I wish to start a One Person Co. (OPC) to buy and sell shirts/footwear/wrist watches etc as a small business. My questions are:
- Can I trade in those goods only which I brought from TIN/VAT registered dealers/suppliers? Or I may sell goods bought from local/rural manufacturers/ flea market who do not have TIN no.?
- Can I start manufacturing garments/ purses/ shoes without factory license/manufacturing license/Excise registration, and sell them online on AMAZON/FLIPCART etc?
- If I start an OPC as small business, please illustrate and explain how I, as Director of the co., actually get money/be paid by the company?
- Can I withdraw all ‘profits’ for ‘personal use’?
- Please illustrate how beneficial will be limited liability protection in the above scenario in small business.
- How tax liabilities of my company and myself are are calculated separately?
- What if my business fails and I choose to wind up the company? Or I choose later to do business of different nature?