Hi all,
I have frozen product idea for which I am done with testing and ready to sell.
I am currently stuck in a pickle about the structure of the company which I need to register ( Sole vs LLP vs Pvt Ltd ). Below is my current situation along with a concern of mine.
I work a 9-5 job with alot of flexibility which will allow me to work on my business atleast 4 days a week. I will be a solo founder, doing everything in the first 2-3 months. I'm basically jumping into an ocean with this but still want to be a little precautios. I am by no means rich and at a middle class level of income. ( Can continue pumping in 60-70k to the business every month to cover basic operational costs , aside from my savings which I do not plan to touch ). I will also be applying for a 10L loan to kickstart my investment in equipment. (A chunk of this loan will also be retained to cover for dialy operational cash flow requirements)
While I understand a Sole proprietorship route is the best in the start, my cornern is more to do with false litigations and other legal risks which could set me on a backfoot, all of which risks come with a Sole proprietorship. I am not an experienced business person so any advice will help! ( Please note that this is a hypothetical risk in my head which has me confused about what business structure to proceed with, which I am assuming comes with the industry )
I am looking for your expertise and guidance to get me started. You can ask me any other questions if required:) Thank you!