all floating charges.

  • It has been abolished as far as all charges created by the Companies Act, 2006.
  • This register must be kept with regard to all charges on the undertaking or any property of the company created before that date.
  • These are in case of short description of the property charged and the amount of the charge.
  • The names of the persons entitled to the charge.

Persons with significant control (PSC) register is the new register of people with significant control underemployment act 2015  .

Register of Debenture holders- Every company should keep this register .This is the register for holders and Register of any other security holders in accordance with Section 88(1) of the Companies Act, 2013. This register is allotted in every company used to maintain a separate register of debenture holders or security holders

Other registers are the registers, such as a register of allotments, register of transfers, These are not statutory registers and there is no obligation.

 

07
Feb
17
Benefits of Start-up India Scheme

Start-up India is the plan launched by honorable P.M. Shri Narendra Modi. This plan enables to create an ecosystem to promote and nourish entrepreneurship. The scheme is based on an action plan aiming at the promotion of financial bank for start-up ventures and to boost entrepreneurs.

Start-up is an entity registered in India. Start-up is the company which is not older than 5 years and its annual turnover should not exceed 25 Crore. It works towards innovation, development, deployment or commercialization of new products driven by technology or intellectual property. Such an entity is not formed by splitting up, or reconstruction, of a business already in existence.

Start-up's aim is to develop and commercialize which creates or add value for customers or workflow. Here are some features which have benefitted to entrepreneur

Features in Start-up India

Income tax provisions in Start-up India

This exemption is available for first three years. Start-up will be eligible for tax benefits only if the certificate has been obtained a certificate from the Inter-Ministerial Board.  

Self-certify compliance

Start-up is allowed to self-certify the compliances with labor and environmental laws.In labor law, no inspections will be conducted for a period of 3 years.  Inspection can be on receipt of a credible and verifiable complaint of violation. In environmental laws, will follow white category.

Start-up India Intellectual Property Protection scheme(SIPP)

This scheme provides fast-tracking of patent applications. A panel of facilitators to assist in the filing of IP applications. The government will bear the cost of such facilitation and rebate on the filing of patents.

Mobile application and web support

The scheme also provides on-the-go accessibility for Start-up's registration, tracking the status of registration, filing for compliances, Start-up collaboration with various Start-up ecosystem partners and for applying for various schemes under the Action Plan.

How tax benefits can be availed in Start-ups

Addition in value: Value added in the product and customer.

Solution to the problem: Start should be available to solve certain problems of the society. Points should be clearly mentioned.

Working with Business Model: Start-up should be according to the particular business model about Business model otherwise, incubators may be rejected.

Recommendation letter –This application is needed from certain authorities. Authorities can any incubators established the post-graduate college in India, incubator which is funded from Central or state government.

Step to get Recommendation letter

  • Easy task: You can Directly reach out to the incubators via email or phone and to tell case correctly.
  • Startup application filling: After you are connected, the incubators will send you the application form which you need to fill out properly along with the necessary documents.
  • Visit the incubators: possibility that incubators may call you for the meeting, and you may have to visit it personally.
  • Business should be working: Business model is, it should be working model. Proposed business will not be considered by incubators.
  • Fees: The incubators may charge you Rs.5000. If your application has been taken up by an expert panel, then the cost will further increase by Rs.5,000/-. This will not be more than Rs.10,000/- in any case.

Start-up is the fast-growing business that aims to meet a marketplace need by developing an innovative product or service. Start-up India has given an opportunity to many young youths to bring their business idea into the application. This scheme is a success and has given many benefits to entrepreneur and other people. 

 

11
Nov
16
How to Choose the Right Business Entity

One of the first steps before starting a business is choosing the right business entity. Among other things, it makes sure that the entrepreneur is able to reduce the level of taxes, works on checking liability exposure and can be self-sustainable as far as financing in the later stage is concerned. A right business entity also ensures that the owners have a mechanism wherein the business continues to flourish in case of death of one or more owners.

While finalizing a business, one should keep the following factors in mind:

The degree at which the personal assets of the owners are at risk from liabilities arising from the business.

The best ways ensure tax advantages and avoid multi-layered taxation

The ability to lure investors

Cost of operating the business, which should be minimal

Also the ability to ensure, if the need arises, that the ownership interests are easily transferred to key employees

Apart from keeping these essential factors in mind, one must also note that whatever choices are made regarding the entity are going to fluctuate during the due course of time. The nature of business remains the same but there are various factors like the market and government policies which impact the business in the longer run.

The number of owners defines the entity type of the business. While a single owner can operate as a sole proprietor, a corporation, or a limited liability company but the moment there are more than one owner involved, in legal terms, it cannot be called sole proprietorship. However, it can be a corporation, limited liability company, general partnership, limited partnership. In certain situations it can even be a limited liability partnership.

