People who wish to become entrepreneurs are driven to see their vision materialise into a reality. So, after making the decision to become an entrepreneur, the next big step is to register your business. However, this process is not a pretty straightforward one, as it involves many stages that require considerable thought on their part. Business registration comes with much paperwork, and often, you cannot delegate this work to your employees or do it yourself as you will have other things to focus on. In such a scenario, it’s wise to choose a business registration service that makes registration fast and straightforward. #
Read on to know the significant points to consider before registering your company.
1. Decide on Your Business Structure
You can identify the appropriate structure by determining the nature of your business. Suppose your business is less risky and does not attract many legal claims. In that case, you can consider a Sole-Proprietorship. If you want to operate with a partner, you can register as a Partnership firm. And if you desire to restrict your liability and gain the benefit of minimised registration cost as well as ongoing compliance, then going for Limited Liability Partnerships (LLP) is the ideal choice.
Thus, you must assess your business nature, future vision, and capability for regulatory compliance before zeroing in on a business structure.
2. The Name of Your Business
It is best to pick a relevant yet unique name for your company (also refrain from choosing a vulgar name). Business name is the one with which your audience will identify your company, and it is also the name that you will use in all documentation and registration processes in the future.
The name you select should not be much similar to an already existing business. Besides, it is best that you avail of a business registration service provider that allows you to check the availability of your business name quickly. These services also provide domain name, company binder, discretionary trust, and a framed certificate.
3. Registered Address
When you register your company, you will need to give a local physical address, as here is where all the official correspondences will be sent to. Moreover, your address should be approved for commercial use, and if you are working from home, you must comply with your specific territory or state’s local regulations. Also, you need to comply with all the relevant business licensing and permits that you may need.
4. Business Licenses and Permits
Licenses and permits give approval to your business to do an activity or protect it and as well as your staff. They depend on your business nature, activities, and location, and they allow you to trade without the likelihood of fines and penalties. Common business licenses relate to running the business from specific premises, like your home. They also relate to complying with particular laws like taxation and safety requirements. But, you must know that you can apply for permits and licenses only after completing the registration process. So, at this point, familiarise yourself with the regulatory framework relevant to your business.
A well-structured business plan is indispensable for a successful business. And for that, consider your location and if it is advantageous for your business, council regulations, and legal risks. You can also lookup various online support groups and gain advice on government sites; it will help you to come to a good decision. Nevertheless, you need to be well-prepared for beginning a business, and otherwise, the challenges that you encounter can be overwhelming for you. So, spend some time knowing what’s involved in it and critically evaluate your business nature.