Viresh Patel

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For all those, who think that Nomination will ensure EASY and LEGAL transfer of assets and investments,anytime ...

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This is a Typical understanding of 83% of Indians that with Nominations , incase of untoward incident, transfer will comfortably happen.

Just doing things for SAKE OF DOING is bigger crime than actually doing the crime.

Nominee Becomes TRUSTEE of the assets and investments and has to ensure that the rightfull legal owner gets the entitlement easily and legaly.

Similarly, JUST BY WRITING a WILL, one does not ensure transfer, it has to be understood properly and thoughtfully framed & named.

#Successionplanning is eminent part of #financialplanning and done with lot of care,understanding and recording of data provided.

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EVERY MONEY THAT I GET IS MY INCOME

EVERY LIABILITY IN MY BUSINESS, IS MY PERSONAL

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This is very common statement of understanding with which typically a SOLE PROPRIETOR / or even a FAMILY OWNED BUSINESS PARTNER goes and works.

How true is this and what is right way of TRUE BUSINESS and FAMILY Person.

Well, What I always suggest is :-
1- Whatever you bring home for Family or Personal use or investment after paying all the business taxes which you do not have to compulsorily give back to business is your own personal Income.

2- Always maintain separate table on #FAMILY INCOME and BUSINESS INCOME.
(Not only for accounting but 80% of cases, proprietor does not know what is his #REAL Income and expense, so this will help them understand)

With boost to #startup, #entrepreneurship #soleproprietorship, this understanding is very important to adopt
DO NOT MERGE FAMILY/ #PERSONAL and #BUSINESS #INCOME, #EXPENSES #TAXES and #LIABILITIES else, you don’t know where your business and personal front is and you are already creating a mess and problem.

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