Checklist Central Registration: Fill & Download for Free

This is harder than it should be, and even “independent” doesn’t answer every question you’d like to know before hiring, much less trusting your life savings, to a financial advisor.However, and like most things, if a company or service provider wants to emphasize a particular aspect of their product or service (e.g. discount pricing, convenient hours, friendly staff, etc.) they will be sure to tell you.Fortunately, many financial advisors nowadays are using the term “independent” in their advertising and marketing collateral, though as your question suggests, there is more than meets the eye.A few tips:As a prospective client for financial advice services you should look for the words “fee-only.” Generally speaking, this will help you avoid commissions and obscure fee-sharing arrangements, which in a theoretical, behavior economics world, may potentially skew the advice a client receives in favor of what is economically beneficial to the advisor.This isn’t the only risk, of course. As an example, advisors can have meaningful latitude in the funds they recommend and the advice they provide, which may not be perfectly aligned with your own views. But this is true of most consultants. Real estate agents are known to sell their personal homes for higher values than they obtain for clients, as brought to the public’s attention more recently in the book Freakonomics by Levitt and Dubner.Good news. Because the sale of securities and financial advice is such a highly regulated environment - a few bad apples over the past few centuries in a contracts-driven, rule of law environment have forced the regulators’ hands – advisors must file a Form ADV and Part 2 Brochure describing the firm and its operations. Here firms must disclose their fees and how they are compensated. [For a fascinating history of how and, in particular why the regulations followed, I recommend reading Investment: A History by Reamer and Downing. My review on Medium here]While the language of these Form ADV and Part 2 Brochures may appear dense, remember this is a government-mandated disclosure. I recommend everyone do this. Take your medicine.Five Steps (or the process I recommend to friends):Step 1 – Go to the SEC. To research the individual and firm you are considering, simply go to the SEC.gov.Step 2 – Click “Search the Database.” From the SEC’s main page there is a link to the Investment Advisor Public Disclosure.Step 3 – Select your firm. Select the name of the individual or firm you are considering. This may be a little harder than it sounds, as the legal documents are filed under the legal names of the entities carrying the licenses. Make sure you select the correct firm, though there is no penalty for checking out a company’s other legal entities. The search is free.Step 4 – Review the Document(s). Once you find the right entity, which will have a unique CRD number (“Central Registration Depository”), you will find two buttons, one says “View Latest Form ADV Filed” and the other says “Part 2 Brochures.” I recommend looking at both. [Note – the industry is required to provide this to you upfront during the engagement process, as well as annually thereafter. However, in my experience this is just another dense document that consumers do not read, and were they to, would not understand. Software user agreements anyone?]Step 5 – Read, paying particular attention to “Item 5.” While you are looking at the Part 2 Brochure scroll down to “Item 5 Fees and Compensation.” Look for words like “client will pay” and “invoice the client.” While unusual and a small part of the financial advice market, you may also find “hourly fee” or “fixed fee.” Together, these would tend to indicate a client-pay model, which all things being equal should provide some comfort that you are receiving independent advice.Discuss with your prospective advisor. Once you have reviewed what’s on file the US government you are now ready to ask your advisor about what you have found. Have them explain any terms you do not understand. Before this meeting you could also check out the National Association of Personal Financial Advisors’ (NAPFA) checklist on what to ask. It’s an exhaustive questionnaire but nevertheless a good resource for the type of information you would like to know. It also highlights how confusing this can be to the general public.Language you may wish to avoid. Finally, as an example of what you are looking to avoid (based on your question), below is language from a customer document that underscores how deferred compensation arrangements sneak into the advisor-customer relationship:“The Schedule A Information above reports information as reflected on our administrative systems on December 31, 20xx and thus does not reflect any adjustments occurring after that date. In reviewing this information, please note (1) the bonus payment, if any, may include a marketing support allowance fee paid by XX to the broker-dealer referenced above and (2) XX, directly or through affiliates, may provide non-monetary compensation (’’gifts’’) in connection with the sale of its contracts generally.”As other writers mention to this question, this can be as clear as mud. But competent, independent advice is out there. You may just need to look a little harder to find it. At the end, however, the effort will be worth it.Good luck.

