Starting a consulting firm needs a Business Plan Consultant

Starting a consulting firm needs a Business Plan Consultant, doesn't it sound intriguing and strange at the same time? Yes, it does. To understand how and why we first need to learn what consulting firm and business plan consultant means. So let's get started with the introduction.

What is a consulting firm?

A consulting firm is a company or organization that has a team of experts who have clear and thoughtful insights into the business. Such an organization provides professional advice to an individual or an organization for a fee.

Who is known as a Business Plan Consultant?

A business plan consultant, as the name suggests, is a person who advises businesses or organization on achieving various objectives such as generating revenue, attracting clients, time management, etc.

These consultants play a significant role in inviting investors to invest in the business and ensure that the company is following the business plan. They make the goal and vision of the company transparent to the members.

In a nutshell, a business plan consultant is somebody who lays out the business plans and strategies or outlines the future reformations of the company.

Why is a business plan consultant necessary for starting a consultant firm?

Here are the following reasons:

·        Defines the scope and vision of the company

Before starting any business, having a clearly defined goal is pretty imperative so that one can understand why they are working and for what. A business plan consultant determines the objectives and vision of the company clearly to the members of the firm.

·        Streamlines the workflow within the company

For the proper functioning of a business, it's requisite to streamline the workflow within the organization, and for the same, you need to have a correct business plan in place. Therefore, if you're starting a consulting firm, then you must hire a business plan consultant because they will address the challenges faced by you.

·        Advice on raising funds

It's quite evident that start-up businesses need funding for a great beginning. Business plan consultants help them to attract investors for seed funding and any further investments later. It completely depends on the consultant and his/her business plan that what sort of investment you're likely to receive from the investor.

·        Finding and eradicating loopholes

Good business plan consultant will determine the ambiguities in the company and will suggest steps to eradicate them.

·        Keep track of your competitors

It's crucial to have knowledge of the outer world, especially of your competitors, what strategies they are following, if they are leading or lack behind you, etc. You must have a proper report of extensive market research and must always keep an eye on competitors. A business plan consultant will keep a proper track of your competitors and will help in market research and analysis too.

·        Specifies the financial goal

The prime objective or intention of every business in the world is to earn as many profits as possible. Hence, it's pretty essential to have a clear financial goal of the company, and a business plan consultant will help you with this.

Conclusion

From the above discussions, it's clear that for starting a consulting firm, you must consult a business plan consultant first because he or she can guide you to move in the correct direction, and help you to overcome the challenges in the way.

If you're looking to hire one, then contact Enterslice. We have a remarkably intelligent and experienced team of experts to guide you in outshining your business.

Source url - http://www.imfaceplate.com/ngoregistration/starting-a-consulting-firm-needs-a-business-plan-consultant

Read More

Documents required for NGO registration

Till now, we assume everybody knows what NGO registration is and how it benefits somebody registering his/her organization as an NGO. Still, we will have a quick revision on it.

An NGO is a non-profit organization that works independently of any government, typically one whose purpose is to address a social or political issue. NGO stands for Non-Governmental Organization and it motivates people for charitable work.

If you wish to open your own NGO, then the initial step that you should proceed with would be the NGO registration. And for the same, you will need to submit the required documents as per the concerned acts.

Before we learn what documents are mandatory to submit, we should be sure of what kind of NGO registration do we wish to have. So let's get started-

Types of NGO registration

Generally, there are three kinds of NGO registration. They are as follows:

·         Trust Registration: Under Indian Trusts Act, 1882, a company registers itself either as a public trust or private trust. If you intend to set up a trust with an objective of trust registration, then public trust is set up as per the applicable Act. Public trust, generally, works in the field of healthcare, education, support of underprivileged, etc.

·         Society registration: Under Societies Registration Act, 1860, any company can register itself as a society with the only condition to have an objective for promoting science, literature, arts, or any other non-profit aim.

·         Section 8 Company Registration: Under Companies Act 2013, a company can register itself only when it is formed to serve charitable purposes and to use the profits earned to reinvest in the organization's advancement.

For more details on NGO registration, you can visit Enterslice.

Now that you are aware of different kinds of NGO registration process and have decided under which Act to register then let's find out the documents required.