Lets’ now discuss in detail the entities

Sole Proprietorship

If a business owned by a single individual it is termed as sole. It does not require any legal distinction from the owner, and also, in most cases does not need any governmental filing except a fictitious business name statement, if the owner is doing business in any name other than a personal name. It is the most common form of business as it is simple to start and is free from huge operating expenses that are needed when a person thinks of starting other legal entities such as corporations and limited liability companies. Since there is no legal distinction between the owner and the business, a sole proprietor is always liable for all the debts and obligations of the business. Also upon the death of the owner, the business ceases to exist. The physical assets of the business such as equipment, accounts receivable, and real property remain intact but even those, apart from the business, become tough to sale. One of the major boosts for a sole proprietorship business is that it does not have to go through multiple layers of taxation. As mentioned already, there is no distinction between the owner and the business so all the income of the business can be only taxed once – in the category of personal tax return.

Corporations

When it comes to corporations, it is always treated as a separate entity from its owners for all legal and taxation purposes. Normally it comprises of shareholders, directors and officers. It is the prerogative of the shareholders to elect the board of the directors, who then are responsible for setting the agenda and taking major decisions for the company. The board of directors also appoint officers who oversee the day to day affairs of the company. Also it is obvious that the corporation is a separate entity hence all the debts and obligations of the business are not directly related to the owners. Apart from these, there are various other benefits of a corporation.

  1. Shares of the company may be sold to investors in order to raise capital.
  2. Internal revenue code also ensures that the Corporation can have pension plans, medical payment plans, group life and accident plans, and various other benefits.
  3. The corporation if for eternity as long as it abides by the set of corporate. Hence even if an owner, shareholder or a member of the board of director dies, it won’t cease operations.

A limited liability company, or LLC as it is popularly known as, is formed by one or more owners, called members. A LLP company ensures limited liability protection to its members.In LLP, limited protection of the personal assets of the members is ensured much like shareholders incorporation.

Partnership in business

When the business has more than one owner, there are basically two types of entities possible - a general partnership or a limited partnership.

General partnership in simple terms is an association of two or more persons carrying on a business venture as co-owners for profit. After a sole proprietorship, general partnership is thought to be the easiest entity. Under most state laws, a formal written partnership agreement is not needed in case of general partnership for the partnership but it is expected that the partners keep the rights and duties ready before they embark upon the business journey. If they partners do not have a written agreement, it will be a little difficult to do the business and share the profit and losses of the business.

In a general partnership, each partner has a personal liability and the business is pretty much limited when it comes to luring the investors, also it is difficult to resale such businesses. The biggest advantage of a general partnership is that there is no provision of taxing it. In fact, the losses and profits are shared by the partners according the written document which was formed at the beginning of the forging of the partnership. Since there are less no of partners in most cases and no shareholders or board of directors, the team can always sit together and finalise or change a plan on how to make profit or take the company forward.

When it comes to limited partnership, it requires a written partnership agreement. Also a certificate of limited partnership needs to be filed in the state where the partnership is formed. Hence a limited generally costs more than a general partnership. Under normal circumstances, only licensed professionals are allowed to form limited liability partnership and it is the prerogative of the state to decide on licensing.

So how do you decide on which is the best form of partnership. Before deciding on the business, here are the questions you need to answer.

Who are going to own the business

What are the plans on distributing the profit among the owners?

Is the business expected to generate profit at the start or will it incur losses?

In those cases where the owner is a single individual and is not willing to add ownership interest, then he should not be concerned about the management structure and he can opt for any business entity. Hence the decision will be taken on the basis on the kind of taxation the owner wants to have for his company.

25
Oct
16
6 Business Licenses that every Startup should know about

When it comes to the knowhow of licences needed by start-ups, the process in India is not much friendly and hence a lot of young entrepreneurs often tend to function in a clumsy manner.  This leads to a situation where the start-ups operate without these licenses.  But there are many new business start-ups which are always willing to operate in a legit manner with all the licences. So here are the licences which are mandatory for start-ups

PAN Card:

This is a must for all businesses, irrespective of whether it is registered in the name of a proprietor or entity. The Permanent Account Number is to be for all sorts of payments. PAN is needed while starting a bank account or during the, payment of any sort or service tax.

TAN

All business houses those pay salary, commission or interest to its employees are required to have a TAN. TAN is quoted on tax deducted at source. TAN, which stands for Tax Deduction and Collection Account Number, is a 10-digit alphanumeric code. Another point to be noted here is that TAN gets approved only when the company has a PAN to its name.

