Gone are the days when registration of a company was a long process. Many people these days are becoming entrepreneurs as they are coming up with many startups. Seeing this, the government has introduced online company registration which makes the process super easy. You can easily register an llp or private limited company. You can get it registered within 10 days at a very affordable price.
While setting up a business, registration is the foremost step. Whether it is a sole proprietorship or partnership, you need to follow a step-by-step procedure and mention everything carefully to avoid any kind of problems in future. To complete all the formalities, you can also seek help from tax consultants. Just make sure to comply with the laws of the company act while filing for it. Also, keep all the necessary documents ready while you are planning for the company registration. Before starting with the process, keep these documents handy- PAN card, passport, driver’s license, bank statement, etc.
Following are some of the benefits of registering a company:
- Open business bank accounts- Once you get your business registered, you can easily open a business bank account where you can easily place business transactions. This way you can separate your transactions from business transactions. Also, this will look professional when you will deal with clients while giving them your bank details.
- Loans- You can get access to many loans as the government these days have come up with many loan facilities, especially for startups and small business owners. Getting yourself registered will be proof that you run a business. The bank will look for your business details and then offer you a loan or credit card.
- Taxes- As a responsible citizen of the nation, it is important to register yourself and pay all the taxes as per the law. This way you will work as per the compliance of book-keeping and accounting. Also, this will ensure that the business is paying taxes, employees are provided with insurance and the business is providing all the account details to the perspective authority. As a registered company, you will avail many tax benefits as well.
- Genuine- A registered company always give a tag that it is genuine. This increases the reliability of the customers and you will gain the trust of the suppliers as well.
- Can sue or can be sued- When your business gets a name, you can take any legal action against anyone. Hereafter registration, your company will become an independent legal entity, so taking any legal action against anyone will make sense.
- Equity raising- As a private limited company, you can raise funds from angel investors and private equity investors. Just make sure to go through the guidelines for a clear understanding.
So above are some of the advantages of registering a company. Know that the private company, sole proprietorship or limited liability partnership registration cost is not too high. You can easily get it done online in a few days.