I want to know about the importance of business registration.
I started with my own business few months ago but I have not registered my business yet,is it really that important?
When your business is registered it becomes easier to raise funds when required for the business.
Here’s how business registration helps in getting loans easily:
⦁ When you register your business, the business becomes a separate entity and taxpayer. This will allow you as a business owner to apply for subsidies and tax rebated under various programs by the government.
⦁ If you register your business, you will be able to establish a brand image of your business among the target market, the customers, and suppliers.
⦁ If you have registered your business and are a sole proprietor or in partnership with anyone, it makes you less liable to the debts and losses that every business owner faces.
⦁ By registering your business, you will also establish or define the role of every member of the company and also the shares of each individual. This will help in resolving any of the conflicts that may arise in the future.