[Thinkerspace #83] Entrepreneur Compliance 101 with Ami Dhabalia (C.A.)

Here's what I'll be covering:

1. Structuring Your Business: A Personal Guide

Let's embark on a journey to understand how crucial the structure of your business is. The decision on how to structure your business affects everything from tax planning to how you can distribute income and limit liability. I'll guide you through considering the nature of your business, how to safeguard your stake in the company, understanding the volume of transactions, and more to determine the best structure for your entrepreneurial venture.

2. Accounting: The Heartbeat of Your Business

Accounting isn't just about numbers; it's the heartbeat of your business, ensuring financial health and transparency. Together, we'll delve into the essentials of maintaining accurate records, including sales bills, purchases, bank and credit card statements, and the differentiation between personal and company investments. I'll share practical tips and examples to make this foundational aspect of your business as clear and manageable as possible.

3. Navigating the Waters of GST

The Goods and Services Tax (GST) can seem like a labyrinth. From understanding when to apply for GST to exploring the possibility of becoming a Composition dealer, I'll demystify these concepts for you. We'll also cover the nuances of Casual Taxable Persons (CTP), how much Input Tax Credit (ITC) you can claim, and the specifics of claiming GST for hotel stays during business trips.

4. Understanding TDS: A Simplified Approach

Tax Deducted at Source (TDS) is a concept that often raises questions. In this session, I'll explain what TDS is, how it functions, its applicability to your business, and how you can claim it back. My goal is to simplify these processes so that TDS no longer feels like an insurmountable challenge.

5. The Different Types of Businesses and their Compliance Needs:

We'll wrap up our session by addressing the specific compliance requirements for Private Limited Companies, Limited Liability Partnerships, and One Person Companies. I'll provide you with a clear roadmap to ensure that your business isn't just compliant at the outset but continues to meet legal standards as it grows.

Why You Should Join

• Expertise: Leverage my extensive experience to gain practical insights into managing your business's legal and financial obligations.
• Clarity: Transform complex compliance requirements into understandable and actionable steps.
• Community: Connect with like-minded entrepreneurs and build a network of peers who are navigating similar challenges.
• Tools: Equip yourself with a comprehensive toolkit, including checklists and templates, to streamline your compliance process.

Who Will Benefit?

• Entrepreneurs contemplating the structure of their new venture.
• Business owners considering a structural transformation.
• Financial and legal professionals looking to deepen their understanding of startup and SME compliance.
• Anyone keen on navigating the financial compliance landscape with greater confidence.

Looking forward to seeing you all at the session!