Legal Formalities Required In Office Supplies Business

Office supplies refer to office stationary and other items used regularly for the day to day working of the business. These are required by every business entity irrespective of the region, scale and size of the business. The business of office products is growing at a fast pace because of the increasing demand and has a huge potential ahead. If you have decided to reap benefits by starting this business and you are looking for detailed list of the legal formalities for the same, this article comes handy.

A good business idea, a well developed business plan and a proper execution of the ideas and plans has no meaning unless one completes all the necessary legal formalities as it is imperative for the survival and growth of the business. Once you have evaluated the pros and cons of starting the business of office supplies and developed a business plan for the same, it is time to take care of the legal formalities required to start the said business.

Legal Formalities to start office supplies business

Making a list of the legal requirements and abiding by them is the ground work that must be done for starting any business. The same applies to the business of office supplies as well. Though the legal formalities vary from country to country, the following points throw light on some common legal formalities required to start the said business:

? Get a business permit and license: The first thing that needs to be taken care of is applying for and acquiring the business permit and license. A business permit is a sanction by the government to start and operate the business. Getting a business permit and license is the foremost requirement for starting a new business.

? Register your business: Once you have the license to operate the business, it is important to register and organize the business in the most appropriate form. You can decide to be the sole owner of the business, start it in partnership with someone, create and register a company, etc. The legal formalities will vary according to the type in which the business is organized.

? Get air, noise and water pollution permit: If you are planning to manufacture office supplies on your own, you need to take a pollution permit for the same. Also, the treatment of waste of the factory shall be considered while obtaining the said permit.

? Apply for sales tax license: Another important legal consideration is obtaining the sales tax license.

? Apply for import and export license: If you are planning to import raw material for processing or import office supplies for reselling or export office supplies to other countries, it will be crucial to obtain an import and export license for the same.

? Complete tax related documentation and formalities: You need to apply for tax identification number and take care of the other tax related legal formalities as the income generated from the business of office supplies will be taxable as per the applicable laws.

? Enter into necessary agreements with the suppliers: If you are planning to act as an intermediary and buy office supplies in bulk from the manufacturers or wholesalers and sell them in retail stores, it will be good if you enter into the necessary legal agreements with the suppliers for the same. Make sure that you read thoroughly all the terms and conditions mentioned in the agreement before signing it. The terms and conditions mentioned in the agreement will be the deciding factor in case of a legal hassle.

? Enter into lease agreement, if the office space is rented: If you have taken the office space on rent, it is important that you enter into a legal agreement with the owner for the same and mention all the mutually agreed terms and conditions in it. You cannot rely fully on verbal commitments; hence taking help of legal amenities or lawyers is always beneficial.

? Complete the necessary legal formalities for arranging finances: Money is the most important resource for starting a new business. You might use your personal savings or approach a relative, friend, bank, venture capitalist, angel investor or a non banking financial institution for funds. Whichever source you choose, the legal formalities in all the cases will be different from another.

Though taking care of the legal formalities for starting the business of office supplies is not a rocket science and you can take care of the above said legal formalities on your own, but it will not be a bad idea if you approach a legal professional and ask for his/her help. This might involve an additional fees but it will be worth as it will save you from the hassle of missing out on an important point and it will also save your time and effort.

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Disclaimer: The suggestions in the article(wherever applicable) are for informational purposes only. They are not intended as medical or any other type of advice