It can be perfectly understandable why people would want to continue with their business because if it isn’t broken, then there is no need to fix it. Business is good, your customer base is growing, and profits are increasing yearly. Remember, what if everything goes pear-shaped, and things start going in the opposite direction financially? As a sole trader, you’re leaving yourself wide open to many of the business’s liabilities, so maybe now is the time to start thinking about registering your business enterprise.
This is why you need to look into company registration in NSW, and before you start saying that you have no idea how to do this, there are service providers out there that do all of the hard work for you so you don’t have to stress out about it at all. Getting through the registration process by yourself can be somewhat daunting. This is why getting an experienced professional provider to complete the paperwork and register for you makes more sense.
If you think you can continue without registering your company, then the following are some reasons why it makes sense to do so.
- It protects your brand – If your business is not properly registered, anyone can swoop in and steal the name of your business, which means that your brand also goes with it. This seems unbelievable in 2024, but it is the reality of doing business. You might also have a business name familiar to another operating in the same field as you long before you existed. By going through the registration process, you will learn about such things, and if your business name is registered then it belongs to you.
- It helps with lending institutions – The hope is that your business will continue to have lots of future success, and with success comes expansion. Your cash may be tied up in stock and other things, so you will likely contact a lending institution to provide you with the money to expand further. The process will be easier if your business is registered because they will want to see business registration papers.
- It helps with setting up bank accounts – Once again, banks and building societies want to know that you are a properly set up business and will not just disappear overnight. You need a business bank account to receive money from your customers through your online store and deal with suppliers and wholesalers.
If you haven’t done it already, get your business registered today so that you can enjoy the above benefits and avoid any pitfalls coming your way. You need to protect yourself whenever possible, so get it done.