A firm is a business organization that is owned and operated by one or more individuals, known as partners. It is a type of business structure that is commonly used by professionals, such as lawyers, doctors, accountants, and architects, who want to practice their profession together.
MSME (Micro, Small, and Medium Enterprises) registration is a process in which small and medium-sized businesses in India can register themselves with the Ministry of Micro, Small, and Medium Enterprises (MSME) to avail various benefits and incentives provided by the government.
LLP (Limited Liability Partnership) registration is a process in which a business can register itself as a limited liability partnership in India. An LLP is a type of business structure that combines the benefits of a partnership firm and a company.
Essential documents include W-2s, 1099s, receipts for deductions, and previous year’s tax returns.
The standard deadline is April 15, but it can vary slightly depending on the year or if you file for an extension.
The penalties can include fines based on the amount owed and additional interest on any unpaid taxes.
You can check your refund status on the IRS website using their "Where's My Refund?" tool, typically within 24 hours of e-filing.
Businesses with a turnover exceeding the prescribed threshold limit, as well as those involved in inter-state supply or e-commerce, are required to register for GST.
Common documents include PAN card, proof of business address, bank account details, and identity/address proof of the owner/partners.