If you have started your own business then you are to be commended for that, as it is a brave decision to make in the current business climate. Starting out is an exciting prospect and it’s easy to get caught up in the excitement of it all, but you need to be very aware of how ruthless running your own business can be. It feels good knowing that any profits that are made will be going into your pocket and not someone else’s, and the harder you work, the more successful your business should become. In order to keep things simple, you probably think it’s best to trade as a sole partner or as part of partnership, but you’re opening yourself up to a world of hurt by going down this road. You need to remember that any business issues that might arise will be your sole responsibility, and if there are any legal issues and it needs to go to court, your personal assets are at risk if you lose the case.
This is why it is important to do a new business registration in Hong Kong from Acclime because it will help to protect what is yours and what you have worked so hard for up until now. Your business will be regarded as its own entity and it will be liable for any losses or any debts accrued. This means that in the unlikely event that your business has to go to court and the judgment goes against you, the courts can only take what belongs to the business and not your personal belongings. This means that your house, your car and any personal bank accounts are not threatened. If you’re still a little on the fence when it comes to deciding whether or not to register your business, hopefully the following benefits of doing so will help you to make a smart business decision.
* It protects you and your family – The reason why you set up your business in the first place was to earn your own money and to be able to take care of your family by yourself. You didn’t want to be relying on an employer to provide you with your weekly salary and so you took steps to start your own business and create your own profits. If you want to know what careers make the most money, it’s the one that you are currently in, but with a registered business. As was previously mentioned before, should your business be taken to court for any reason and judgment goes against you, and any money owed will be taken from the business assets and not your personal assets. This provides much-needed protection for you and your family and make sure that there is a roof over your head at the end of all of the proceedings.
* It makes business easier – If your business is not registered and you don’t have a registration number, then it can make running your own business very difficult indeed. Banks want to see that your business is registered before they will even entertain providing you with a business loan. Suppliers and customers alike want to know that your business is a legitimate enterprise and that they can feel safe and secure when doing business with it. Registering your business helps to build your reputation and you can enjoy lower taxes as well. To learn more about registering your business, have a look here.
Hopefully these two reasons will convince you of the need to register your business. In order to be able to progress further and to make a success of your business enterprise, get your business registered as soon as possible.