It’s great to have a registered business

start

Starting a business involves a number of activities which can be quite cumbersome. Most people want to get started, find a customer and move on. But there are a lot more benefits if one starts right the first time. We list some of them below:

  1. You get to comply with some of the requirements of bigger potential clients
  2. You get to have a legal entity with a limited liability, meaning you stand to lose only what you invest in the business and not your personal assets.
  3. Your registered business is a legal person, which means it can sue or be sued in its own name. When you trade with your own name/ID number, there is no distinction between you and your business.
  4. You get to open a bank account in the name of the business and build a record of transactions which may become handy when you need to convince prospective funders or creditors about the health of your business.
  5. You have a professional image which gives people comfort that they can trust your business since it has all the necessary registration and compliance numbers.
  6. You qualify for assistance by many small business development agencies which do not help informal businesses.