Business Description

A company can be broadly characterized as a business entity established by individuals to conduct and manage a commercial or industrial enterprise. The Companies Act of 2013 must be used to register the newly formed company as the first step in starting a business in India. A business plan and organizational structure can assist determine the direction a company will take and how its operations will be managed in the years to come. An owner of a sole proprietorship business, for instance, is simply required to file the GST and income tax reports. A private or public limited corporation must, however, submit GST and income tax filings, arrange for routine audits, and adhere to a host of other requirements.

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