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Should i start with sole proprietorship?

devkaran

devkaran

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I'm developing an app, and I need a business to accept payments and everything business related. There are 21 different types of businesses in India, and i can't quite figure out how to choose.

The only way to lose money would be from the free trials i will be providing, and all of that will go from my personal cash. I'm not taking any loans or funding from outside, so i don't think i need to worry about liability right now. I will add an agreements page in the onboarding page just to be safe.

Should i worry about liability? Sole proprietorship fits my needs. I will turn it into private limited in future when revenue exceeds 2M inr, until then the lowest cost and least complex option seems to be sole proprietorship. Opinions?
 
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Segawa

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devkaran said:
I'm developing an app, and I need a business to accept payments and everything business related. There are 21 different types of businesses in India, and i can't quite figure out how to choose.

The only way to lose money would be from the free trials i will be providing, and all of that will go from my personal cash. I'm not taking any loans or funding from outside, so i don't think i need to worry about liability right now. I will add an agreements page in the onboarding page just to be safe.

Should i worry about liability? Sole proprietorship fits my needs. I will turn it into private limited in future when revenue exceeds 2M inr, until then the lowest cost and least complex option seems to be sole proprietorship. Opinions?
Click to expand...
Today, I have learnt that there is more power in education, If you can take time and weight every business model it would be helpful in that you don't fall into status of the 99%. I say weight all the 21, find the fittest. Don't limit yourself, go through all possibilities
 
MJ DeMarco

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devkaran said:
Should i worry about liability?
Click to expand...

You should always worry about liability.

Still, these are legal questions for a lawyer in India, not random folks on the Internet.

In America, a sole proprietorship could be a dangerous entity.
 

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