Hi, Along with a friend of mine, we are planning to start a very small venture by putting in 50,000 INR each. We do not know whether it would be a success or not and also, there are chances that it might not work out and after trying out for 6 months if it does not take off then we might abandon it. On the other hand, if it gives us returns we would want to continue with it and maybe also hop on to other kinds of small businesses. The venture has got nothing to do with manufacturing or providing of any personal service. Rather, it is more of an assimilation kind of service with direct delivery of goods to end consumers. I have been reading up on the nature of the entity that can be formed and would need guidance on whether a partnership firm or an LLP or a private company should be formed. If we form an LLP, can we carry on different kinds of ventures under the same LLP concern? Private company has got greater compliance issues compared to an LLP and I think compared to a normal partnership firm an LLP would be better. However, it would be great if someone can guide us on this matter please.
Thanks in advance.
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