Easy Ways to Register Your Business Online | Having started up a business, it is common that most times, many entrepreneurs wish to expand. One sure measure of expansion is the decision of entrepreneurs to register their businesses online. When entrepreneurs register their business online, it is clear that they have transited from being local businesses to world-level utility providers. By taking steps to register companies online, we can invariably conclude that an entrepreneur is serious about the growth of his business.
The corporation is legally certified and officially acknowledged when a business is registered online. Even if the corporation has no physical office, the company can still be said to be viable. And once a business is registered online, the owners can use the business name to create a checking bank account. Upcoming partnerships could also register their Limited Liability Partnership business online if they wish it.
Steps to registering your business online
How can businesses be registered online? What are the steps involved? The following steps will explore fundamental ways a company can register its business online.
Decide on a Business Name
The decision of a suitable business name is closely intertwined with the services that the corporation is rendering. So, with a view of the services to be generated by the corporation, come up with a name that is not just catchy but also a bold statement of what your business stands for. By coming up with a good business name, you would have simplified the work for your marketing team.
No doubt, it can be challenging to conclude on a proper business name, but it is not impossible. It would also help if you looked at your competitors’ names and fashioned out something unique for yourself.
Access the Levels of Government You Need to Register Under
Depending on your business’s size and growth potential, you can determine what level of governance you should register under. Some companies are registered at state, provincial, municipal and federal levels, so view your government resource and determine where you ought to register. This is necessary as it protects your company name and allows you to perform business in different regions.
The state you register under also determines the tax you get to pay. You might not have to register under the state where you operate from. Some states do not have a sales tax, so keep it in mind when you register LLP business in UK.
Is your business an LLP or a Corporation?
Besides deciding on a business name, it is also proper to determine whether your business is a limited liability partnership or a corporation. If your business is an LLP, it means you would not be personally responsible for any debts accumulated by the business. This means that your financial assets are entirely secure regardless of what happens to the business. To register an LLP business in the U.K would require little paperwork. If you want your business to be a corporation, you also need to include this in your business name.
Register the business name
After deciding on a name, you should check with the trademark office in the United Kingdom to ensure your chosen name has not been identified with another business. Do this to prevent wastage of your processing fees. Also, ensure you think further about the name you have chosen. Consider how relevant that name would be in a few years. It would reveal your business in a bad light if your chosen name becomes obsolete in a few years.
Procure your Federal tax number and document all the completion files
If you registered your business on the federal level, you must obtain a federal tax number or employer identification number (EIN). This EIN is similar to your social security number, and this number is a prerequisite for submitting your tax form. As a result, you need to apply online for the number. To obtain the EIN visit the internal revenue service website.
If you have succeeded at registering your business name, the next thing you have to do is fill all necessary forms. Fill in the VAT numbers, Master’s Documents, registration numbers, incorporation documents, etc. All these documents vary depending on your business class and your local government.
Open a Business Bank Account
Finally, you should register a bank account for your business. Many banks in the U.S. request documents that serve as evidence of your business registration before a bank account can be created for your business. Thus, you must have registered your business online before creating a bank account.
By creating a bank account, you would have succeeded in distinguishing your funds from your business funds. With your business bank account, you would also be able to tag certain expenses as business-related. A business bank account also clarifies how much your business is making monthly.
Contrary to many people’s beliefs, it is effortless to register businesses online. Besides payment of sales tax, you will not incur so many expenses. With the point discussed in this article, you can ‘declare’ your business a vibrant legal entity by registering it online.