Business Registration

You require deciding whether to operate your business as a sole proprietorship, partnership or a limited liability company. The legal structure chosen will influence the business name, your liability, and how you file and pay your taxes. Each form of ownership has distinct characteristics and advantages and disadvantages.

Once you've settled on a format/structure, now find a name for your business. It's a legal requirement that all businesses must have a name as it gives a business a separate identity from that of the owner

As a general rule, all businesses require one type of license or another. Licenses and permits are not part of how to form a business but a business cannot start to trade without these. So if one is thinking of forming a business, it a good idea to think about these even at the formation stage.

A permit or license is a signed piece of paper that proclaims the authority of the licensing body allowing the business to carry out its business in the given location for a definite period at a fee

All forms of business in most jurisdictions are required to pay taxes that may include direct taxes like income tax, corporate tax, and indirect taxes such as Value Added Tax (VAT) and import tariffs (import duty and excise duty). Registration for taxation is compulsory in some cases.

Before commencing business, it is advisable to take insurance covers for it is risky to commence business without the essential insurance covers.