Reasons why you should register your creative business
There are several valid reasons why you may not want to register your business idea just yet. And that’s okay.
When you are first starting out, it’s okay to figure things out before actually committing to registering your idea. The process requires a lot, so you will need to be prepared.
If you’ve been operating for a while and things are looking good for your creative business, making it legit is the smart move.
Registering your business;
Allows you to claim and protect your business identity.
There are several legal and tax benefits attached to registering your business.
Protects your unique brand - name, services etc.
If anything happens to your business, your personal finances aren't affected.
It enhances your identity and adds credibility to your operation - potential customers will see you as a legitimate business.
It attracts business and funding opportunities - To qualify for a business loan and certain grants, you must have an official business registration.
Having a formal business will encourage you to take it seriously. Because that officially makes you a business owner – it’s no longer just an idea or a hobby.
It establishes your company as a separate financial entity: When your business is registered, your personal and business finances will be treated as separate. This means that your personal assets cannot be seized to repay debts owed by your business and you cannot be held responsible for the debts – unless you have personally guaranteed them.
It protects you from personal liability: As a registered business, your company is now a separate legal entity. This means that any legal matters will be kept separate from your personal affairs
Ready to make the commitment visit www.bipa.na to start the process.
Sources: https://www.bizcommunity.com/
Written by Betty Sibeso