Service Tax:

It is an indirect tax government imposes on services provided by a company. This system of taxing came into being under the Finance Act, 1994. Any organisation that provides taxable service of more than 9 lakhs has to abide by this act. However, the company can only collect service tax from the customers once its revenue has crossed a turnover of 10 lakhs. The service provider pays the tax to the government at the rate of 14.5 percent. Thus service providing companies need to file return twice a year. After the introduction of the GST, which is expected to do away with a lot of indirect taxing measures, it might not be a practice. But that is something which is futuristic, as of now the service providing companies in India have to collect and deposit service taxes

VAT & CST:

Value Added Tax is commonly referred to as Sales Tax. Much like the service tax, this too is an indirect way of tax collection; it is levied at various stages of production of services and goods. The VAT is applied on imported goods as well but it does not exceed the limit that is applied on the local products. To understand it simply at every stage where some sort of value is added to the product, there is an addition of tax. It is the consumer who has to bear it all at the final stage. This form of taxation requires a lot of transparency. Any company having revenue of more than 5 lakhs is liable to pay VAT and register for it.

It is far easier to understand Central Sales Tax (CST). This is levied on goods when they cross one state and enter another. It is not much different from taxes levied by government across the globe. It helps generate a large chunk of tax revenue for the government. Even this tax is computed on imported goods and those which are manufactured within the confines of the Indian state. VAT and CST are collected and submitted on a monthly basis and return too is filed monthly.

Professional Tax:

Within 30 days of employing an individual, every company must endeavour to obtain a registration for collection professional tax. The owner of the business must deduct professional tax from the income of the employee as specified by the state the company operates in. This tax goes to the state authorities or the municipal corporation. In this case also the return must be filed every month.

Shops & Establishments Act

Having discussed in detail about the taxation and other licenses a start-up requires, it is time now to delve into another important aspect which is the right of the employees in the newly formed company. The act sees for the conditions of work, lists and rights of the employees among other things. It also outlines the obligation for the employers. It is a central act and applies on every shop, company, business houses etc across the country. A start-up is register for this within 30 days of it commemoration whether or not it has hired employees by then.

08
Oct
16
How to Protect Your Business

However the type and size of business, it is valued by its owner(s) and as the business grows, the bigger the value gets and hence higher the protection needed. The owner must understand the vulnerability that comes along with the success of a business, such as with success comes competition, risks, legal obligations, reputation sustenance, vigilant, etc. 

An owner must be prepared to face the difficulties that come in building a successful business. There are no strict rules to be followed, however, certain aspects of protecting ones business remain constant in all cases. 

Protection against legal threats 

  • Physical assets are one of the most important assets of a business as they are worth a lot of money. For example, they not only include the office space but also the things that fill up the office. All physical assets belonging to the business must be insured to avoid any loss in case of any natural disaster or theft.
  • A legal attorney who is well versed with local laws and policies must be hired to handle any legal actions that may arise at any time of the business operation. A legal attorney will also help in foreseeing any potential legal threat and help in implementing the task at hand accordingly.
  • In case of sole proprietorships, it is important that the owner separate its personal assets from that of the business. Any attack on the business finances will directly impact the personal finances in case the separation is not clearly defined and limited. 

Organize your Finances 

  • Finances of a business must be documented and organized time to time to avoid any threats not only from the outside but also from the conflicts that may rise among the stakeholders of the business.
  • Hiring an accountant is a good start to protecting finances.
  • Finances in sole proprietorships must be specially monitored as the finances of the business may be linked with the personal finances. It is preferred and suggested to keep both the finances separate to avoid loss on the other when one is under attack. 

Protection against technological threats 

  • Technology has reached such heights that it is difficult to run a business without a strong technological support. This may include software that is needed in every domain of running a business. For example, a good software system is needed not only for business documentations but also strong software is needed to run a security check in the office space. Considering the high level cyber attacks and crimes in todays’ times,protection of such technology is needed to protect the business.
  • Protection of intellectual property is highly critical to avoid risking any legal action and theft from any seekers. Trademarks and copyrights are also a major part of technological assets and if these are not protected, they can land a business in a lawsuit against their favor. There are experts available to help protect a business trademark, copyrights, and intellectual property.
  • An IT expert must be hired to ensure any technology used and applied in a business is highly protected from hackers and cyber criminals. 

Protection against reputation threats 

  • Running a business successfully requires that it makes its presence felt in the market at almost all times. Offline marketing that includes display of brand on its products or service material and online marketing that includes its presence on social media platforms are one of the most common and beneficial marketing techniques. Hence, the representation of the business on such platforms must be protected. Simply by using the right language favoring in the progress of business is protecting the business.
  • A social media manager or public/business relations’ manager understands the operations of such platforms to help maintain the reputation of the business. Hiring of such an expert will help the business from being attacked by any reputational threats that are sometimes the most probable causes of the downfall of a business. 

Protecting a business can be a task but the efforts will make the success of a business only smoother. If the above major aspects are taken care of, the business is well protected and any hassle on its way of progress can be dealt with ease.

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