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Sole Trader
- Survey on the work done by Sole Trader
Semister III
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Section ECE - A
REPORT ON: Sole Trading
SUBMITTED BY:
Rohan Suresh Dhuri BL.EN.U4ECE10047
G Vital Kumar BL.EN.U4ECE10
Karthik BL.EN.U4ECE10065
Yeswanth Golla BL.EN.U4ECE10061
Pragnya Gollapally BL.EN.U4ECE10062
BL.EN.U4ECE100
SUBMITTED TO:
Mrs. Beena T Nair
Department of English
Amrita School of Engineering
Bangalore
SUBMITTED ON:
15th
NOVEMBER, 2011
Abstract:
This project is a descriptive analysis of sole trader as a business model and strategies involved in it.
It also involves a case study of small scale industry and a whole sale business. It finally concludes
through a survey report that describes about sole trading in general.
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ACKNOWLEDGEMENTS:
I would like to thank Mrs. and Mrs. for giving us a great amount of guidance and advice at each step of the
project and also encouraging us to .Their support was very valuable in completion of the project.
Also we would like to thank Mr. G M V L N Prasad and Mr. G Kishore Babu who spent their valuable time in
helping us do the case study for the project and also willingly gave interviews which helped us get a great
insight to the practical aspects of the project.
Lastly, we would like to share our thanks with our friends and team members for the support, advice
and cooperation during the analysis of this project
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TABLE OF CONTENTS
Title page i
Acknowledgements ii
Abstract of project iii
Table of Contents iv
1 Introduction 1
1.1What is e-marketing 2
1.2Why e-marketing 3
1.3Advantages and disadvantages 6
1.4Web marketing strategies 7
2 Marketing Principles
2.17 Cs of marketing 9
2.2Types of e-Marketing
2.2.1 PPC 13
2.2.2 SMM 16
2.2.3 SEO 20
3 Case studies
3.1E-bay
3.1.1 History 23
3.1.2 Working process 24
3.2Amway
3.2.1 History 27
3.2.2 Corporate credentials 28
3.3Flipkart
3.3.1 History 31
3.3.2 Working process 32
4 Study of the above questionnaire
4.1Turnover for each company 34
5 Survey report
5.1Pie charts and analysis 38
6 Conclusion 39
7 Bibliography 40
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1. Sole Proprietorship
A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that
is owned and run by one individual and in which there is no legal distinction between the owner and the
business. The owner receives all profits (subject to taxation specific to the business) and has unlimited
responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of
the business are the proprietor's. It is a "sole" proprietorship in contrast with partnerships
Ease of formation is its most important feature because it is not required to go through elaborate legal
formalities. No agreement is to be made and registration of the firm is also not essential. However, the
owner may be required to obtain a license specific to the line of business from the local administration
The capital required by the organisation is supplied wholly by the owner himself and he depends
largely on his own savings and profits of his business.
Owner has a complete control over all the aspects of his business and it is he who takes all the
decisions though he may engage the services of a few others to carry out the day-to-day activities.
Owner alone enjoys the benefits or profits of the business and he alone bears the losses.
The firm has no legal existence separate from its owner.
The liability of the proprietor is unlimited i.e. it extends beyond the capital invested in the firm. Lack
of continuity i.e. the existence of a sole proprietorship business is dependent on the life of the
proprietor and illness, death etc. of the owner brings an end to the business. The continuity of business
operation is therefore uncertain.
Advantages
Establishment fees are low
Simple business structure and documentation
The sole trader keeps full control over business decisions
The sole trader enjoys all profits and capital
It is easy to wind up this type of business
Taxation advantages exist when profits are low
Disadvantages
Although operating a business as a sole trader provides greater freedom and autonomy, this business structure
can also present risks to your personal finances. Operating as a sole trader has one important disadvantage
and that is that the operator's liability is unlimited. If a problem arises, creditors of the business can make you
totally responsible for all debts. This affects your personal assets, and in a worst case scenario will send you
bankrupt. Other disadvantages include
Unlimited liability where the owner's personal assets can be taken away.
Also, being alone in business, sole proprietors generally lack money which leads to failure.
The small size of the business limits the breadth of management skills because there are fewer people
working together.
The enterprise may be crippled or terminated if the owner Relative difficulty obtaining long-term
financing becomes ill or dies.
