Administrative steps in a business.

[Bookwormlux1]

Yes like you said, i dont think there is actually a need for a lawyer. You just need to go to the required office and submit the required details and pay what is expected of you.
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Company registration is not only important, it is needed. It makes your company more legit. Most investors would not want to invest in a company that is not registered under the country's government. And a registered company, would be entitled to any privilages given by the government.

Professionalism is key, especially in these days where we have got lots of scam platforms. Investors always make sure that they deal with registered businesses only.

 

[Sariana23]

Professionalism is key, especially in these days where we have got lots of scam platforms. Investors always make sure that they deal with registered businesses only.

That's right, professionalism is very important for clients, employees and investors. The legalized companies give that professional detail, to each person who awakens some interest in that company.

 

[Bookwormlux1]

That's right, professionalism is very important for clients, employees and investors. The legalized companies give that professional detail, to each person who awakens some interest in that company.

Company and businesses that are Registered are also very easy to contact because they are transparent in their dealings. They also have their own website and they put their details there.

 

[Sariana23]

Company and businesses that are Registered are also very easy to contact because they are transparent in their dealings. They also have their own website and they put their details there.

It is true, transparency in business is essential for companies, which inspires confidence among potential customers and investors. This is the main reason why registration should be done, which will make it more reliable and attractive.

 

[Bookwormlux1]

Registration of a business also makes it easy for law enforcement agencies to hold the owners responsible in the case where there is an issue that needs to be sorted out.

 

[cowantussie]

For the purpose of this post I am going to assume you already have a unique business case and know you’ll have customers. I’m also going to assume you know how to reach those customers. These were parts of the process my wife lucked into, as a customer asked her to do things for them. They are also well trodden, so today I’m going to focus more on the less well trodden path. Aka the administrative steps of starting a business.

Choosing a Business Name
Don’t Forget the Business License When Starting a Business
Trademarking a Business Name
Start with Business Structure
Starting a Business: The Criticality of Business Insurance

 

[Sariana23]

For the purpose of this post I am going to assume you already have a unique business case and know you’ll have customers. I’m also going to assume you know how to reach those customers. These were parts of the process my wife lucked into, as a customer asked her to do things for them. They are also well trodden, so today I’m going to focus more on the less well trodden path. Aka the administrative steps of starting a business.

Choosing a Business Name
Don’t Forget the Business License When Starting a Business
Trademarking a Business Name
Start with Business Structure
Starting a Business: The Criticality of Business Insurance

Excellent post @cowantussie , very well described. That is exactly what I was referring to in the thread. I have knowledge of almost all of the above described by you, thanks to the members who have posted in the thread. Can you expand on "Getting started with the business structure" ?

 

[cowantussie]

Excellent post @cowantussie , very well described. That is exactly what I was referring to in the thread. I have knowledge of almost all of the above described by you, thanks to the members who have posted in the thread. Can you expand on "Getting started with the business structure" ?

You’ll likely need to decide on your business structure to apply for any applicable business licenses. It might also influence your business name. And also the form of business for example
Sole Proprietorship
A sole Proprietorship is the simplest type of business. If your state doesn’t require a business license for your type of business then essentially you can say you have a sole proprietorship tomorrow. By doing so any business income you make is filed against your personal taxes after subtracting out self employment tax and business expenses

Partnership
You may consider a Partnership if your business will be owned by multiple people. There are two types of potential partners. One are the general partners, these run the business and as a result hold the liabilities of the business like a sole proprietorship. Limited partners can also be added, they serve only as investors and thus have less liability.
C-Corp
In this situation the company and the people are separate. Similar to a company on the stock exchange the owners and the company activities are separated. In fact this configuration can even issue stock if desired. The big differences here are the taxes, debt, liabilities, and revenue are all considered the corporations. Only those funds explicitly paid out to an owner are the owners.

