Piyoosh Goyal to structure business transport with Worlds Window Group
Piyoosh Goyal is the group chairman of World’s Window Group. He is a person having good foresight and business acumen. Mr.Piyoosh forays into a new retail business venture named ‘Maple Logistics Pvt. Ltd’ back in the year 2004.
A business entity can be structured in, but the most important decision would be picking the right and suitable structure matching the business needs is a prerequisite to ensure sustainability. Piyoosh Goyal is currently focusing on structuring business transport by working in joint collaboration with one of the top freight forwarding service in New Delhi named 'Worlds Window Group'.
Most of the experts suggest the firms requesting useful tips and advices from a financial adviser, solicitor or even an accountant prior to executing a decision. There are many factors to be taken into consideration like tax issues, financial and legal problems. Business structure has varied requirements like business name and trademark registration.
One of the least expensive and simple ways to structure business transport is through a sole trader. He has the complete control over the business like profit ownership and handling debts. However, an organization or an individual should hold a business number, business name registration as well as trademark registration. The second and informal means to setup a business transport is via partnership. It includes participation of two or more co-owners. They are required to share profits and losses. There are several rules in partnerships like partners are accountable to debts and obligations subject to their participation in agreement. Each partner is supposed to inform to their co-partners on a regular basis. In order to get familiar with the rights, obligations and responsibilities, a written partnership is essential.
The third option is through company structure, but the shareholder's liabilities are restricted to share capital. In short, personal property of a shareholder cannot be annexed in order to cover the debts incurred by the company. A considerable amount of fees and expenses are involved while setting up a company structure. Another way is through trust. It is a fiduciary relationship in which trustee manages a business transport for the sake of beneficiaries. Those who prefer to operate a business organization on their own, it is better to stick to a sole trader structure.
Sole trading is indeed one of the cost-effective and simplest ways to maintain. An organization would have full authority over the business control and management. The entire business profits and assets are owned by the head of the organization. Paperwork will be very low when compared to other types of business structures. The absence of government regulations and statutory provisions is a blessing in disguise while operating a business. There is absolutely no need to disclose the profits earned to a third party. On the other hand, one is solely responsible for the debts and obligations incurred. The risk of losing personal property is very high.