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The enterprise rests exclusively on one person, it often has difficulty raising long-term capital
This form of organisation is suitable for the businesses which involve moderate risk, small financial
resources, capital requirement is small and risk involvement is not heavy like automobile repair shops,
small bakery shops, tailoring, etc. It accounts for the largest number of business concerns in India
Naming and Registering a Business
In India, incorporation of a company is governed by the Companies Act 1956. It is the most important piece of
legislation that empowers the Central Government to regulate the formation, financing, functioning and
winding up of companies. It applies to whole of India and to all types of companies, whether registered under
this Act or an earlier Act. But it does not apply to universities, co-operative societies, unincorporated trading,
scientific and other societies.
The Act is administered by the Central Government through the Ministry of Corporate Affairs and the Offices
of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection,
etc. The Registrar of Companies (ROC) controls the task of incorporation of new companies and the
administration of running companies.
Registrar of Companies (ROCs) appointed under Section 609 of the Companies Act, covering various States
and Union Territories, are vested with the primary duty of registering companies floated in the respective
States and the Union Territories and ensuring that such companies comply with the statutory requirements
under the Act. Their offices function as registry of records relating to the companies registered with them.
For registration and incorporation of a company, an application has to be filed with Registrar of companies.
Application for registration of a company accompanied by the selected names, Memorandum of Association
and Articles of Association and other necessary documents is to be filed with the Registrar of companies of
the State in which the company is proposed to be incorporated.
Under the Companies Act, an entrepreneur can form two types of companies, namely a private company or a
public company.
A Private Company is one, the articles whereof contains the following restrictions:-
Restricts the minimum paid up share capital to such an amount as may be prescribed but which shall
not be less than rupees one lakh; Restricts the rights of members to transfer its shares, if any;
Limits the number of its members to fifty excluding the past or present employees of the company
who are members of the company;
Prohibits any invitation to the public to subscribe for any shares or debentures of the company;
Does not invite or accept any deposits from persons other than its members, directors or their relatives
Also, the minimum number of members in a private company is two and such a company must have the words
'Pvt. Ltd' as the last part of its name.
A Public Company, as defined in the Companies Act, has the following features:-
Its shares are freely transferable;
There is no ceiling on its membership;
It can invite general public to subscribe to its shares; It has a minimum paid up capital of Rs. 5 lakhs or such higher paid up capital as may be prescribed;
It is a private company which is a subsidiary of a public company.
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Also, the minimum number of members in a public company is seven and such a company must have the
word 'Ltd' as last part of its name.
SSI Registration
Small Scale and ancillary units (i.e. undertaking with investment in plant and machinery of less than Rs. 10
million) should seek registration with the Director of Industries of the concerned State Government.
Registering your SSI Unit
The main purpose of Registration is to maintain statistics and maintain a roll of such units for the purposes of
providing incentives and support services.
States have generally adopted the uniform registration procedures as per the guidelines. However, there may
be some modifications done by States. It must be noted that small industries is basically a state subject. Statesuse the same registration scheme for implementing their own policies. It is possible that some states may have
a 'SIDO registration scheme' and a 'State registration scheme'.
It is to be noted that the Banking Laws, Excise Law and the Direct Taxes Law have incorporated the word SSI
in their exemption notifications, though in many cases they may define it differently. However, generally the
registration certificate issued by the registering authority is seen as proof of being SSI.
Features of the Scheme:
DIC is the primary registering centre
Two types of registration is done in all States. First a provisional registration certificate is given. And
after commencement of production, a permanent registration certificate is given. PRC is normally valid for 5 years and permanent registration is given in perpetuity.
Provisional Registration Certificate (PRC)
This is given for the pre-operative period and enables the units to obtain the term loans and workingcapital from financial institutions/banks under priority sector lending.
Obtain facilities for accommodation, land, other approvals etc.
Obtain various necessary NOCs and clearances from regulatory bodies such as Pollution ControlBoard, Labour Regulations etc.
Permanent Registration Certificate
Enables the unit to get the following incentives/concessions:
Income-Tax exemption and Sales Tax exemption as per State Govt. Policy.
Incentives and concessions in power tariff etc.
Price and purchase preference for goods produced.
