BELOW IS THE LIST OF ALL THE TASKS OR INFORMATION REQUIRED TO START A NEW INDUSTRY :
1. Permanent Account Number (PAN)
PAN is issued by the Indian Income Tax Department. Owner's PAN is considered as acceptable document for doing sole proprietorship business.
2. Bank Account
A savings bank account is opened in the name of the owner in a sole proprietorship business. A current account is opened in the name of the company for relatively large businesses.
3. Registration
Business registration is done to give legal form to the business. Small businesses are required to be registered under the Registrar of Industries.
4. Service Tax Registration
Service-providing companies (such as the transport industry or the film industry) pay service tax on supplies. A service tax registration number is assigned to the service provider through registration for this. This number is to be mentioned in all the service related correspondence of the organization.
5. Sales Tax Registration or Value Added Tax - VAT Registration
Companies that sell produce are required to be registered under the selling authority. The selling price of a product is determined after adding sales tax and excise duty to the production cost of the product. The amount collected for the seller's share of the selling price paid by the buyer while purchasing all goods is deposited in the government treasury as seller's tax. The selling company is responsible for depositing the sales tax in the government treasury.
6. Excise Duty Registration
Excise duty registration is a mandatory process that businesses engaging in the production, sale, or import of certain goods must undergo to comply with tax regulations. Excise duty is a type of indirect tax levied by the government on specific goods, such as alcohol, tobacco, fuel, and certain luxury items. The registration process ensures that businesses are recognized by the tax authorities and are eligible to engage in the manufacturing or trading of excisable goods.
7. File Entrepreneurship Memorandums
It appears there might be a misunderstanding in the terminology you provided. "Entrepreneurship Memorandums" is not a standard term in the context of business registration or legal documentation. However, if you are referring to documents related to entrepreneurship or starting a business, there are several common documents associated with this process. Here's a general overview :
Entrepreneurship Documents :
Business Plan
A comprehensive document outlining the business concept, goals, target market, operational plan, and financial projections. It serves as a roadmap for the business.
Memorandum of Understanding (MOU)
A formal agreement between two or more parties outlining their intentions to work together on a particular project or venture. It may include roles, responsibilities, and terms of collaboration.
Articles of Incorporation / Association
For companies, these are legal documents filed with the government that establish the existence of a corporation and specify key details such as its name, purpose, structure, and ownership.
Partnership Agreement
If starting a business with partners, a partnership agreement outlines the roles, responsibilities, profit-sharing arrangements, and dispute resolution mechanisms among partners.
Operating Agreement
For limited liability companies (LLCs), an operating agreement details how the business will be run, including member roles, decision-making processes, and distribution of profits.
Employer Identification Number (EIN)
Issued by the IRS, an EIN is a unique identifier for businesses operating in the United States. It is used for tax purposes and is necessary for hiring employees or opening a business bank account.
Trademark Registration
If the business has a unique name, logo, or product, entrepreneurs may consider registering trademarks to protect their intellectual property.
Licenses and Permits
Depending on the nature of the business and its location, entrepreneurs may need various licenses and permits to operate legally. This can include zoning permits, health permits, and professional licenses.
Financial Documents
These include financial statements, budgets, and records of financial transactions. Proper financial documentation is crucial for managing the business's finances and meeting legal requirements.
Insurance Policies
Entrepreneurs often secure various types of insurance, such as liability insurance or business property insurance, to protect the business and its assets.
When embarking on an entrepreneurial journey, it's crucial to consult with legal and financial professionals to ensure compliance with local regulations and to address the specific needs of the business. Each business type and industry may have unique requirements, and proper documentation is essential for legal and operational success.
