Registering a business is relatively easy as it can be done online in a matter of moments. Before registering make sure that you have read the top 10 considerations when choosing a business name. There are three types of registrations: sole proprietorship, partnership and corporation. If you plan to incorporate your business make sure to get legal advice on what incorporation means. While there are benefits such as limited liability for corporations, there are also disadvantages and it's important to get advice from a professional.
If you register as a sole proprietor or partnership and reach a point in your business where incorporating seems like a logical step, you can always incorporate at that time. If you feel strongly that you may want to incorporate at some point, investigate the pros and cons of incorporating at the start verses down the road.
While there is a fair amount of information on government websites on incorporating a business, there is no experience like the first-hand knowledge from a professional who knows all the advantages and disadvantages of incorporating. Make sure to investigate the costs and annual filing requirements involved in incorporating as well.
Something to also consider when incorporating, depending on whether you incorporate locally, federally or both, there is a fair bit more papework for corporations as well as increased costs.
If you have chosen to use your legal given name as your business name, you typically do not have to register as a business, but first you must check with your local government to make sure you are following their specific requirements. In Canada, most provinces will allow you do do this, but not all of them will. Therefor, it is best to check the requirements for your territory.
Also, you may want to do some research on the legalities involved in using your given legal name. Should you ever choose to sell your business that is registered under your given legal name, you may want to inquire as to how that affects you in using your name for business in the future.
As a designer you may want to design other products under your name or perhaps, if your name becomes a sought after brand, you may want to lend your name to other products. These are all considerations that you may want investigate before using your own name.
If you have the go ahead to use your own name without registering it, you will still have to obtain any permits or licences, such as a vendor's permit, that required for conducting business. It is important to contact your local and federal government for complete information on what is required.
Registering a business name is really the easiest part of starting a jewelry business once you have chosen a name. Now you are on your way to starting a great jewelry making business!
New! Comments
Have your say about what you just read! Leave me a comment in the box below.