Documents required for Charitable Trust Registration

It is obligatory to submit the following documents for registering an NGO as a trust:

ü  A complete detail of the trustee such as name, address, occupation, age, father’s name, designation, mobile number, email address, and two photographs.

ü  Address proof of the trustee and settler that could be any of these:

·         Voter ID card

·         Driving license

·         Passport

ü  In case the trustee in a rented house, then he needs to submit a rent agreement duly notarized with rent receipt and NOC (No-Objection Certificate) from the landlord on Rs. 10/- stamp paper.

ü  Electricity or water bill or house tax receipt or ownership proof of property required.

ü  The physical presence of settler or everybody will be required at the time of registration along with the original ID.

ü  The physical presence of two witnesses with original ID proof while registration.

Therefore, under Indian Trusts Act, 1882, you are mandatorily required to submit the above-mentioned documents.

Documents required for Society Registration

People intending to register their NGO under the Society Registration Act, 1860 must submit the following documents:

ü  A cover letter requesting for Society Registration under the concerned law.

ü  A Memorandum of Association (MoA).

ü  A copy of rules and regulations of the society.

ü  Affidavits of the office bearers.

ü  Address/residential proof of all the proposed members.

ü  Address proof of the registered offices, or NOC from the landlord in case the office is rented.

ü  A complete list of all members of the society and their details.

You can learn a complete society registration process with us.

Documents required for Section 8 Company Registration

For Section 8 Company Registration, the following documents are mandatory:

ü  PAN card of the directors and shareholders.

ü  Aadhaar card of the members.

ü  Current bank statement.

ü  Telephone or water or electricity bill.

ü  Scanned copy of the signature.

ü  Passport size photograph of all directors and shareholders.

ü  A copy of the rental agreement, in case the office is on rented property.

ü  Election ID card or Passport or Driving License of the directors as the address proof.

From the above discussion, it’s clear what documents are necessary for specific NGO registrations. If you want to register your company as NGO and need the best consultant in the market, then contact Enterslice.

Read More

MSME Registration requirements and its benefits

MSME registration is one of the critical processes required for every micro, small, and medium businesses and it plays a crucial role in the Indian economy. Moreover, businesses can avail several unexpected benefits from MSME registration, and we will discuss the same in the blog later.

We have covered a few significant aspects of MSME and MSME registration in this blog. Below, you can find the list of the topics covered:

·         What are MSME and MSME registration?

·         Categorization of MSME

·         Key benefits of MSME registration

·         MSME registration requirements

Categorization of MSME

MSME is categorized into two different classes in terms of investment. They are as follows:

·         Investment in plant and machinery, and

·         Investment in equipment.

The limit for investment in plant and machinery or equipment for various enterprises is as follows:

Investment in Plant & Machinery

Micro Enterprises: The investment made isn’t more than Rs. 25 lakhs.

Small Enterprises: The investment is between Rs. 25 lakhs to Rs. 5 crores.

Medium Enterprises: More than five crores but doesn’t go beyond Rs. 20 crores.

Investment in Equipment

Micro Enterprises: Investment doesn’t exceed Rs. 10 lakhs.

Small Enterprises: Investment is more than Rs. 10 lakhs but doesn’t exceed Rs. 2 crores.

Medium Enterprise: The required investment is more than Rs. 2 cores but doesn’t exceed Rs. 5 crores.

Key benefits of MSME registration

There are a plethora of advantages that companies or businesses can avail through MSME registration. A few of them are described below:

Ø  With MSME registration, it’s quite simple to take loans from the government as well as from the banks and that too at a very low interest.

Ø  Company registered with MSME can avail benefits of the tax subsidy.

Ø  There are various Excise Duty Exemption schemes for MSME registered enterprises.

Ø  Benefits of subsidy tariffs.

Ø  Enterprises can have benefits of capital investments subsidy and other support as well.

Ø  Banks offer collateral-free loans to the businesses/companies registered with MSME.

Ø  There are reservation policies for the manufacturing as well as production sector.

Ø  Special consideration for the international trade fairs.

Ø  Companies are eligible for IPS subsidy.

Ø  Reimbursement of ISO certification.

MSME registration requirements

Enterprises intending to register with MSME needs to fulfill certain requirements and must possess the essential documents for the same. Below you can find the following requirements for MSME registration:

ü  The applicant can be the owner of a sole proprietorship, one person company, limited liability partnership, private limited company, etc.

