If you own your own business and you are still trading as a sole trader then you may be leaving yourself open to many different negative issues. The same applies if you are part of a partnership and what many business owners don’t seem to realise is that your liability is not limited when you are involved in such enterprises.
You have worked really hard up until this point and it seems such a shame that everything could be put in jeopardy including your home and your personal belongings because you didn’t take the time to learn about business registration and how it can benefit you.
If this is something that is quite new to you or you have been fighting registering your company for some time now, then there are a number of company registration packages that are available to you right now and these service providers will do all of the work for you so you don’t have to.
Registration is there to protect everything that you own in a personal capacity and it is important that you separate your business life and your personal life. You shouldn’t really have to be sold on the benefits of registering your business, but if you need a gentle reminder then the following are just some of them.
- It creates a sound reputation – Customers and suppliers need to be able to trust you and one way to do that is to register your business. Every customer needs to have confidence in your business and what you can offer them and nowadays, your reputation is everything. Many people are doing the shopping online now using their smartphones and so they want some reassurance that you can be trusted with their money and being registered is one way to provide them with that trust.
- Business banking services – Many lending institutions such as banks and building societies are reluctant to do business with anyone who doesn’t have a business registration number. There will come a point when you will want to turn to these lenders to help your business get over some financial issues and it is best to have your enterprise registered to speed things up.
- Liability protection – If you continue to trade as a sole trader or as part of a partnership, you’re really taking a chance because should your business run into problems and the court awards costs to a supplier for example, then they can quite easily force you to sell your home and your car to pay the bills. By registering your business, it is seen as a totally separate entity and so your private holdings don’t come into the equation at all.
As you can see from these three excellent benefits, it makes perfect sense to register your business as soon as possible to protect you, your family and your employees. If you are a business that has been operating for some time, then all of your hard work will have been wasted if you have to rebrand your business because someone has stolen your business name. This needs to be registered or there is a distinct possibility that you will lose it.
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