LifeMojo on CNBC Awaaz on Aug 14, 2010 – Entrepreneur Awaaz (Hindi)

August 18, 2010 at 11:15 am | Posted in coverage, Himanshu Khurana, lifeMojo, Startup | Leave a comment
Tags:

Direct Youtube Video Link

Advertisements

LifeMojo featured on CNBC TV 18 – Young Turks Innovators

April 29, 2010 at 4:37 pm | Posted in coverage, lifeMojo, Startup | Leave a comment

Direct Link: YouTube Video

LifeMojo Featured in Inc. India Magazine

April 29, 2010 at 10:50 am | Posted in coverage, lifeMojo, media, Startup | Leave a comment
Tags: , , ,

LifeMojo was recently featured in the “Elevator Pitch” section of the April 2010 Issue of Inc. India Magazine. The magazine is an Indian version of the popular US magazine, Inc, that focuses on entrepreneurship and growth.

Private limited company Vs Limited liability partnership Vs Partnership firm

May 13, 2009 at 4:14 pm | Posted in Company incorporation, Legal, Startup | 17 Comments

Sharda Balaji from Novojuris, wrote a very informative post on pluggd.in on the least understood and most young type of a commercial organization, called Limited liability partnership (LLP).  She also tells the various diff between a Private limited company, a  Limited liability partnership and a Partnership firm in a tabular form. Check out the article here:

http://www.pluggd.in/limited-liability-partnership-llp-company-comparison-297/

Free Online Term Sheet Generator…interesting!

April 24, 2009 at 11:31 am | Posted in Entrepreneur, Finance, Startup | Leave a comment

Wilson, Sonsini, Goodrich, and Rosati, one of Silicon Valley’s law firms has created a free, online Term sheet generator. Here is the description of the tool:

This tool will generate a venture financing term sheet based on your responses to an online questionnaire. It also has an informational component, with basic tutorials and annotations on financing terms. This term sheet generator is a modified version of a tool that we use internally, which comprises one part of a suite of document automation tools that we use to generate start-up and venture financing-related documents.

Interesting and useful…isn’t it?

Startup business ideas

February 12, 2009 at 9:35 pm | Posted in Entrepreneur, Startup | Leave a comment
Tags: ,

Does sharing an idea really matter? Isn’t it all about execution?

lightbulb-idea

The image is copyright protected. To use this please take permission from peter@peterpohle.com. Source: http://www.turbosquid.com/3d-models/3d-model-of-light-bulb-idea/168157

For Seth Godin’s Alternative MBA program, nine of his friends came up with 111 business ideas each. They say that the ideas are only valuable when someone (like you) makes something happen.

Check out their 999 business ideas, free for the taking: http://www.sixmonthmba.com/2009/02/999ideas.html

Limited Liability Partnerships will be possible in India

January 20, 2009 at 12:08 pm | Posted in Entrepreneur, India, Legal, Startup | Leave a comment

The Parliament of India has passed the Limited Liability Partnership (LLP) Bill 2008. Lok Sabha (Lower House) granted its assent to the Bill on December 12, 2008 which was earlier passed by the Rajya Sabha (Upper House). The LLP Rules have been placed on the website of the Ministry of Corporate Affairs:

http://www.mca.gov.in/MinistryWebsite/dca/actsbills/pdf/LLP_Act_2008_15jan2009.pdf

Here is a wiki entry explaining the salient features:

http://en.wikipedia.org/wiki/Limited_liability_partnership#India

Hope it will give a good option to the entrepreneurs and startups to go for a limited liability and still stay away form the overheads of a private limited company.

limited-liability-partnership-india

Venture Capital Deal Algebra

January 6, 2009 at 11:05 am | Posted in Finance, Startup, Venture capital | Leave a comment
Tags: , ,

Here is some Good basic mathematics on the venture capital deal. Check it out:


http://www.feld.com/wp/archives/2004/07/venture-capital-deal-algebra.html

How Should Startups conduct Usability Testing?

November 13, 2008 at 7:50 pm | Posted in Startup | Leave a comment
Tags:

Ashish Sinha from Pluggd.in has written a very useful article on how to conduct a usability testing at a very low cost. A must read article for startups. check it out:

http://www.pluggd.in/product-management/usability-testing-websites-design-3110/

I would add one thing here that many times the team itself is not using the product on a regular basis and they expect the end users to do so. The reality is that you will be able to solve many usability issues once you start using it yourself on a regular basis.

Incorporating a Private Limited Company in India

November 9, 2008 at 10:31 am | Posted in Company incorporation, Entrepreneur, Legal, Private limited company, Startup, Strategy | 58 Comments
Tags: , , , ,

Lot of early entrepreneurs and wanna-be entrepreneurs have a basic question in their mind on How do you incorporate a Private Limited Company? What are the various requirements, formalities, costs, check-lists, processes associated with it?