ü  PAN card of the proprietor (if a sole proprietorship) and PAN card all directors and members in case of the entity.

ü  Aadhaar card of all the members, directors, or proprietor.

ü  Evidence of ownership of premises such as allotment letter or possession letter or lease agreement or property tax receipt.

ü  If the applicant has rented premises, then he/she must submit the rent agreement and NOC (No-objection Certificate) from the landlord, along with the utility bills.

ü  A duplicate copy of sale bill for every end product.

ü  Copy of purchase bill of each raw material purchased.

ü  In case of Partnership firm, a copy of Partnership Deed is required.

ü  Copy of MoA and AoA and the certificate of incorporation, in case of a Private limited company, along with the Board’s resolution authorizing the directors to sign the application.

ü  Scanned copy of Industrial license obtained under Industrial Development and Regulation Act, 1951.

ü  The purchase bill of installed machinery.

ü  An affidavit of Rs. 10/-non judicial stamp duly attested by Notary public affixed providing the status of machinery installed, power requirements, etc.

ü  Bills in terms of purchasing and installation of plant and machinery.

ü  Current bank account statement.

From the above discussion, it’s clear that MSME registration is a vital process for every micro, small, and medium firms. If you have any queries regarding the MSME / SSI registration process, then you can visit our website Enterslice, where you can get a detailed info on the same.

Source url - http://entersliceindia11.emyspot.com/blog/legal-service/msme-registration-requirements-and-its-benefits.html

Read More

Checklist before TDS Return Filing

Checklist before TDS Return Filing is pretty crucial to consider because that's how you can successfully file for TDS return. In this blog, we have listed the documents that everybody needs to submit at a part of TDs Return Filing. So keep on reading-

What is TDS?

TDS stands for Tax Deducted at Source and is referred to as the tax paid in advance by the person responsible for making payments in the form of salary, dividends, contract payment, funds, etc. to the government as per Income Tax slab rate.

Generally, the person deducting the tax is known as deductor while the person whose tax is being deducted is known as dedicatee.

What is TDS Return Filing?

TDS return filing is a process in which a deductor submits a quarterly statement to the Income Tax Department. Typically, the information contained in Return is the PAN of deductor and deductee, TDS challan information, the details of TDS deducted and deposited by deductor, etc.

It's critical for every assessee who has deducted TDS after a prescribed interval to file the TDS return. There are different TDS forms which can be prescribed depending upon the purpose.

Enterslice lets anybody to do TDS and that too, at a very affordable price.

Types of TDS forms

Various types of TDS return filing forms are as follows:

Form 24Q: It's a form for the statement for tax deduction at source from salary (salary TDS).

Form 26Q: This form is for the statement for tax deduction source (TDS) from everywhere except for the salary.

Form 27Q: It is for the statement for the tax deduction of a source from other means of earning like interests from savings of fixed deposits, dividend funds or any other sum payable.

Documents /checklist for TDS Return Filing

Documents for filing an e-TDS return

ü  PAN card or PAN number

ü  Form-16 issued by the employer

ü  Tax payment challans

ü  If you have received any notice from the Department of Income Tax, then you require the details of the original return or details of the notice

Form 26AS

ü  Form 26AS- a consolidated tax credit statement issued to a taxpayer which indicates that the income tax has been deposited with the government. The Form 26AS is issued under Section 203AA of the Income-Tax Act, 1961, and it contained all the information of the taxes paid and deposited with the income tax department.

Documents associated with interest income

ü Bank statement or passbook

ü Interest income statement for fixed deposits

ü TDS certificate issued by banks

Documents related to property

ü  If the property is co-owned, then co-owner details

ü  Address of the property

ü  Interest certificate issued by the bank for housing loan

Section 80 investments

ü  Section 80 investment documents which are made under PPF, NSC, ULIPS, ELSS, LIC to qualify for deductions under Section 80C.

Documents to claim the following expenses

ü  Contribution to provident fund

ü  Life insurance premium payment

ü  Principal repayment on the home loan

ü  Children’s school tuition fees, if any

ü  Stamp-duty and registration payment

ü  Equity-linked savings scheme or mutual funds investment

Along with the above-required documents, there could be a few other as well as required by the government. Documents can vary according to the cases. If you are confused about TDS return filing, then feel free to consult the experts at Enterslice who will give you thorough support throughout the process.

