Commercial Loans – Take All Aspects In Consideration

As the saying goes, taking a loan is easier than surviving with it. A shrewd businessman is one who borrow but with an eye to repay it as soon as possible. Sometimes, business requirements arise because you get a new business order hat is hard to manage within your own business funds. You obviously cannot afford to lose big business opportunity only because the funds are not there.

These and other similar situations force you to take help of external sources of financing. These sources may be temporary or permanent, depending on the nature of funding. Large body corporate often have huge financial needs, and therefore, they resort to public financing by inviting deposits or going for a ‘rights issue’ meant for the existing shareholders. On the other hand, a new business concern or sole proprietorship undertaking would obviously not be able to take benefit of that sort – neither are these meant for them.

Before applying for commercial loans, first of all decide the type of debt financing that your business firm will be comfortably able to get. If you do not own any property in the name of firm, secured commercial business loans are out of question. You will have to rely on loans that do not require any security. These loans will offer you a limited amount – upto £25,000. The interest rate is likely to be little more than what you can get by pledging some property. The amount of loan that you can qualify for can be increased by involving some property in the loan transaction.

Procedure To Register Section 8 Company In India

The section-8 company works only for social welfare without earning any profit. The main objective is to promote & development of society, protection of the earth, living creatures, environment and also promote education, arts, science, commerce, literature, etc. It is registered under companies act either as a private limited company or public limited company as required but there is no need to mention “private limited” or “limited” at the end of the name. It has all the features like private limited or public limited company Minimum of 2 people are required if it is started as a private limited company and 7 if it is started as a public limited company. There is no need to have any minimum capital amount to start section 8 company registration, it can be started with Rs. 100/- capital as well. The government will grant the license for social activity at the time of issuance of the certificate of incorporation which is valid until it is surrendered or revoked by the government itself. The registration is valid for the lifetime but to maintain the active status the company has to do annual compliances every year it includes ROC filing, ITR, KYC, preparation of balance sheet, profit & loss a/c, conducting board meeting and general meetings etc. if the company fails to do these compliances, then there is penalty provision which the company and directors have to face.

Documents Required For Section 8 company Registration:

Shareholder/ Director

PAN
Aadhar card
Id proof (driving license/ passport/ voter id); anyone
Address proof (electricity bill/ mobile bill/ telephone bill/ bank statement); anyone
Registered office address proof

Sale deed or house tax receipt if owned and rent agreement if rented
Utility bill (electricity bill/ mobile bill/ telephone bill/ gas bill); anyone
NOC from the person whose name is mentioned in the bill
NOTE: The address proof as mentioned above should be latest and not be older than 2 months.

Procedure to register the section-8 company:

Name Reservation: The name is a very important part of every company and it should be unique and reserved by the government as well. The section-8 company is exempted from using the word “private limited”, “Pvt Ltd”, “limited”, “ltd”, etc. at the end of their name instead of these words they can use “Foundation”, “Association”, “Organization”, etc.
Digital Signature Certificate: The Digital Signature is also known as DSC; it is equivalent to the physical signature and no forms can be filed until it is signed with the DSC. For DSC there are few verifications that the applicant has to make.
Drafting & Signing of Documents: After name approval, it is valid for 20 days only and the procedure must be completed on these days only. After the name is approved there are certain documents that shall be drafted and signed by the directors and shareholders of the company.
Submission of Final Form: After preparation of all documents as well as DSC then the only final form needs to file to the government along with all relevant and required documents and information. And if the registrar is satisfied with all the information and documents then they will issue Certificate of Incorporation, License, PAN, TAN, and DIN of the directors.

The Steps From Product Idea to Product Success

Michelangelo once said that his statue of David was embedded in the block of marble and he merely chipped away the edges to reveal it. Is your product idea inside your mind just waiting to come alive? Or, is your product already formed and you need only to smooth out the edges?

Using my Market-Step process your idea will come to life as we progress in the following steps from idea to launch.

TO SELF-MARKET

1. Market Evaluation

2. Concept Evaluation

3. Prototype Creation and Evaluation

4. Patent Decision

5. Planning

6. Development

7. Product Launch

TO SELL OR LICENSE TO A COMPANY

1. Market Evaluation

2. Concept Evaluation

3. Prototype Creation and Evaluation

4. Patent Filing

5. Product Proposal

6. Company Search

7. Negotiate Deal

GETTING STARTED

* Protect Your Idea

When you have an idea, you need to protect it. The first line of defense is to set the date of conception. Start by documenting your idea in an inventor’s notebook, but don’t file a patent until you evaluate its marketability.

MARKET RESEARCH AND EVALUATION

* STEP 1: Market Evaluation

Start the Market-Step process by evaluating the marketability of your invention. With a quick evaluation of the market, you screen out bad ideas before wasting time and money. Your invention is marketable when it solves a problem, meets a need or want, overcomes competition (products and patents), and generates a profit.

* STEP 2: Concept Evaluation

The second step of the Market-Step process is to determine if people like your invention concept. A concept evaluation is an easy-to-use survey method you can create yourself. The results provide you with valuable feedback so you have a better feel whether to proceed with your invention. In addition, a concept evaluation allows people an opportunity to provide helpful suggestions and advice.

* STEP 3: Prototype Evaluation

The third step is to create a prototype and have an evaluation. A prototype can be a physical model, detailed drawing, or animation. With a prototype, you obtain opinions to make sure you’re on the right track. In addition, a prototype evaluation helps you uncover any necessary feature changes before moving onto the next stage.

Marketable? After each of the first three steps, you need to review the evaluation results to determine if your invention is marketable. If results are encouraging, advance to the next step. If results are mixed, you might need to go back and revise your idea and re-test. If results are discouraging, revise the invention or cancel the project entirely to save yourself time and money and move on to your next idea.

GOING FORWARD

Now that you have an overview of the steps, my book Product Idea to Product Success takes you through the details of the Market-Step process, one step at a time.