The Institution Innovation Council of PiMSR organized a Session on “Legal Formalities for Starting a Business in India and Creating Business Plans” in an online mode on 4th March, 2023 for the participants of the Business Plan Competition. The objective of the session was to teach the basics of making business plans and help students’ understand the legalities of starting a business. The resource person was CA Yash Poptani. Mr. Poptani has completed his Chartered Accountancy in the year 2022 and is an Internal Auditor and does consultancy work. Mr. Potani 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 session covered aspects of the Founders’ Agreement, the types of business entities and the licenses / registrations required by the businesses for the various operations. The benefits of the session were that the students understood the various laws and regulations applicable to starting a business in India. 25 students and faculty attended the workshop. It was an interactive session and appreciated by all.
