Things to consider before registering your business

Summary: If you are an entrepreneur, efficiently demonstrating your leadership trait and planning to take the next step for realizing your vision by registering your business, ensure to consider the fundamental points of this process.

Are you searching for Incorporate business registration services? The business registration process involves critical stages that require careful consideration.

Business structure

If your business does not attract any legal claims and if you are planning to begin small and grow eventually, then you can think of sole proprietorship.

If you intend to work with a partner, then you can register your company as a partnership firm. However, such entities have a lack of protection and your assets will be attached in case of any legal claims.

If you want to reduce your liability, taking benefits of low registration costs and minimum ongoing compliance, then limited liability partnership would be the best way to go.

Business name

Make sure, your business name does not violate any trademark or be similar to that of any existing companies. If the name includes any restricted words that involve strategic or regulated sectors like law, bank, finance, and media, then the relevant government authority or agency will review it, delaying the approval by a few days. Before you choose a name, check availability to avoid any disappointments or delay. Ensure the name represents your business philosophy, product or service, nature and positioning. Registered address

While registering your business, you need to provide a physical address where official notices and correspondence will be sent. If you run a small business or want to operate from your home for saving on rental expenses in the initial years, then you must consider obtaining the permission for such use from a relevant authority.

Business license

You can apply for permits and licenses after completing the registration process. Make sure, you are familiar with the regulatory regime related to the type of your business, so you don't run afoul with the law.

Certain types of businesses including financial services, restaurants, educational services, entertainment services, etc need a license and permits from different government authorities. For instance, a restaurant requires a food shop license and liquor license and public entertainment license from relevant agencies.

Note

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Created on Jan 22nd 2021 04:22. Viewed 271 times.

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