Availability of raw material depending on existing policy. Permanent registration of tiny units should be renewed after 5 years.
Procedure for Registration
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Units employing less than 50/100 workers with/without power can apply for registration.
The following form basis of evaluation:
The unit has obtained all necessary clearances whether statutory or administrative. e.g. drug licenseunder drug control order, NOC from Pollution Control Board, if required etc.
Unit does not violate any locational restrictions in force, at the time of evaluation. Value of plant and machinery is within prescribed limits.
Unit is not owned, controlled or subsidiary of any other industrial undertaking as per notification.
De-Registration
A Small Scale Unit can violate the regulations in the following ways which will make it liable for de-
registration:
It crosses the investment limits.
It starts manufacturing any new item or items that require an industrial license or other kind of
statutory license. It does not satisfy the condition of being owned, controlled or being a subsidiary of any other
industrial undertaking.
Challenges
The challenges face by Small Scale industries
Tax System :
The present system of tax (VAT) was recently introduced by Central Government following the loss
to the industries. Previously every state had the luxury to impose the tax they preferred. In certain
states like Andhra Pradesh the tax was high than compared to that of other states.
This made Industrialists to opt for other means like they imported raw materials from other states
where the cost of raw materials is relatively low and taxes are less than compared to those of A.P.
This was a huge loss to government as well as industrialists. So this led to concept of VAT.
Previously the tax was around 14.5%, but after the introduction of VAT its now reduced to 4%. This
4% is now increased to 5% from September 15th
of 2010 only in A.P.
Raw Materials :
Molasses is one of the important raw materials used in small scale industries. But molasses trade and
exchange is illegal. Though on request it will be provided by government. Coke is another important
raw material used which is not available in Andhra Pradesh. It is transported from Rajasthan.
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Case study 1:
R M Enterprises:
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Case study 2: MADHU STEEL HOUSE
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Choosing a Business Organisation
A business enterprise can be owned and organized in several forms. Each form of organization has its own
merits and demerits. The ultimate choice of the form of business depends upon the balancing of the
advantages and disadvantages of the various forms of business. The right choice of the form of the business is
very crucial because it determines the power, control, risk and responsibility of the entrepreneur as well as the
division of profits and losses. Being a long term commitment, the choice of the form of business should be
made after considerable thought and deliberation.
The choice of the form of business is governed by several interrelated and interdependent factors:-
The nature of business is the most important factor. Businesses providing direct services like tailors,
restaurants and professional services like doctors, lawyers are generally organised as proprietary
concerns. While, businesses requiring pooling of skills and funds like accounting firms are better
organised as partnerships. Manufacturing organisations of large size are more commonly set up as
private and public companies.
Scale of operations i.e. volume of business ( large, medium, small) and size of the market area (local,
national, international) served are the key factors. Large scale enterprises catering to national andinternational markets can be organised more successfully as private or public companies. Small and
medium scale firms are generally set up as partnerships and proprietorship. Similarly, where the area
of operations is wide spread (national or international), company ownership is appropriate. But if the
area of operations is confined to a particular locality, partnership or proprietorship will be a more
suitable choice.
The degree of control desired by the owner(s). A person who desires direct control of business,
prefers proprietorship, because a company involves separation of ownership and management.
Amount of capital required for the establishment and operation of a business. A partnership may be
converted into a company when it grows beyond the capacity and resources of a few persons.
The volume of risks and liabilities as well as the willingness of the owners to bear it, is also an
important consideration.
Comparative tax liability.
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Capital for Business
Launching a new business requires much skill and preparation. Entrepreneurs may not have the resources to
raise capital in order to market their new business ideas; therefore, some great business ideas never becomecommercialized. This is a common dilemma that many entrepreneurs face. They often speculate about how to
raise capital and same time, are unsure about how their start up will have the needed financial security to
properly stay on track. Before a new business owner can raise capital for their start up, they must first identify
the different sources of funding, find one that is most compatible with their needs, and then meet the given
criteria of the investor or bank. These crucial steps can mean the difference between having the opportunity to
successfully raise capital and leaving their new business ideas behind.
There are different types of financing that will enable an entrepreneur to raise capital for their new business:
Equity financing- This type of financing is essentially an exchange of money for a piece of ownership in a
new business. This type of financing can usually be provided by venture capitalists and angel investors.
