Registering a business can be a very simple process, but the steps can vary depending on the country you are registering the business in. In most countries it’s not a complicated task, but of course the steps must be followed precisely. The first thing to understand about registering a business is that you will need to decide on a business structure.
Which business structure and office type you choose will more than likely be determined by what type of business you have, or will have. There are four distinctive business structures to decide from. They are: Sole trader, Partnership, Trust and Company.
As a sole trader you operate trade, manage and control all aspects of your business. This doesn’t mean that you cannot have employees, though. The main advantage of being a Sole trader is that setting up your business will involve a small amount of legal and tax formalities. And of course since it is only one individual you as the company, the structure is inexpensive to set up.
In a Partnership business structure you are carrying on your business with someone else. This could be one other person or a group of people. Income generated will obviously be received by all parties involved. A great advantage to setting up a Partnership business structure is that you’ll have access to the finances of all the partners. Furthermore there are more people to share the work, losses and legal responsibilities.
A Trust business structure is for those who wish to establish a company as a trustee. Two big advantages is having limited liability as a company, as well as increased asset protection.
The most common business structure is Company. A Company is regulated by the governing bodies of that country, and are typically known as Securities commissions. When it comes to having access to capital for business purposes; a Company has greater access. Also since a Company business structure involves a lot more to be established, it is more expensive to get started.
To choose your office type, this will take some time and research, but more so than not there are several types of leases, offices and even opportunities for shared office space in your city.
You may want to consider getting a grant for assistance to help you start your business. There are typically several funding programs available. And you may be able to receive financial assistance from local councils as well.
It is imperative to get your business taxation identification, as this will ensure you are paying taxes outlined and operating in a legal manner.
This post has been provided by Servcorp. Servcorp is a provider of serviced and virtual offices worldwide.
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