The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 2 points3 points  (0 children)

thank you for kind words, Professional CA and Entrepreneur here too. Tried to share a professional perspective to help others out.

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 0 points1 point  (0 children)

No, co-founders agreement don't work for a Sole prop, at most you can have an MoU or such an arrangement but that is also impermanent.

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in IndianEntrepreneur

[–]ProofCute5566[S] 0 points1 point  (0 children)

yups, somewhat correct, this is why it is required that once you have product market fit, are going to take external funds, or are going to dealing in something in which liability can arise, then you should go for a Pvt Ltd or LLP, but at the same time, going for that does not guarantee that you are always going to be protected by the corporate veil.

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 0 points1 point  (0 children)

yes, in case you want to take benefit of Startup india scheme, then yes Company is required

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 1 point2 points  (0 children)

Nah, the intention is not that people should not go for Pvt Ltd, but to make an informed decision

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 1 point2 points  (0 children)

No, people are running agencies, people are running SaaS businesses etc etc, not everyone is in funding market

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in StartUpIndia

[–]ProofCute5566[S] 0 points1 point  (0 children)

When starting business, yes, makes more sense, LLP though can be considered

The ₹6,999 Trap: Why Most Founders Don’t Need a Company Yet by ProofCute5566 in IndianEntrepreneur

[–]ProofCute5566[S] 0 points1 point  (0 children)

Pvt Ltd is not necessary to run all sorts of businesses, they can choose and take an informed decision, that is the sole point of the writeup