I’ve always wanted to start my own startup since my eighth grade (2007). And after years and years of just fantasying I’ve finally taken action and did it. Here’s why & how I did it.
While incorporating, choosing legal entity structure might be little hard. I initially though of registering a Private Limited company but at the final stage I decided to go with Limited Liability Partnership (LLP) because of the following reasons:
- Separate Legal Entity for business
- To learn about how to operate business
- Build Creditability
What I Need?
- Less compliance & easily maintainable
- Easy to take money from business for personal use
- More tax advantageous
- Keep running business as minimal as possible (less bookkeeping)
What I don’t need?
- Investments from Angel / VC
- Mandatory Auditing by CA (initially)
Based on this and researching online I decided to go with LLP itself. I’ll be writing a detailed post about it soon.
What’s involved in starting a company?
I decided to go with ClearTax for LLP Registration which includes all the things that I need.
Once I’ve bought the package they’ve assigned me a CA and he took care of almost everything. All I’ve to do is send documents that is required at each step.
And after couple of weeks. My startup got incorporated
TLDR: Business Plan
My startup focuses on helping you to automate your business workflow so that you can focus on what really matters the most
(I’ll be writing a detailed post of all the steps involved in the incorporation process soon)