An advantage of using equityfinancing as a way to raise capital is that the new business owner can pay back
the loaned amount throughout a fixed duration of time. In addition, the new business owner can focus on
making their product(s) profitable rather than worrying about paying back the investors immediately.
Personal funding - Personal finances is one of the first sources that an entrepreneur may consider using when
they decide to raise capital for their new business. Money can be obtained from personal checking and savings
accounts, credit cards, and retirement accounts. In addition, equity can be collected from the sale of real estate
properties, vehicles, recreational equipment, and even rare collectables. In fact, some wealthy entrepreneurs
can choose to raise capital for their new business using their own personal funding. On the other hand, many
new business owners may opt to utilize a combination of different sources to raise capital.
Friends and family-Family members and friends can provide an additional means to raise capital for a new
business. Many of these loans can be made available rather quickly because these families and associates
know the entrepreneur personally and enjoy the excitement of the new business venture. Borrowing money
from friends and family can work both for and against the new business owner. Family members and friends
may feel that they should have say in every company decision or may desire a large stake in the new business
since they had lent money to the entrepreneur. This can lead to resentment and relationship strains among all
parties involved. New business owners need to evaluate the different possibilities that may occur when they
decide to use their friends and family members to raise capital since it can result in complicated matters.
Debt financing-New business ownerscan also raise capital through debt financing. In its simplest terms,
debt financing means a loan. Usually, this form of capital for a new business is offered by banks andaccredited government agencies, such as the Small Business Administration.
When new business owners use debt financing as a means to raise capital, he/she will owe money to the
lending agency, which is usually a bank. The strong relationship between the new business owner and the
financial institution continues for the life of the loan and ends once the new business owner pays back the
entire amount.
An advantage of debt financing as a way to raise capital is that the entrepreneur is able to retain maximum
control over their new business. In addition, interest on debt financing is often tax deductible. However, one
disadvantage of debt financing is that the high debt may look unattractive to other investors who are also
involved in the project. This money owed may discourage other financiers from lending further funding and
can often disqualify a new business owner from the opportunity to raise capital in the future.
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Secured vs. unsecured business loans
Business loans provide new business owners exactly what they are looking for: the necessary funding to raise
capital for their new businesses. These loans are offered as either secured or unsecured debts, which are
specially designed to fit the monetary requirements of the new business owners.
Secured loans- If the new business owner decides to apply for a secured loan, they will need to find collateral
in order to raise capital for their new business. Personal, commercial or residential properties, invoices, or
even recreational equipments can be considered deposits to secure the loan. Secured loans are a popular
alternative for entrepreneurs to raise capital for their new businesses.
Unsecured loans- If the new business owner does not want to use collateral as a form of security to raise
capital for their new business, they have the option to apply for an unsecured loan. Even though unsecured
loans are not as large in amount as secured loans, this may be more compatible with the new business ownersneeds. An unsecured loan is also a popular option to raise capital for a new business.
In both types of business loans, entrepreneurs are able to raise capital for their new business based on theircredit rating.
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Income Tax Return
Income Tax refers to the direct tax paid on income, to the government, within a given financial
year (April-March).
When the total income of a person from all sources of income exceeds the maximum amount permissible
which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax
Return. Section 139(1) of the Income Tax Act was amended a few years back with a view to bring a larger
number of persons in the tax net. Now if any person satisfies any oneof the following six conditions:
owns a vehicle
occupies a specified floor area of an immovable property
incurs expenditure for himself or for any other person on foreign-travel
subscribes to a telephone
subscribes to a Credit Card
is a Club member
Then he/she is required to file an Income Tax Return.
The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the
various exemptions for which the individual/entity is eligible for. In the case of an assessee earning income
primarily from salary, the due date for filing the Income Tax Return is normally 30th June of the assessment
year, unless extended by the Income Tax Department.
