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The wait is over: Register your business today

by Kaylee
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Registering your business is the first step in establishing yourself as a legitimate business. Protecting yourself and your assets by filing paperwork with government agencies and other organisations is also essential. After all, if you’re not legally registered with the proper authorities, everyone can take advantage of your good name or do something illegal with your money. It is easier to register a business than ever before.

Types of businesses, licences, and registrations you may need

You’ll need to choose the proper business structure to start a new business. There are three main types: sole trader, partnership, and company.

A sole trader is an individual who deals with their accounts, invoices, and receipts. A partner is an individual who owns 50% or more of another person’s shares in a limited liability partnership (LLP). The LLP must register as a limited liability partnership if it has at least two members. A company has unlimited liability unless its articles state otherwise – so if you manage other people’s money without being fully insured, you could be liable for any losses incurred.

Decide which structure will work best before starting a business.
● There are pros and cons for each structure. Get advice from an accountant or financial planner who can help guide your decision.

There are many types of businesses: sole proprietorships, partnerships, and corporations are just three examples of legal entities that entrepreneurs can use to start their enterprises. Each type has its own set of tax rules and responsibilities—and these differences may affect how much money comes in over time and whether someone needs any training before they begin working full-time at the company (or vice versa).

● Your unique business needs
  • Your business name
  • Your business structure
  • Business address and contact details
  • Bank account details for your bank account (if applicable)

Benefits to registering your business:

  • You can start trading immediately, which is a great way to get your business up and running before the end of the year. A registered company is also more likely to be successful in the long run than an unregistered one because it will have access to all kinds of government support programs that help small businesses thrive.
  • A business name can cost $100-$200, but if you’re already operating as a sole trader, then it’s free. You’ll want one for yourself, so people know what kind of entity you work for; however, this might not necessarily help if someone else wants their own brand identity (like clothing designers).
● If you’re ready to sell your products or services, this will help you get going faster, giving you the best chance of success.

This can seem complicated to register a business, but it doesn’t have to be. The more you know about registering and running a business, the more likely you will succeed. This is because it gives you control over your money, business records, and assets. It also ensures people know where their money is going, so they feel confident in what they’re buying or hiring from you.

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