Here I am writing my experiences while incorporating ‘iStrait Software Solutions Pvt Ltd’, in Bangalore (Karnataka). LifeMojo is the name of the product we have, whereas iStrait is the company name.
files

Please note that the information here might not be correct. Its just what I know 😉

In India, a private limited company incorporation, with an authorized capital of Rs 1 lac, will cost you about Rs 15k + the CS professional fee, which varies between 5k-10k. The whole process takes 2-4 weeks.

The Rs 15k here includes Rs 4.8k, which you pay as a tax/duty for the authorized capital of Rs 1 lac.  Rs 1 lac is the minimum authorized capital you need to commit to incorporate the company. It also includes the charges for DIN, Digital Signatures and all the paper work, which is mentioned below in details.

You do not need to invest the entire Rs 1 lac immediately. However, It is the total liability from all the share-holders towards the company, which you can pay anytime later.

Steps for incorporating a company:

1. Get at least 2 directors

Please note that there is no relation between the directors and shareholders. They might be same people or entirely different people. Shareholders appoint directors, who run the company.

You need at least 2 people who will become the first directors of the company. Later, others can be appointed as additional directors. Before becoming a director you need to get a DIN (Director Identification Number). For this required documents are: Address proof, Photo ID Proof, PAN Card and 3 photos.  It costs around Rs 1000 per DIN. As I am writing this article, all the DINs in India are issues from Noida, Delhi. The application is physically couriered to Noida and you get your DIN dispatched from there.

Along with this, at least one of the directors needs to obtain a Digital Signature. This process can go parallel with getting the DINs. A digital signature will cost you around Rs 2500. It is used for uploading various documents to ROC (Registrar of Companies) website.

2. Get a name

You need to think of a name for the company and inform your CS with a list of preferences you have. The CS will get the name blocked/approved as per the availability.

To check the availability, go to http://mca.gov.in/ > “Other Services”  > “Check Company Name”. The law says it should be non-abusive, non-offensive and blah-blah. By the way, “iStrait Software Solutions” and “iStrait Technologies” are treated as two different names.

Ideally, keep the company name different from the product/website name you have. The reason is that the product/website names keep changing. You might even change your business or your domain. But the company stays!

Yes, this adds to a little bit of confusion amongst who hear about you. In our case, it was like “So what is iStrait and what is LifeMojo? Are these two different companies?” But the solution to this is that you never brand/market/advertise yourself with the company name. Always use your product name. Carry your product name on your business card, t-shirts, website etc. Use the company name only on legal/financial documents and in the footers 🙂

The well known job-portal http://www.naukri.com is a product of “Info Edge India Ltd.”. Not many people have heard about the exact company name. They always market themselves by the product name.

3. Get it registered

Once the name is approved and the DINs/Digital Certificates are ready, you need to apply for company registration. You need to provide a registered office address. For a software kind of company (non-polluting) an apartment as a registered address is also OK. But, you need to put a small board once the company is incorporated, as there might be address verifications etc. when you will go for various things like Bank Account, Service Tax number etc.

This is mostly an online process. Here are couple of terms you should know, while applying for registration:

1. MOA (Memorandum of Association): This is a document your CA will prepare, which will have the basic details of a company and the activities with in which the company can function. There will be certain primary objectives and a lot of secondary objectives. Usually the CS guys will put literally every possible business in India in this document, so that you have a scope of changing your business later 😉
Better have a look at the MOA of a company similar to you.

2. AOA (Articles of Association): This is a document which will have rules relating to the management of company’s internal affairs. There are standard templates available for this as well.
You get certificate of incorporation from the ROC, mailed at your registered address…..and you are done! You can commence your business and use the company name as a legal entity.

4. After company registration

– Get your company PAN card.

– Get a rubber stamp. Get letter heads with your company logo. You can chose whatever logo you want. ROC has nothing to do with that.

– Get a current bank account in the name of the company. Try your best to incur all expenses from the company account and receive all the cheques in the name of the company only.

– If you provide any service, you need to charge a service tax and pay it to the state-government. You should get a service tax number before that. Service tax is to be paid to govt on a monthly basis and filed half-yearly.

– If you sell/ship a product, you need to charge VAT and pay it to the state-government. Again, you should get a VAT number before that. Getting a VAT number is quite tedious process as compared to Service Tax number.

– Get a Shop & Establishment License from the state-government. You need to file yearly returns with them.

– If you pay more than 20k per financial year, to a vendor, you need to deduct Tax at source (TDS). This has to be paid to the government on monthly basis and filed quarterly.

– Deduct TDS from your employees’ salary as well (if taxable).

– Pay professional tax for your company and your employees. (Rs 2500 per year for the company and for the employees, it depends on their salary (Usually, Rs 60-200 per month))

PS: Following all these processes prevents you from lot of trouble you might get in future and adds credibility to your company.

Write to me at himanshu[at]lifemojo[dot]com or drop it here itself, if you have any query/comment.

Cheers and all the best!

Next Page »

Create a free website or blog at WordPress.com.
Entries and comments feeds.