{"id":16016,"date":"2016-03-09T13:41:28","date_gmt":"2016-03-09T08:11:28","guid":{"rendered":"http:\/\/www.officechai.com\/?p=16016"},"modified":"2018-05-22T20:05:54","modified_gmt":"2018-05-22T14:35:54","slug":"how-to-register-your-business","status":"publish","type":"post","link":"https:\/\/officechai.com\/miscellaneous\/how-to-register-your-business\/","title":{"rendered":"How To Register Your Business"},"content":{"rendered":"

 <\/p>\n

If you\u2019re reading this blog, you\u2019ve probably got a great idea for a new business. You\u2019re looking for some tips and advice to get it off the ground, and unlocking your future. Congratulations, you\u2019ve joined an elite club of entrepreneurs. Together, we are creative, ambitious, and eager to change the world in some small way! However, before all the world-changing business and <\/span>investor meetings<\/span><\/a><\/span>, there are a few admin things to sort out. Not least, registering your company with the tax man. It\u2019s an essential starting point for any new business, so let\u2019s look at the process.<\/span><\/span><\/p>\n

\"Screen<\/span><\/p>\n

photo credit<\/a><\/span><\/p>\n

First, let\u2019s discuss the various types of business structures:<\/span><\/p>\n

 <\/p>\n

Sole trader<\/b> – A sole trader structure is typically used by freelancers and private contractors. It\u2019s a simple structure that allows you to work alone, under your own guidance. Most government structures advice you register as a sole trader as soon as you start trading. Essentially, you have until October <\/span>after <\/span><\/i>your first tax year to register, or you may face a penalty. Luckily, it\u2019s one of the easiest business structures to set up. <\/span><\/span><\/p>\n

 <\/p>\n

Partnership<\/b> – A partnership business<\/span>\u00a0is a little more complicated. It\u2019s ideal if there are more than one of you at the head of the company. It provides a little more protection, as the business is bound together between the group. It\u2019s perfect if you\u2019ve got a partner or a strong executive team. Most businesses thrive when there are two experienced heads at the table, so it\u2019s a great option. <\/span><\/span><\/p>\n

 <\/p>\n

Limited company<\/b> – Finally, we have the limited company. This is a much more complicated setup, but it\u2019s the strongest legal structure in business. There are already more than 2.7 million limited companies registered in this country. This structure is great for larger companies who are pulling in significant earnings. <\/span><\/span><\/p>\n

 <\/p>\n

DIY or registered agent?<\/b><\/span><\/p>\n

 <\/p>\n

The next big question to ask yourself is whether you can DIY your business registration. It is possible, but there\u2019s often a lot of confusing paperwork. One error, and you could find yourself in trouble further down the line. Our advice is to find a qualified accountant or\u00a0company formation agent<\/span>\u00a0to take care of things for you. It helps you navigate the tricky process, and you\u2019ll have peace of mind that everything is done correctly. <\/span><\/span><\/p>\n

 <\/p>\n

What information will I need?<\/b><\/span><\/p>\n

 <\/p>\n

To start the registration process, you\u2019ll need a few simple pieces of information. First and foremost, the name of the director (who must be over 16). If you\u2019re reading this, that\u2019s probably you! You\u2019ll also need a registered address for the business and a detailed explanation of its function. You\u2019ll also need to provide a digital signature, by detailing three pieces of personal information. <\/span><\/p>\n

 <\/p>\n

Contact your local authority<\/b><\/span><\/p>\n

 <\/p>\n

Last of all, you\u2019re usually required to contact your local tax authority, and tell them about your business. It\u2019s a simple formality, and all the hard work is already done by this point. After that, you\u2019re signed up, and registered officially with the government.<\/span><\/p>\n

 <\/p>\n

In truth, it sounds more complicated than it really is. It\u2019s an essential part of business, so don\u2019t put it off.<\/span> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

  If you\u2019re reading this blog, you\u2019ve probably got a great idea for a new business. You\u2019re looking for some tips and advice…<\/p>\n","protected":false},"author":21,"featured_media":16017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous"],"yoast_head":"\nHow To Register Your Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/officechai.com\/miscellaneous\/how-to-register-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Register Your Business\" \/>\n<meta property=\"og:description\" content=\"  If you\u2019re reading this blog, you\u2019ve probably got a great idea for a new business. 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