The return form, along with copies of necessary supporting documents, has to be filed at the appropriate
income tax office or special counters set up for this purpose, the details of which are available on the Income
Tax Department website. It is also mandatory to quote the Permanent Account Number (PAN) while filing thereturn
VAT (Value Added Tax)
One of the important components of tax reforms initiated since liberalization is the introduction of
Value Added Tax (VAT). VAT is a multi-point destination based system of taxation, with tax being
levied on value addition at each stage of transaction in the production/ distribution chain. The term
'value addition' implies the increase in value of goods and services at each stage of production or
transfer of goods and services. VAT is a tax on the final consumption of goods or services and is
ultimately borne by the consumer. It is a multi-stage tax with the provision to allow 'Input tax credit
(ITC)' on tax at an earlier stage, which can be appropriated against the VAT liability on subsequentsale. This input tax credit in relation to any period means setting off the amount of input tax by a
registered dealer against the amount of his output tax. It is given for all manufacturers and traders for
purchase of inputs/supplies meant for sale, irrespective of when these will be utilised/ sold. The VAT
liability of the dealer/ manufacturer is calculated by deducting input tax credit from tax collected on
sales during the payment period (say, a month). If the tax credit exceeds the tax payable on sales in a
month, the excess credit will be carried over to the end of next financial year. If there is any excess
unadjusted input tax credit at the end of second year, then the same will be eligible for refund
Turnover tax
A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate andpossibly capital goods. It is an indirect tax, applicable to a production process or stage. For example,
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when manufacturing activity is completed, a tax may be charged on some companies. Sales tax
occurs when merchandise has been sold.
Final accounts
The final accounts of a sole trader comprise:
A trading, profit and loss account which shows the profit or loss of the business
A balance sheet, which shows the assets and liabilities of the business tighter with the
owners capital
These final accounts can be produced more often than once a year in order to give information to
the owner on how the business is progressing.
Trading, Profit and Loss account
Incomeexpenses = net profit/loss
This accounts shows the income a business has received over a given period for goods sold or
services provided (together with any small amounts of other income, e.g. rent received). It also sets
out the expenses incurredthe cost of the product, the overheads (e.g. wages, administration
expenses, rent etc ). The difference between income and expenses is the net profit of the business. If
expenses are greater than income, then a loss had made. The net profit (or loss) belongs to the owner
of the business.
Gross profit is calculated as:
Sales - cost of sales = gross profit
* If cost of sales is greater than sales, the business had made a gross loss.
Over head or expenses are the running cost of the business, known as revenue expenditure. The categories of
overheads used vary according to the needs of each business.
Net profit is calculated as:
Gross profit - over heads = net profit
*If overheads are more than gross profit, the business has made net loss.
The net profit is the amount the business earned for the owner during the year, and is subjected to taxation.
The owner can draw small or all of the net profit for the personal use in the form of drawings. Part of the
profit might will be left in the business in order to build up the build business for the future
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TRADING AND PROFIT AND LOSS ACCOUNT
R.M.Enterprises for the year ended 31 December 2010
Sales 557,500
Opening stock (1 January 2002) 50,000
Purchases
Less Closing stock(31 December 2002) 42,000
Cost of sales 428,000
Gross profit 129,500
Less overheads:
Shop expenses 6,200
Wages 33,500
Rent paid 750
Telephone expenses 500
Interest paid 4,500
Travel expenses 550
46,000
Net profit 83,500
Balance sheet
AssetsLiabilities = Capital
A balance sheet gives a snapshot of the business at a particular date-the end of the financial year.
Assets:
What the business owns:
- Fixed assets, e.g. premises, vehicles, computers
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- Current assets, e.g. stock of goods for resale, debtors (money owned by customers),
bank and cash balances
Liabilities:
What the business owes:
- Current liabilities, e.g. creditors, overdrafts, VAT due
- Long-term liabilities, e.g. long-term bank loans
Net assets: Total fixed and current assets, less and long term liabilities. The net assets are financed
by the owner of the business, in the form of capital. Net assets therefore equals the total of the
financed by sectionthe balance sheet.
Capital: The money to finance the business has come from, e.g. the owners investment, businessprofits.
R.M.Enterprises, Balance Sheet
Fixed assets
Premises 200,000
Shop fittings 40,000
240,000
Current Assets
Stock 42,000
Debtors10,10
0
Bank 5,850
Cash 50
58,000
Less Current Liabilities
Creditors 14,500
Value Added Tax 2,000
16,500
Working Capital
41,500
281,500
Less Long-termLiabilities
Loan from bank
150,
00NET ASSETS 131,500
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FINANCED BYCapital
Opening capital 75,000
Add net profit 83,500158,500
Less drawings 27,000
Closing capital 131,500
Trial Balance:
The starting point for preparing final accounts is the trial balance prepared by the book-
keeper: all the figures recorded on the trial balance are used in the final accounts. The tradingaccount, profit, and loss account are both accounts in terms of double-entry book-keeping. By
contrast, the balance sheet is not an account, but is simply a statement of account balances remaining
after the trading, profit and loss account have been prepared.
