Are you just about to launch a startup? If so, you will need to know how to register your business to ensure success. Of course, this is mandatory and must be done even before your company launches. Otherwise, you may run into many legal issues, not to mention hurt your brand’s reputation and damage your trust with your customers, partners, suppliers, and even employees.
With that said, do you know how to register your startup? If you don’t, then pay attention! Here’s what you must do to register your new company:
Pick the Right Business Structure
The first step in registering your business is to pick the right business structure that fits your company. It is vital to get this right because you will have to undergo processes tailored to different structures. This also means that if you pick the wrong structure, you might get into deep trouble.
Now, as to the type of structures that exist, there are four to think about: sole proprietorship, partnership, limited liability corporation, and corporation. A sole proprietorship is for sole owners of a company and is usually the default business structure and has to deal with all the company’s liability. A partnership is when two or more individuals build a business together and also share liability. A limited liability corporation is for those looking to protect personal assets from business liabilities. Finally, a corporation is a structure where a business operates separately from its owner, offering most protection from liabilities.
File with the Federal Government
Once you’ve picked a structure, you will need to consider filing with the federal government. Note that not all businesses will have to do this, especially companies that are run by a single person. However, it is still recommended that you do so to make the most out of benefits like tax exemptions.
If you are looking to trademark your company and its offering, you will need to file with the USPTO (United States Patent and Trademark) office. If you want to enjoy tax-exempt status, you can register with the IRS for it so long you fit the requirements. Finally, if you are interested in government contracts, you will need to file with the federal government.
Finish up with the Registration Process
Now that you’ve done the two above steps, you can consider continuing your registration efforts to ensure you can run your business legally and without problems. For example, if you need permits to run your business, you must acquire permits before carrying out your business processes. Also, you may need to register with the local or state offices, especially because most of the business structures we’ve mentioned make this mandatory.
From this article, you might come to believe that registering your business is quick and easy. It can be, given that you know what you are doing. However, if you find trouble in any of your efforts to register your business, we highly recommend reaching out to consultants and professionals to help you out. They can eliminate the trial and error of business and educate you on what needs to be done to register your business correctly. Not only will this allow you to save time and money, but it’ll let you get your business started and generate money!
New Business Centre offers help to new companies navigating this complex business world to ensure the greatest start possible. Work with us today and learn business registration!
With over 12 years of experience in the Digital & IT space, Matthew has helped more than 300 businesses get off the ground through websites, IT/systems such as emails, phone systems, project management and more.
His expertise across all things digital & IT is conveyed through our new business kit, providing clear context and insights into the business areas you need to know.