Important Company Registration Tips for New Businesses

At present, there are over billions of companies in operations and many more are coming up. The world is offering new opportunities to budding entrepreneurs to make the presence felt in the industry.

Starting a venture isn’t a big thing, but the procedure may discourage you. Here are some company registration tips for businesses.

Company Registration

  1. Select the business structure as per your need

Basically, business runs under 4 segments. Find out the pros and cons of all of them and choose the one which meets your objectives.

  • Sole trader: Person who runs the business alone and is solely responsible for all the legal things of the business.
  • Company: A legal company that works separately from the shareholders.
  • Partnership: A venture where two or more people work together, but it is not a company.
  • Non-Profit Organization: A company which runs to offer benefits to society.

Find out the type of business you want to create and then register a company.

  1. Choose the name under which you wish to run the company

Once the structure is finalized, think of the name you want to operate your business on. A business name adds to the image of the company. Your company gets recognized with its name. Hence, you should choose it very cautiously.

  • Make sure it is not similar to your competitor’s company.
  • Check out the names which are already registered.
  • Use Inc., Corp., or LLC as per your business structure
  • Choose a name that can easily be pronounced and spelled.
  1. Complete all the Article of Incorporation requirement

For the company registration, it is important to fill the Article of Incorporation. It requires some necessary documentation such as:

  • Purpose of your business
  • Structure of the stick you want to authorize
  • Mention the name of the primary director of your company who handles the affairs of the company.
  1. Get an Employer Identification Number

EIN is for tax purposes. It is used as a tax identification number and requires a bank account.

  • You can obtain it easily. Just apply for it online at the IRS site.
  • Answer all the questions mentioned on the screen and fill the form.
  • Once it is accessed, you will get your EIN
  1. Open a business account in a bank

Opening a business account in the bank helps you to tackle the inflow and outflow of monetary transactions. However, you need to carry some documents to open an account.

  • You should submit the identity of you and your partner in case they have a partnership of more than 10% in the firm.
  • If your business is functioning in any other name, apart from its legal name, then submit papers related to it.
  • You also have to submit your EIN or tax identification number to open a business account.
  • Submit a certified copy of Article of Incorporation

With these helpful tips, you can easily file the documents of company registration and get your company registered in the shortest possible time.

It will help you in wiping all barriers which come in your way while registering your company.