Before to start any business we must know that what is the meaning of Business. Business is not just selling or Buy any product or Services or not just exchange anything. Business is quite more and large topic to not only discuss even understand. To start a new business is not just simple to just buy any product from somewhere or manufacture any product and just sell. These consist of a long process for it. Well, the very first thing comes is just to understand the term Business and its necessity.
“Business is work relating to the production, buying, and selling of goods or services, not for once even on a regular basis, for consideration in terms of money or another product.”
“An organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.”
When we have understood the sufficient knowledge of Business term the second comes what we want to do….? Like what kind of business we want to do? What will be our product? How and from where we get sufficient funds for starting up? There are so many questions may arise in our mind.
Let discuss it,
Start a business for Indian Owners.
There is five option for us out of which we need to choose one It is the category of our Business.
Valcus Provide Some types of Businesses we can do are…
Take them one by one
!—Proprietorship, A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. A sole proprietorship is one of the most common forms of business in India, used by most micro and small businesses operating in the unorganized sectors. In this case, there is no need for huge capital or investment.
2—Partnership, A partnership firm is an organization that is formed with two or more persons to run a business with a view to earning the profit. Each member of such a group is known as a partner and collectively known as a partnership firm. These firms are governed by the Indian Partnership Act, 1932. Where we may need a huge capital or investment. One more thing is as compare to Proprietorship, Under Proprietorship we are the only one who has the complete control over our business but in case of Partnership we want or not we must take our Partner’s consent but on the other hand we are not the only person who has to bear all profit and loss of the Business. This will be distributed among the partners in the pre-decided ratios and as per Partnership ACT, 1932, Equally.
3—Limited Liability Partnership, A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have Limited Liabilities. It, therefore, can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence. LLP is a great combination of the right and duties of a Company and A Firm.
4—One Person Company, The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. In firms there is Proprietorship In Companies the One Person Company is the same. Where the owner is the only one who had complete control or right on the company. No one can interfere.
5—Private Limited company, A private limited company, or LTD, is a type of privately held small business entity, in which owner liability is limited to their shares, the firm is limited to having 50 or fewer shareholders, and shares are prohibited from being publicly traded. A company becomes an independent legal structure when it incorporates.