ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
Serving to empower, the next step towards ownership.
Don’t deliver a product, deliver an experience through business registration
A business bank account is very significant asset to a small business as it helps to maintain the separate personal transaction from the trade. It shows more professionalism in front of clients to mention the trade name for payment instead of owner’s personal name.
Business registration helps to create a reputation with customers and client with whom we work daily. It also helps to create trust in society and provide assurance that owner has a legitimate business. When a business is registered, it is easier for third party to decide whether he wants to invest or came in partnership or not.
Registered business can easily apply for small business loan. It’s easier to get loan if the business is registered with government body and it creates transparency or beware from the fraud or any mishappening. If a business applies for a credit card, creditors may also ask to see the registration paperwork.
Business registration helps immensely if conflict arises with cofounder. When a person registers the business, the control is shared towards the shareholders subject to the number of shares they own. If any dispute rises then shareholding pattern will determine who has the control over business.
MeA registered business also becomes eligible to receive supplier discounts that a normal person could not receive if he has an unregistered operation. Suppliers generally reserve wholesale proportions for business owners who can demonstrate official paperwork. Registered business can also plan for government contracts, tenders for the business that will lead to brand promotion.
A business registration allows to hire full time employees and pay them accordingly. Registered business receives a unique identification number that allows to connect with government. It creates the trust and transparency among the employees about the business environment and culture.
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In India a person can choose from five altered natures of legal entities to start business. It comprises partnership firm, sole proprietorship firm, limited liability partnership, private limited company and public limited company. A type of entity commands about the organization structure and how that company is taxed.
When starting a business, one has to select the type of legal structure to select for business. Generally this will depend on three primary factors are liability, taxation and record-keeping. Various other criteria are also to be considered like cost of formation and ongoing administration and flexibility.
There are various benefits that a person can avail from business registration.
Goodwill :In general, business having registration certificate has higher goodwill than non-registered business.
Limited personal liability : Members liability is limited to amount of shares purchased by them in case of company.
Financing: It is easier to raise funding in registered business than other forms of business.
Easy to start: It is easy to start a business in case of sole proprietorship firm.
Fulfill buyer norms: Big businesses that have supplier selection criteria incline to prefer to make sure the business must be registered than an unregistered business entity.
It really depends on the type of business a person wants to start. If he desire to do a business as a sole trader and keep the profit to ownself then no another person is required. In case of partnership, LLP or private company, minimum two people are prerequisite to register the business but in public company, minimum requirement is three.
There is no minimum requirement of capital to register the business. The person can infuse the funds as per the size of business model. Formerly, the person had to pay a minimum of one lakh as a payment to start a private limited company. Observing this, many startups picked to switch to sole proprietorship. Nowadays, the government management has removed these criteria at the time business registration.
Neusource (a team of professionals) helps to register the business in an efficient manner. Startups become very attractive in india. In order to develop indian economy and attract talented entrepreneurs, one must have to register the business with us to avail the benefits.
