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Registering your company would give a legal existence to your business a life of it’s own and once it is done it can only be closed down by legal intervention.
Registering your business allows you to have a legal existence, you get instant credibility for your businesses following incorporation. Adding “Pvt Ltd” after your business name can add instant authority. Consumers, vendors, and partners may prefer to do business with a registered business.
There are several tax advantages and benefits of incorporating a small business. Though profit and loss typically pass through the the taxation slabs defined by the government and get reported on the personal income tax returns of owners, one can also elect to be taxed as a corporation. Likewise, the owner can avoid double taxation of corporate profits by incorporating their business.
Allow owners to separate and protect their personal assets in the event of a lawsuit or claims leveled against a business entity. In a properly structured and managed company, owners should have limited liability for business debts and obligations. This remains one of the biggest benefits to incorporating.
If you look above friends and family, for funds you will need to find equity or loans for funding your business. Outsiders will make sure they invest their money in registered forms of business and not in any primitive form of entity. Hence, registering your business becomes a protocol for growth
Without the legal protection of limited liability, you could lose your business and personal property if something goes wrong (say somebody sues you to court for heavy damages). If your business is registered as a limited liability entity, the worst that could happen is that ONLY your business will be responsible for paying the damages because it is a separate entity from you.< br/> However, if you were running an unregistered business, you may not be entirely safe. Why? Because your personal stuff (house, cars, money in the bank etc) maybe used to settle any outstanding debts the business cannot settle.
In today’s modern world, most customers, especially corporate customers, expect a serious and responsible business to be registered. In fact, most companies will not do business with an unregistered business. In certain cases, it’s against the law for regulatory and tax reasons. Think about it for a moment:If your business is not registered, how can you issue receipts to customers for products you sell or services delivered? And who exactly pays for something these days without demanding a receipt? Unless your plan for your business is to become and remain a petty trading business that sells stuff off street corners, you just have to register it to attract more discerning customers.
For banks, there are basically two categories of loans; Personal and Business loans. They’re both totally different and one cannot be used to represent the other.
As a result, most banks will gladly lend you money to buy a new car or house but none will give you money to fund a business that isn’t registered. To qualify for a business loan, the Number 1 and non-negotiable requirement is that your business must be registered. Period!
For investors, it’s the same thing. Investors are interested in giving you money for a share of your business, and not to finance your personal lifestyle.
If there’s no registered business, what exactly will you be giving them a share of?
Investors want to know that your business is organized, exists legally and is separate from your personal life and finances.
No investor would take you seriously if you’re asking for investment but you don’t already have your business registered. To them, it’s a sign of unseriousness and a lack of professionalism. You don’t want anybody to have that impression of you.
Registering your startup can often be a tedious and cumbersome task. And with your small business, you can't always go through the various steps of registering your business. If that wasn't enough, you also need to research and consider various factors to consider while registering your startup. Webrex Desiging makes this entire process super easy so that you can get a business Incorporated as either a Private Limited Company or a Registered Partnership Firm or a Limited Liability Partnership. So, you can focus on growing your business while we take care of these things.