Trial balance of R.M.Enterprises at 31 December 2010
Stock at 1 January 2010 50,000Purchases 420,000
Sales 557,500Shop expenses 6,200Wages 33,500Rent paid 750Telephone expenses 500Interest paid 4,500Travel expenses 550Premises 200,000Shop fittings 40,000Debtors 10,100Bank 5,850Cash 50Capital 75,000Drawings 27,000Loan from bank 150,000Creditors 14,500Value Added Tax 2,000
799,000 799,000
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Interview Questions
G.Kishore Babu
Proprietor of R.M.Enterprises
Q1: Why did you prefer small scale industry?
A: During 1980s government offered many incentives for setting up an industry and the capital required to
set up was less
Q2: Where did you register your industry?
A: Every district has a District Industry Centre where you register Small Scale Industries.
Q3: How do you classify Small Scale and Large Scale industry?
A: Small scale and Large Scale industries can be classified based on capital, labour and the area employed.
Q4: Is the registration permanent?
A: If the proprietor owns the place then it is permanent.
In case of rented place it depends on the number of years of rental agreement.
Q5: What are the other documents or certificates u need to hold?
A: Register for VAT (Value Added Tax), pollution certificate if necessary.
Q6: Any specific rules which make pollution certificate mandatory?
A: If the production is large scale then you need to have pollution certificate (its makes implantation of
chimney necessary), for a small scale industry its of no use.
If the industry is located in residential are the pollution certificate is a must irrespective of the type of
industry.
Q7: Any other specification those are required?
A: After registering every industry is given a unique Tin number which should be on every product that ismanufactured. The tin number to be mentioned should be of the buyers company. In case of customs ride,
products without pin numbers will be ceased. This is mainly to make sure that transaction is done legally (i.e.
tax payments are done).
Q8: Since your industry is located in industrial area which may have around 600 industries is there any chance
of coincidence of similar industry?
A: Its not of much concern because there might be 3 to 4 industries of max which functions the same.
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Q9: In the case of more than one industry of same genre how do you get orders and what are your marketing
strategies?
A: Firstly when a new company is set up they distribute an introduction letter pertaining the information of
their industry. Previously we used to have yellow pages for this purpose.
When a company offers any orders they conduct bidding for the companies, and select the company with most
favorable quotations.
Q10: Where do you pay taxes?
A: Firstly every month returns should be filed. Sales tax, income balance sheet are filed and given to
consultant who will complete the remaining formalities.
G.M.V.L.N.PRASAD
Proprietor of MADHU STEEL HOUSE
Q1) Why did you choose sole trading as your mode of business?
A: As a sole trader you can have any decisions on your own and the business will be under your own control.
Q2) Was no profit sharing is the main cause you choose sole trading?
A: Profit sharing is only the main reason.
Q3) Is there any reason (or) one behind you, for getting into sole trading?
A: Yes, as my dad was a sole trader, he wanted me to be a sole trader too.
Q4)How do you get registered for your business?
A: Getting registered is pretty much simple, filling the required form, and choosing the type of organization
and name of your business. Care should be taken so that you may not register the name which already exists.
Q5) Is the registration permanent?
A: Its permanent only but, when the tax rates increases we should get new registration.
Q6) How did manage in getting initial capital for your business?
A: Having money with me, I started a new business as a sole trader.
Q7) In which year did you start business? What was the initial capital of your business?
A: I started my business in 1989, with an initial capital of two lakhs.
Q8) How frequently do you pay the tax?
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A: Firstly every month returns should be filed. Turn over tax is paid once in three months. Its 1% of the sales
that was made during that period
Q9) Where do you pay taxes?
A: The money is generally paid in any government bank of the name of the business and that receipt is given
in municipal office.
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Bibliography
1. Naming and Registering a Business.15 Oct.2011
2. Taxation.15 Oct.2011