Absolutely business registration is very important because you can get a lot of benefits from it and your business gets legal from it and no problem comes from the government and customers trust increase
why is it important to register your business?
- Thread starter Emmanuella
- Start date
It will make your business legal. You will be given a state identification and and registering your business would separate yourself from the liabilities acquired by your business. You won't be responsible from what your business owed.
When you register your business as Limited Liability Company, you are a different entity from your company. You also get legal liability protection. If you incorporate, you will not be held personally responsible for certain accidents and other liabilities
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Having your business properly registered is the only thing that gives it credibility and legitimacy in the midst of thousands of scammers and fake business set up out there in the world.
It brings more of your business customers to trust that you are a legal entity and won't be associated with fraud.
It is important you register your business with the appropriate authorities in your country, unregistered businesses are deemed illegal, registered businesses give people a sense of security/safety. Plus all what you mentioned above ,opening business accounts with banks etc.
A formal business here needs to be registered because there is a need for business license. You cannot rent a place for a store if your business is not registered with the department of trade for the business name and you need to get a mayor's permit. The last is the tax registration to have the Tax Identification Number. Some informal businesses do not need a license like the home-based business of selling because they are considered informal business that is not regular.
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There are many advantages and importance of doing business registration, it expose your business or company to a lot of audience, it helps saves your business and company from easily collapsing due to the exposure it has gained and it helps you to have access to loans and other benefits.
To register your business is necessary for its guarantee and survival and to avoid any loss in future.
Because your government may implement some type of rules and regulations that may affect your business in future.
In our society, money is earned in two ways, either by doing business or by getting a job. From the job we get a certain amount of money that neither decreases nor increases. That money is not enough to meet the needs of our home. Conversely, if we look at business, we can make more money through business that easily meets our needs. So nowadays it is necessary to start the business mostly.
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Aside the fact that the law requires you to register your business. There are certain incentive you may not be able to access when you operate as an unregistered business. Possibly consult a lawyer on the suitable one for you.
About the government laws, the truth is in some countries the government does not really care much about them or their business survival but only how to suck the life out of small business owners especially in Nigeria my country. There are always new laws to make life harder and difficult for small businesses to operate freely.
It protects you from personal liability
This is arguably the biggest reason why many people have to register theirbusiness. 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).
This is arguably the biggest reason why many people have to register theirbusiness. 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).
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It protects your from personal liability
This is arguably the biggest reason why many people have to register their business. 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).
This is arguably the biggest reason why many people have to register their business. 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).
It is very important to register a business to under a government. And I think that it's a imperative things to do in which to get a approved of government, so that your business will be trusted by customers and it will be legal business.
Reputation With Customers
Building reputation especially from customers and clients you've never done business before is very difficult.Registering your business gives your potential customers confidence that they are dealing with a reputable organization.
Building reputation especially from customers and clients you've never done business before is very difficult.Registering your business gives your potential customers confidence that they are dealing with a reputable organization.
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Registering a business is very important as it has many benefits.For example, if you want to take out a loan to invest in your business, you must register your business.And if your business is registered, more people will want to invest in it And you will also find it easier to advertise
Registering a business is very important for govt record keeping and statistics, it also shows to business is a genuine one thereby increasing trust from customers, also the govt may wish to distribute relief funds and this only goes to registered businesses most of the time.
Registering your business will make it legalized and you will not have problems with the government. A registered business is protected from personal liability and builds trust with customers, suppliers and employees.
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Registration of business goes a long way in boosting the development. Incorporating a business gives it a good reputation and prestige. Registering your company also gives you the proficiency to borrow money from commercial banks to finance your business.
Irrespective of the form of business, registering the business gives it the kind of credibilty that any serious business would want to be accorded. That is why the banks would demand for the business registration documents before opening an account for the business. And by opening an account and operating it effectively, the business stands the chance of accessing loan facility from the bank in order to expand its operations.
Registering a business means one is ready to play by the rules of the game
Registering a business means one is ready to play by the rules of the game
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