Goodwill is a kind of intangible asset whose value depends on the company’s brand name, customer relation, and other factors that makes a particular company different from another. In simple words, goodwill is equal to the reputation of the business. When one company acquires another company, the amount paid by purchasing company includes goodwill that has been earned during all these business years.
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This is how the food sector has experienced tremendous growth in the past couple of years with the introduction of several new food joints.But before starting a food business, it is imperative to follow a set of guidelines in order to carry out food services and sell food products.
The license is issued with varying validity from 1 year to 5 years.
Any food business operator can obtain a trade license by making an application to the concerned municipality.Typically, the trade licenses issued in most of the States are valid for a period of 1 year and the same is renewed on payment of yearly fees.If you plan to open more than one outlet, every outlet must have a valid trade license from the concerned municipality.
There are many different types of Alcohol Licenses, it varies depending on whether you are a Star hotel, bar/ pub, selling imported liquor or foreign brand or Indian Made Foreign Liquor.To obtain the license, you will be needing an identity proof, address proof, NOC from the fire department, NOC from the municipal corporation and other documents as the State Department may seek.
Fire Department NOCThe Fire safety laws of most of the States in India consider the business of restaurants/ cafes/ hotels/ bakery to be a hazardous activity requiring a “No objection Certificate” from the Chief Fire Officer before commencing business.To obtain a fire license, you will have to submit building plans, model of the building and certificate from the Architect, and also fill out a questionnaire related to compliance with fire safety rules and regulations.
Shops and Establishment RegistrationEvery owner of a shop or commercial establishment, having more than 10 employees, must obtain a shop and establishment registration from the respective State Labour Department.
Incorporation of a firm is the complex legal process and those firms which are going to get Incorporate need an expert Corporate Lawyer.
They can provide step by step guide to incorporate the company such as; 1.
Ascertaining Company Name: To find the suitable and available name is the first step for any company in incorporation.
Preparing MoA and AoA: Article of Association contains the rules and policies of the company whereas Memorandum of Association categorizes the company's field of work.
Certificate of Incorporation: This certificate is the last step in Incorporation which is the proof that all the mandatory steps have been done by the company.
There are still more step in Incorporation that we have not discussed above so if you want to know more about Incorporation then visit Franklin I. Ogele, who is a professional Corporate lawyer consistently providing services to the businesses in need.