 

[Kelly5]

You are very right on this point you have just made. You wouldn't want to be seen to be operating outside of the laws governing certain businesses in your country would you? Let's do things the right process to save ourselves from the law

The worst thing one would ever want to do in the process of trying to set up their own business is doing things against the law. It doesn't end well most of the times

 

[Sariana23]

You’ll likely need to decide on your business structure to apply for any applicable business licenses. It might also influence your business name. And also the form of business for example
Sole Proprietorship
A sole Proprietorship is the simplest type of business. If your state doesn’t require a business license for your type of business then essentially you can say you have a sole proprietorship tomorrow. By doing so any business income you make is filed against your personal taxes after subtracting out self employment tax and business expenses

Partnership
You may consider a Partnership if your business will be owned by multiple people. There are two types of potential partners. One are the general partners, these run the business and as a result hold the liabilities of the business like a sole proprietorship. Limited partners can also be added, they serve only as investors and thus have less liability.
C-Corp
In this situation the company and the people are separate. Similar to a company on the stock exchange the owners and the company activities are separated. In fact this configuration can even issue stock if desired. The big differences here are the taxes, debt, liabilities, and revenue are all considered the corporations. Only those funds explicitly paid out to an owner are the owners.

I understood perfectly, thank you for your guidance on this matter. Before reading your publication, I have already decided that my company will be a sole proprietorship. This means that the commercial structure of the company is a sole proprietorship. I thought that the classification you described fell into another category.

 

[cowantussie]

I understood perfectly, thank you for your guidance on this matter. Before reading your publication, I have already decided that my company will be a sole proprietorship. This means that the commercial structure of the company is a sole proprietorship. I thought that the classification you described fell into another category.

Yes you are correct
Thanks to you too we learn from each other

 

[Sariana23]

Yes you are correct
Thanks to you too we learn from each other

Excellent . The idea of the forum is to share ideas and clarify doubts, and with your publication is a new step in my learning. And surely that of other members who are interested in the subject.

 

[Trexxxy]

There are quite a number of things you can do, ensure a proper setup for your business, to ensure smooth, and effective operation. The man-management part is very important as well.

 

[Justin]

Your business should be registered with the local authorities, your business needs t be registered with tax department. You must have the legal right to operate the business.

 

[Sariana23]

There are quite a number of things you can do, ensure a proper setup for your business, to ensure smooth, and effective operation. The man-management part is very important as well.

You are right @Trexxxy , throughout the topic I have learned important points, among them personnel management. It seems easy but the truth is that you have to have a lot of knowledge and security in them, to do things correctly.

 

[Kane]

Registering a business means you are operating legally, This is the most important administrative step to be taken care off while launching your business.

 

[Sariana23]

Registering a business means you are operating legally, This is the most important administrative step to be taken care off while launching your business.

As you describe, it is the most important step in entrepreneurship. Having everything you need for it, the right way to open the business is when it is already registered. You will avoid some legal setbacks if you act correctly.

 

[Trexxxy]

You are right @Trexxxy, throughout the topic I have learned important points, among them personnel management. It seems easy but the truth is that you have to have a lot of knowledge and security in them, to do things correctly.

Couldn't agree more. You could have the best setups and efficient operations if you don't know how to properly handle or manage the people/employees running the line, the business is going to have problems.

 

[Sariana23]

Couldn't agree more. You could have the best setups and efficient operations if you don't know how to properly handle or manage the people/employees running the line, the business is going to have problems.

Problems and may even fail if the necessary changes are not made in time, since I believe that the staff is part of the pillars of the company, and they are the reason for its success. You must have a lot of knowledge in this regard.

 

[Ayokex]

I have read in this forum that many people talk about companies, entrepreneurship, the need for capital, knowledge, etc. This gives me to understand that many have businesses in some way. I have the projects but I am still planning. I would like to know what the administrative procedures are to achieve the business. What kind of procedures should I carry out for this? What are the entities that will give you the go-ahead in a company? Is the company registration essential?

The major aim and concern if every business establishment is to make profit anything order than that makes it become a nonprofit organization. What every administrative personnel of a business should work towards is the profitability of the organization. One of the best way to achieve this is taking human management very seriously.