On 15th October 2023, the IIC (Institution Innovation Council) of PiMSR in association with PCIE organized a Session on “Legal Formalities for Starting a Business in India and Creating Business Plans” in an online mode for the budding student entrepreneurs. The objective of the session was to help students’ understand the legalities of starting a business and teach the basics of making business plan documents. 22 students and 4 faculty attended the workshop. The speaker was CA Yash Poptani. Mr. Poptani has completed his Chartered Accountancy in the year 2022 and is an Internal Auditor and does consultancy work.
The session covered aspects of the Founders’ Agreement, the types of business entities and the licenses / registrations required by the businesses for the various operations. Mr. Poptani began the session by talking about the basic accounting concepts. He explained the various facets of revenues, expenses, profit and loss and cash flows. He also explained the pros and cons of each type of business entity and also the importance of maintaining various documentation by the businesses during the course of its operations. The benefits of the session were that the students understood the various laws and regulations applicable to starting a business in India. It was an interactive session and appreciated by all. The event was coordinated by Dr.Celina Joy in her capacity of Innovation Ambassador at PiMSR and Co-ordinator at PCIE.
