First employee at salary 20000 per month - Do we have to follow any other compliances?

My Company's name is Grid Fokuz. We are into outdoor advertisements and corporate gifting. Ours is a partnership company started 2 years back. At present we have no employees, but from the next month we are appointing one. The salary we have decided to give him is Rs 20000 per month.
1. What should be the salary breakup like.
2. Do we need to have a PF registration.
3. Do we have to follow any other compliances.

Dear Anonymous
As of now PF and ESIC (if geographical area of your office is covered under ESIC) are not applicable. However considering , if in future you are required to increase number of employees,the both can become applicable- PF if you employ 20 or more for employee drawing 15000 or less and ESIC if you employ 10 or more for employee drawing 21000 or less.
To be on safer side you can design the pay to be more than 21000 if not immediately may be down the years. Distribute 21000 i components Basic and DA.
Shailesh Parikh
99 98 97 10 65
Vadodara