TYPE OF OWNERSHIP

PARTNERSHIP
A legal form of business operation between two or more individuals who share management
and profits.

LEGAL COMPLIANCE-

1. Registration of a Business entity

2. Creation of a founder’s agreement

3. Get all the legal licenses and registrations-

The ‘Shop and Establishment Act’ - To run a food business in India, you must register
your restaurant under the Shops and Establishment Act, be it a Food Truck or a Fine Dine
restaurant. You need to register your restaurant within 30 days of the commencement of your
business. This license is city-specific. The total cost you would incur for this license amounts to
Rs.200 to Rs.4,000 per year. However, the charge is relative as it depends on the number of
employees and the location of the restaurant.

General registrations:

 Income TAX registration

 (Goods and Services tax)GST registration
 Permanent Account Number
 Bank Account

Specialized registrations:

1. IEC code: To start an import and export business

2. FSSAI License: To start a food business.
3. Shop and Establishments license: License for physical premises to set up shops.
4. Kosher Registration: To deal with kosher goods.
5. Halal Registration: To deal with Halal goods.
6. Signage License
7. Music License
8. Fire department
4. Registering the trademarks-
As your business grows, so does its goodwill. It is therefore necessary for you to
protect your trade name, logo, tag line, and key phrases from misuse .

Trademark gives you protection against misappropriation of value that you create
in your business through branding and advertising .

Registering a trademark typically takes about two to three years.

5. Accounting and taxation system-

A track of the various transactions conducted by your business - the assets it
owns, to whom it owes money and amounts receivable from its customers.

6. Create a proper business policy-

Operational Policies:

 Marketing Policy (advertising guidelines, commission structure,

client satisfaction parameters)
 Website Terms and Conditions
 Human Resource Separation Policy (retirement, resignation,
termination, notice, handover, full and final, etc.)
 IT Policy (level of access, restricted sites, backups, checkups, etc.)
 Use of Official Assets Policy (use of company's laptops, vehicles,
guesthouses, etc.)
 Human Resource Policy (Recruitment, training, travel, reporting,
attendance, reimbursement, leave, disciplinary)
 Rewards Policy (appraisals, increments, promotions, benefits, etc.)
 Code of Conduct (corporate culture, sexual harassment, conflict of
interest, whistle-blower, etc.)
 Sales Policy (invoicing, discounts, payments, product return, interest
on delayed payments, after-sales, etc.)