There may be numerous negative perceptions about running your own business. There is elaborate study material available on the internet about the dangers and pitfalls of starting a new business. The benefits of having your own small business are as follow:
An individual is free to make decisions on his own and he is not required to do what his superior wants him to do. The only people to tell you what to do will be the customers, suppliers, vendors and government workers.
There is a certain level of job satisfaction if someone is running his own business. The business owner can identify any problem in the world and can suggest remedies by following demand and supply matrix. An individual can form and shape his ideas without any coercion and turn them into a reality.
The most fulfilling thing about own business is the help that a small business can provide to its customers and clients along with employment generation for the community.
If a woman becomes a small business entrepreneur, she can easily afford a flexible lifestyle which is necessary to raise a family and still be able to earn money on her own.But it's not just the women who can benefit from having her own business, it is also suitable for people who are close to retirement or already retired.
People like Mark Zuckerberg and Bill Gates had to have their own business to change the way we live our lives. A small business owner may not get the opportunity to change the world but he could try to change a small part of it which may result into a worthwhile effort and deeply satisfying for the owner.
If an individual is working in a manufacturing company and the product manufactured may be having bumper sales but he will be earning a certain wage only even if the company is earning millions. Owning a business opens up the possibility of earning way more than what you would possibly earn as an employee.
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If you want to have full control over your business with limited liabilities, then OPC is the best choice to start with. But ensure that you convert your business structure (within six months) to the private limited company after crossing an average turnover of 2 crores over three consecutive years or has a paid-up capital of over 50 lakhs.
When two or more people agree to do business together and both might be from same family or same association. Once partners are engaged in a business, each partner is personally liable for the actions of that business, including the obligations of the other partners There are no shields against personal liability.
If you don’t want to take responsibility or liability for another partner's misconduct, incompetence or negligence and also want to limit your liabilities for the debt and losses. If you want to enjoy tax benefits, then LLP might be the best option to go with. It’s the most flexible type of business structure to start with.
It’s the most renowned legal structure for business. The financial liability of the shareholders is limited to the their shares in case of any defaults, bankruptcy and/or any suits or recovery by banks/creditors. This simply means that personal assets of the sahreholders are kept seperate from the Company itself. Private limited company has more credibility as compared to other business structures available.
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