Food and Food Products have a direct impact on human health. Therefore, a food business needs a whole host of licences and permits. A person running such a business is known as a Food Business Operator or FBO. Depending on the business, every FBO will need one or more from the following permits and licenses.FSSAI/Food LicenseFirst and foremost, every FBO needs to obtain an FSSAI license. FSSAI stands for Food Safety and Standards Authority of India. As the name suggests, its primary function is to regulate food business in India to ensure highest standards of consumer safety. An FSSAI license is of three types.Central License: For importers, head offices with operations in more than one state and certain other businesses. Read more about conditions of eligibility for Central License.State License/Registration: Check your eligibility for State License/Registration.There is a separate document list for Central License, State License and Registration.Health Trade LicenseYou need to apply for this license at your local municipality office. Every State has its own municipality laws. For example, in Delhi, all eating joints, including bakeries need to obtain a health trade license. You can apply at the local municipal office. Moreover, in most places, you can also make online applications. This makes the entire process much more easier.Shops and Establishments RegistrationAs an FBO, you also need to register under the Shops and Establishments Act of your State. You can do this by filling a simple form and providing relevant details about your business.VAT RegistrationSince food businesses deal in sale of goods, registration under VAT is compulsory. However, registration becomes compulsory only when the turnover crosses a specific limit. VAT laws differ from one state to another. Therefore, this maximum exempt turnover also differs with the State. For example, in the State of Delhi, you need to register only when your turnover crosses Rs. 20 Lakhs.Service Tax RegistrationIf you have a service business, such as a restaurant or a catering business, you need Service Tax registration. Please note that restaurant and catering businesses provide services as well as sell goods. Therefore, they need to obtain both Service Tax as well as VAT registration. Further, you only need to get a service tax registration if your annual turnover reaches the mark of Rs. 9 Lakh. You need to pay Service Tax only if your turnover exceeds Rs. 10 Lakh in a year. There are some benefits that are available to these businesses, discussed in the latter part of this post.Liquor/Bar LicenseIf your restaurant also serves liquor/alcohol, you need a Bar License. You need to apply to the State Govt. for the license appropriate for your business. You need to submit all the documents listed in the Govt. checklist.Fire Department NOCAccording to the Fire Services Act in your State or the Building Bye-Laws, you need to get an NOC from the Chief Fire Officer. If your building is notified under the Fire Services Act, you also need to fill out a questionnaire. You need the following documents:2 sets of the building plan along with information prescribed by the bye-laws.Duly filled in questionnaire, if applicable.A Model of the building.Check list with certification from the Architect.Special Provisions for Restaurant and Catering BusinessSince restaurants and catering businesses are registered under both VAT as well as Service Tax, some special tax provisions are applicable to them.These businesses need to pay service tax on only a certain portion of their bill amount, and not the entire bill. The primary aim behind these provisions is to avoid taxing the same amount more than once.A restaurant needs to pay service tax on only 40 percent of the bill amount. This means that with the current Service Tax rate of 6 percent, the restaurant will charge service tax only at the rate of 6 percent on total bill. Moreover, non-AC restaurants do not need to pay any Service Tax. Factory canteens also don’t need to pay service tax.An outdoor catering business needs to pay service tax on only 60 percent of the bill amount. This is because the service portion in an outdoor catering business is greater than that of a restaurant business.With this information in hand, it is easy to fulfill all legal formalities for a food business. Following the guidelines and submitting all documents on the checklists will make sure that your registration process is seamless and smooth.If you want to a start a restaurant, catering, bakery, food truck business in India please visit PocketLawyer for more information & assistance.

