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Law Guide to Starting a Business by Mumtaz Khan
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Law Guide to Starting a Business |
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Health
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It can be hard to start a new business from scratch. There are many things which you have to look upon but meeting the tax and legal obligations must be kept on the priority list. When you lay down legal foundations for your business you can develop it with confidence. In this article we will be discussing the following things about starting a new business: 1. Business structure 2. Business name 3. Registrations 4. Business taxes 5. Licenses, consents and permits 6. Further assistance Business Structure: We know that businesses comprise of the following structures: • Sole trader • Partnership • Company Sole Trader: When you are a sole trader you get to control your business. It is like you are in proper control. You get to enjoy all the profits and all the responsibilities and liabilities are entirely in your control including all the debts that incur during the business. If you are looking forward towards becoming a sole trader then it might be easy as no legal paper work is required. Partnership: With a partnership you decide to pool your assets with someone else in one business. Even the profits and the losses are divided between you and the other person. Such businesses require partnership agreements in which you the different parties have to set out in writing the profits and losses Companies: Companies are businesses which are legal entities in one’s own right which is separate from its shareholders. In this the company owns all the liabilities and all the assets. This means that all your responsibilities for debts are only limited to the amount which you have invested in the business as capital share. Business Names: The business idea always starts with a name. Now your preferred choice of name might be taken or it might contain certain words which are banned or their usage is prohibited. In order to confirm that your business name is correct in every way you need to check it with the following resources: The Companies’ Office: Whenever a business name is resevered on a company’s register it is not possible for any other source to reserve the same name within the next twenty days. Once the company is registered the protection of that name becomes permanent. After this no one else can take this name and start up a business with this name. This is done so that no one confuses the intellectual property protection offered by a patent, trademark or copyright. This is also the place where you can find those names which are restricted by government to be used. The Intellectual Property Office US or the Patent and Trademark Office: This is an organization in which the patents and trademarks are registered on original commercial assets including the business name of an organization. compression stockings Registerations: Every business must be registered with an Inland Revenue, it is important for tax purposes. Along with tha companies also have to be incorporated with the Companies Office. The very first step here includes getting an IRD number from the Inland Revenue. Sole Traders and Partnerships: If you are a sole trader then you must return your business income under the personal IRD number which you have. There are different and personal IRD numbers for partnerships. If you do not have an IRD number then you must get one by applying for it. Companies: compression hosiery If you are planning to run your business through a company then you need to have an IRD number for it. You can get it when you get yourself registered from the Companies Office. This is the place as mentioned earlier where you register your company for incorporation. You must also register with the Inland Revenue • For Goods & Services Tax: Your business must be registered when it reaches a turnover of more than $60000. This is so that you can GST for the government on goods and services which you sell and claim it for the things which you do not sell. Compression Garments • To become an employer: When you start off employing people you must first get registered as an employee of the Inland Revenue. Business Taxes: If youi have a company the profits will be taxed at company’s tax rate. Licenses, Permits and Consents: To start any sort of business you first have to get a license or a permit. Even if you want to open up a bakery in your own house even for that you have to get a permit from your regional council. These are a few things which are very important to keep in account while opening up a business. Compression Garments
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