People who are self employed, how do you manage it?

  1. Have a guy for compliance. GST is a pain in the ass and would rather pay someone to do it.
  2. LLP. Apart from all the usual tax and expensing stuff, you have to understand that large firms simply do not do business with sole proprietorships. Do you want to work with minnows or go hunting for whales?
  3. This one is easy. When in college, I got a CC against FD primarily for international transactions. Little did I know that this was helping me build a solid credit history. I strongly suggest everyone should do this as early in life as possible. Applying for a top-end CC, a home loan (somewhat higher rates than salaried peeps) was a breeze.
  4. Nope, never had an issue. Then again, used to travel abroad occasionally with my parents as a child/on backpacking trips during semester vacations. Perhaps that may have a positive impact on my visa applications. If you are able to successfully able to apply for an American visa, everything else is smooth sailing.
  5. It squarely depends on what you want to do and where do you want to be, say 3 years down the line. Maintaining an LLP costs about 30k/year. GST ITC and depreciation on electronics alone make you break even. Be smart. Take a hard look at your business plan and don't be pennywise pound foolish.
/r/bangalore Thread