Read More

Who Is Covered Under Tax Audit

According to section 44AB of the Income Tax Act, following are mandatorily required to get their accounts audited:

·         An individual engaged in business with Rs.1 crore and above as the annual turnover of business.

·         An individual engaged in any sort of profession with income receipts in a year aggregated to be Rs.50 lakhs and above.

·         An individual who, under Section 44AD, qualifies for the presumptive taxation scheme but at a later stage claims that the profits for the business are lower than the profits calculated earlier as per the presumptive taxation scheme. It is also applicable in case, the income on record is calculated to be more than the amount which is not chargeable for taxation or is tax-free.

·         If the assessee qualified under the presumptive taxation scheme, after a specific period opts out of it, will lose the ability to go back to the said taxation scheme for a continuous period of 5 assessment years after opting out.

·         An individual who qualifies to choose the presumptive taxation scheme of selection under Section 44AE but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44AE.

·         An individual who qualifies to choose the presumptive taxation scheme of selection under Section 44BBB but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44BBB.

You can submit your tax audit report easily with the help of Enterslice.

Source url - https://entersliceindia.hatenablog.com/entry/who-is-covered-under-tax-audit

Read More

How to make a proper Business plan?

A formal business plan is invariably required by most of the businesses, whether small or big. Generally speaking businesses go in for a formal business plan under three scenarios:-

a.       Start-ups or established businesses that need loan from banks. The business plan in this case typically needs to focus on the financial plans and projections of the business, market condition analyses and a brief on existing competitors in the market.

b.       The internal business plan when an existing organisation plans to tap another industry vertical or increase its existing product line etc. In case of small businesses the business plan would be much simpler as compared to that of large-scale companies with multiple products and services and present throughout different geographical locations.

c.       When looking out for equity financing, new business houses or ones with specialized technology or innovative product and services, may require venture capitalists or angel investors to invest money into the business. This is when they need the business plan to be done with due diligence so that the potential investors are impressed thoroughly to put their money in the business.

How Business Plan consultant can help you?

A business plan consultant will work hand-in-hand with the team of the business to prepare a plan that is relevant and practical after considering factors like:-

·         Industry statistics

·         The demand and supply opportunities in the market

·         Profile of potential customers

·         The competitive landscape – direct and indirect competitors

·         the products and services of the business house

·         revenue model of the business

·         sales and marketing plans

·         financial projections

·         details of the top management and employees

·         SWOT analysis of the business

·         Details of the investment plan, their compensation, exit strategy for investors etc.

·         Additional information like accolades, licenses, agreements etc.

Choosing the right business plan consultant is hence highly critical for not only defining an achievable goal for the business but also a practical approach to achieve the same and impressing external and internal audience simultaneously.

What are the things to be considered before hiring a business plan consultant?

A business house, small or big, planning to hire an external business plan consultant needs to ensure the following:-

·         First and foremost is that the consultant should be certified to do the job.

·         Second important parameter worth considering is whether the consultant has relevant experience in the particular domain or not. For example, a business looking at attracting investors will require more clarity on financial points like budgets, overheads, fixed costs, cash flows, sale forecasts, assets, projection of growth etc. And larger the business, the scale of funding is also going to be substantially higher which would require specialized skills for writing the business plan. However, if funding is not the primary objective and it is more to do with strategizing sales and marketing, the consultant needs to be experienced in that particular domain.

·         Checking the credibility of the consultant is another important thing to do. What has been their record in creating successful business plans in the past? Are their previous customers satisfied with their work? Checking up on the business plan consultant website is good to understand his approach towards work.

Conclusion

It is essential to understand here that the growth or success of the business is largely dependent on the business plan. Hence if the consultant is not ready to collaborate and handhold with his client, it would not make sense to hire his services. From defining the mission statement to formalising the exit strategy for investors, the consultant needs to on the same level as the business. This relationship also needs to be dynamic as the business plan is not a static document. The plan requires constant review and should evolve as the business grows. An annual review of the business plan where the consultant is involved too helps in conducting a structured gap analysis and update the same if decision is taken to the same effect. Drafting and writing the document too requires expertise and cannot be treated casually.

Source url - http://enterslice575.blog.fc2.com/blog-entry-57.html

Read More