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Showing posts from July 12, 2009

ApartmentAdda Interview & an update

TheIndianStartup.com interviewed us recently - you can read about the interview in their blog.
Now for the update, my startup is no more a sole-proprietorship. It is now a Private Limited firm - 3Five8 Technologies Pvt. Ltd. When I started - sole proprietorship made sense - because it did not cost anything, nothing to register and I can concentrate on building the portal.
However, after the launch and after winning Adda's first premium customer and the subsequent customers I dealt with all had this uneasiness doing business with a sole proprietor. I understood that sole proprietorship was not sufficient any more. Finally kicked off the process in April sometime - took close to 2 months in my case because of various reasons.
Having a Pvt. Ltd. company gives confidence to my customers.
And it did cost quite a bit :
1. It costs quite a lot to register.... around 27k.
2. Every year the company has to submit its audited finances - even if it makes a loss. This is again around 25k every …