It can be quite daunting to start your own business, but thousands of people do it every year and many of them become quite successful. In this difficult business climate, you need to do everything that you can to protect your business and to protect your interests. You need to remember that you are entering a very competitive market where you are not only competing with other stores around you in your local town or city, but you’re also competing with other businesses from all across the world who are using the Internet to reach out to your prospective customers. Many people are tempted to set off as a sole trader or being part of some kind of partnership, but this is definitely the wrong way to go. If you want to protect yourself then you need to register your business as a company.
You can get company registration in Thailand from Acclime and this will allow you to protect both yourself and your family should there be any business mishaps further down the road. It is definitely the right thing to do, if you want to protect everything that you have worked hard for up until this point. If you still don’t see the benefits of company registration, then maybe the following can help you to make a better business decision.
– 1. Personal liability is limited – If you are a sole trader or you are part of partnership, then any liabilities that your business runs up fall solely at your feet. Your home and your car can be confiscated by the courts in order to pay any money that you all. The key to a successful business venture is to protect yourself from things like this and so when you register your company and secure your future,, the liabilities are only restricted to the assets of the business only. If you don’t take the necessary steps, then you will be liable for any court cases are judgment awards that go against you and you’re going to have to come up with the money from somewhere. Company registration protects you from all of the above and it is treated as a separate legal entity.
– 2. You pay less tax – This probably goes contrary productive to what many people think, but when you are sole trader you end up paying more tax than a registered company. It may seem grossly unfair, but that’s the way it is and you have to roll with it. The tax structures in many countries favour smaller registered businesses and smaller registered companies. If you don’t set up a company registration, then you will be taxed as an individual and that means that any profits that you make from your business will be regarded as your own personal income. When you register your company, you receive many tax deductions and any money that you spend building up your business, are tax-deductible as well. If you would like to learn more about setting up and registering your business, have a look here.
These are only two of the many reasons why you should register your company today, because it will make your life a lot easier over the long term. This means that you can concentrate on your business and not be afraid to take any risks in order to make it work. If you haven’t registered your business yet, then maybe now is the right time to do that.