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:
1. 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.?
2. Can I start manufacturing garments/ purses/ shoes without factory license/manufacturing license/Excise registration, and sell them online on AMAZON/FLIPCART etc?
3. 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?
4. Can I withdraw all ‘profits’ for ‘personal use’?
5. Please illustrate how beneficial will be limited liability protection in the above scenario in small business.
6. How tax liabilities of my company and myself are are calculated separately?
7. What if my business fails and I choose to wind up the company? Or I choose later to do business of different nature?