A food business involves various types of businesses. It does not mean a single activity. It can comprise of multiple activities. For instance, manufacturing food products as well as selling ready-made food products is covered under a food business. Food business also includes storing, retailing, distributing, and transporting food and food products. A restaurant also comes under the ambit of a food business.So, your business is a food business if it comes under any of the following categories.Eating JointBakeryCafeWarehouseFood TruckSweet ShopGrocery StoreFood products such as a homemade pickle or jam businessPlease note that this is not an all-inclusive list. This means that more business types can form part of this list, depending on their nature.If you are planning to start a food business, you need to follow a lot of rules and regulations. This is because any kind of negligence in a food business can be fatal for the consumer. So, food businesses have to undergo a lot of compliance.It is important to know about all the legal formalities that come with a food business so that you don’t run into any trouble later. But, visiting different websites and offices for obtaining information can be burdensome.To make planning for your food business easy, quick, and hassle free, providing all the information that you need before starting a food/restaurant/catering business.Licenses and Registrations for a Food BusinessFood and Food Products have a direct impact on human health. Therefore, a food business needs a whole host of licences and permits. A person running such a business is known as a Food Business Operator or FBO. Depending on the business, every FBO will need one or more from the following permits and licenses.1. FSSAI/Food LicenseFirst and foremost, every FBO needs to obtain FSSAI license. FSSAI stands for Food Safety and Standards Authority of India. As the name suggests, its primary function is to regulate food business in India to ensure highest standards of consumer safety. An FSSAI license is of three types.Central License: For importers, head offices with operations in more than one state and certain other businesses. Read more about conditions of eligibility for Central License.State License/Registration: Check your eligibility for State License/Registration.There is a separate document list for Central License, State License and Registration.2. Health Trade LicenseYou need to apply for this license at your local municipality office. Every State has its own municipality laws. For example, in Delhi, all eating joints, including bakeries need to obtain a health trade license. You can apply at the local municipal office. Moreover, in most places, you can also make online applications. This makes the entire process much more easier.3. Shops and Establishments RegistrationAs an FBO, you also need to register under the Shops and Establishments Act of your State. You can do this by filling a simple form and providing relevant details about your business.4. VAT RegistrationSince food businesses deal in sale of goods, registration under VAT is compulsory. However, registration becomes compulsory only when the turnover crosses a specific limit. VAT laws differ from one state to another. Therefore, this maximum exempt turnover also differs with the State. For example, in the State of Delhi, you need to register only when your turnover crosses Rs. 20 Lakhs. (GST Registration from July 2017)5. Service Tax RegistrationIf you have a service business, such as a restaurant or a catering business, you need Service Tax registration. Please note that restaurant and catering businesses provide services as well as sell goods. Therefore, they need to obtain both Service Tax as well as VAT registration. Further, you only need to get a service tax registration if your annual turnover reaches the mark of Rs. 9 Lakh. You need to pay Service Tax only if your turnover exceeds Rs. 10 Lakh in a year. There are some benefits that are available to these businesses, discussed in the latter part of this post. (GST Registration from July 2017)7. Liquor/Bar LicenseIf your restaurant also serves liquor/alcohol, you need a Bar License. You need to apply to the State Govt. for the license appropriate for your business. You need to submit all the documents listed in the Govt. checklist.8. Fire Department NOCAccording to the Fire Services Act in your State or the Building Bye-Laws, you need to get an NOC from the Chief Fire Officer. If your building is notified under the Fire Services Act, you also need to fill out a questionnaire. You need the following documents:2 sets of the building plan along with information prescribed by the bye-laws.Duly filled in questionnaire, if applicable.A Model of the building.Check list with certification from the Architect.Special Provisions for Restaurant and Catering BusinessSince restaurants and catering businesses are registered under both VAT as well as Service Tax, some special tax provisions are applicable to them.These businesses need to pay service tax on only a certain portion of their bill amount, and not the entire bill. The primary aim behind these provisions is to avoid taxing the same amount more than once.A restaurant needs to pay service tax on only 40 percent of the bill amount. This means that with the current Service Tax rate of 6 percent, the restaurant will charge service tax only at the rate of 6 percent on total bill. Moreover, non-AC restaurants do not need to pay any Service Tax. Factory canteens also don’t need to pay service tax.An outdoor catering business needs to pay service tax on only 60 percent of the bill amount. This is because the service portion in an outdoor catering business is greater than that of a restaurant business.With this information in hand, it is easy to fulfill all legal formalities for a food business. Following the guidelines and submitting all documents on the checklists will make sure that your registration process is seamless and smooth.Do you want to start a food business in India? Visit PocketLawyer.com for more information & assistance.