Financial Accounting vs. Management Accounting for Startups
Accounting and book-keeping are one of the key reasons for ensuring a successful start-up business and one of the crucial business functions to be managed and looked after. By definition, accounting could be defined as the process of recording, analyzing, summarizing, and reporting the financial transactions taking place in a start-up on daily basis to...
Significance of a Non-Disclosure Agreement (NDA) with employees and vendors
Often, most business entities fear the protection of their confidential business information including trade secrets or business strategies that make it unique and competitive. Whether it is the financial information of the company or any potential intellectual property in its early developmental stages, there is an immense requirement to have adequate mechanisms in place to...
Essential Agreements for hiring employees in a Startups
In the words of Richard Branson “It is not clients who come first, but the employees of your business. If you as an employer take care of the needs of your employees, they will take care of your business clients in return”. Undoubtedly, Employees are the most important part of an organization who work hard...
Components of Shareholder’s Agreement for startups in India
Overview A shareholder is a person who offers capital for the growth & development of the business in exchange for the ownership of the company and return gets a certain percentage of the total shares of the company. In a true sense, they play a significant role in ensuring the growth & prosperity of the...
Reverse Charge mechanism in GST – list, rate, accounting entries in India
Overview Goods & Services Tax, is a well-known taxation system that rolled out in July 2017 and is well-known among businesses and individual dealers/suppliers who have registered themselves under the system to avail of its benefits and further follow compliances. However, there are certain terms under GST that are difficult to understand therefore, it...
Important points for Drafting Memorandum of Understanding (MOU) for startup in India
Overview A Memorandum of Understanding or MOU is a formal agreement between two or more parties who wish to enter into a business relationship to fulfill a common goal. Though it is an agreement entered between parties before actually preparing and signing the final contract, it is more of an understanding between the parties to...
Input Tax credit under GST – important details, due date, structure, documents
Overview With the introduction of GST in the year 2017, one of the most important novel concepts introduced was the Input Tax Credit for a person registered under GST. The GST taxation structure has ITC in its core, which helps businesses and individual dealers to claim credits based on the taxes paid by them...
Gift deed registration in India – charges, process, documents
Overview We all love to receive gifts. Gifts represent the mutual affection & respect among people for each other. But, to ensure their legal validity, it would be a good idea to create a gift deed and get it registered under the legal provisions, especially in cases where a person gifts any immovable property to...
How to issue a legal notice under Consumer Protection Act 2019?
Overview Businesses do work with an ultimate objective of customer acquisition and earning high profits out of the sales made to existing customers as well as new ones for which they adopt various marketing(advertisements) & sales techniques(cashback or discount offers). But, what happens when a particular commodity fails to do what it promises to?...
GST return filing for Startups in India – forms, process, due dates, documents, fees
It’s a known fact that GST was launched in the year 2017 with the prime objective to abolish the problems existing with the older laws under VAT, CST, and Service Tax that included problems such as double taxation, cascading effect, multiple taxes on the same Assessee and above all a long list of compliances. It...
