What is Virtual CFO?

A person who performs all the roles and responsibilities of the Chief Financial Officer (CFO), ensures the company is regulatory complied and assist management to achieve new high for an Organisation virtually.

The CFO is responsible for managing the financial actions of your business, but many start-ups don’t have the budget to bring someone on board full-time.

Why are virtual CFO roles becoming more common?

You may not have even heard the term until recently. Trends in the accounting profession have led to value-added services like Virtual CFO becoming more common:

• Increased competition and improvements in technology.

• Compliance and tax preparation becoming commodity services.

• Automation of basic functions, lowering the value of traditional services.

• Small businesses outsourcing non-core functions like accounting, in order to lower their costs and obtain better talent.

• Software that provides true, real-time cash flow insight for proper decision-making

What is Retainership Services?

Retainership is "A person who is hired by a company or firm to advise on complex issues that require experience, for example, labour laws, pension issues or land / intellectual property, etc. retainership fees are a basic cost to pay for the services of a consultant by an employer, like an independent professional, a lawyer or another professional.

What are various types of formation available in India?

1. Proprietorship Concern

a) Where individual is owner

b) Business can be run in his own individual name or a Trade name

c) No separate PAN is required for Trade name & PAN of individual works as PAN of Trade name.

d) Separate current Account need to be opened in Trade name.

2. Partnership firm

a) Partnership firm is a separate legal entity

b) Separate PAN is applied for partnership firm

c) There must me minimum 2 and maximum 20 partners

3. Limited Liability Partnership (LLP)

a) Liability of Partners is limited to the extent of capital in the Firm

b) There is no restriction on introduction and withdrawal of capital in LLP

4. Private Limited Company

a) Private legal company is a separate legal entity

b) It has own and separate PAN & CIN no.

c) Minimum 2 shareholders and directors are required for incorporation of a private limited company.

What permits, licenses or registrations do anyone need for the business?

Depending on the nature of the business, you may need the following permits, licenses or regulations:

• Permits need for regulated businesses (aviation, agriculture, alcohol, etc.)

• Sales tax license or permit

• Home-based business permits

• City and county business permits or licenses

• Zoning permit

• Sellers permit

• Health department permits (e.g., for restaurants)

• Federal and State tax/employer ID’s

What are the various Labour Laws applicable and to whom it is applicable?

Depending on the nature of the business, you may need the following permits, licenses or regulations:

• Provident Fund (PF)

• Professional tax (PT)

• Employees State Insurance Scheme (ESIC)