If you are starting a company or a business, the first priority is to develop a product or associate yourself with a product that is of the highest quality. This may sound like an obvious statement, but there are a lot of people who jump headlong into a business because they are in love with the idea of having their own business more than they are with creating a business with the right underlying elements. Some are also so convinced that they have the “right” product because they are the ones who created it. How many have watched the television show “The Inventor,” a reality program based on the “American Idol” format where budding inventors bring their inventions to a panel of judges who determine if their product is marketable? How many of these hopefuls, with the best of intentions and passion for what they are doing, unfortunately have a product that, obvious to everyone but themselves, is going nowhere? If you have invented something, created your own style of pizza, made a new fashionable set of furniture, or whatever the case may be, test your product out with a sample group of people to get their feedback first.
Once you get the feedback, make the improvements that you can until most everyone is in agreement. If after all is said and done, and most of the feedback is still negative, consider trying a different product or service altogether. The main thing here is to be flexible and open to making changes. The winners, in sports and in business are able to make adjustments without taking things personally.
If you are looking to start a business but want the security of working with an established company, there are many excellent opportunities to do so by developing a home based business. In many cases you can find a company to work with that requires very little if any investment and access to a high quality products. Several corporations actively seek budding entrepreneurs to market their products for them, plus give free training and support. It’s more important to find one quality product than a whole line of substandard ones. So, be smart and savvy about the whole process of starting your own business. The chances for success will be that much greater.…
Company registration is one of the steps that a serious company owner must undertake. Before starting a business, it is essential to decide on its basic details including the name of the business, a clear plan regarding its operation, the objective for beginning the business, the name of the business managers, owner and if possible, the company secretary. After coming up with this information, you need to choose on a suitable method for company registration, appoint or hire an accountant, register for the VAT and open the bank account for the business.
After making these details clear, company registration will now be possible to be undertaken. It will also be possible to carry on with trade. When deciding on what company name to choose, you may decide to come up with a name that is peculiar for your business or decide to buy an off-the-shelf company which has a name under its incorporation.
By choosing to start a limited liability company, you obtain the legitimacy mark and a professional symbol for all the other businesses. During company registration, anyone can create a business name and call it a business. But, starting a business that will succeed takes effort and dedication. Although there are certain minimal costs, by undergoing company registration, you are putting up a legal instrument that will facilitate the running of your business. A good number of non-devoted entrepreneurs and other scam artists will do very little to go through the process of company registration.
A good company should have one director and shareholders. Besides, there ought to be some rules contained in the Memorandum and the Articles of Association. This is an important requirement needed in starting a business. The new company will be required to have an office where all official notices and other correspondence are channeled. Moreover, starting a business requires you have a new address.
Starting a business in Ireland can be done through several options. The common ones are ones that require one to go directly to the Companies House, utilizing a company formation service online, use of a contractor accountant or through a formation agent.
Before starting a business, it is vital you research on each of these options and choose the most suitable one. There are costs associated with each method. Most business owners find it taxing to use the direct method because of the numerous formalities and duration needed. Consequently, many entrepreneurs would seek the services of a professional to help them carry out the process of starting a business. There are several online agencies that are competent enough to help in setting up a company.
In Ireland, there is the Quick Company Formations which is out to assist solicitors, new business owners and accountants start up their businesses. You only need to visit their website, check out the available services and costs then place an order. They have been in the business for long and thus have the necessary experience and expertise required to enable you register a company. …
For some people starting a business in Australia, deciding whether to set up as a sole trader or establish a company can be pretty daunting. How do you really know which option is best for you? It can be confusing. Between the labyrinth of government websites, lawyer’s legalese and accountants Excel spreadsheets… deciding the best structure can be incredibly tough.
Making the right decisions when starting a business can be hard. Hopefully this simple layman’s guide to deciding whether to sole trade or start a company will help.
Business founders who decide to start up business as a Pty Ltd company are often on the right track. The benefits of a Pty Ltd company structure make setting one up the wisest option. This is especially the case if you are:
starting up with business partners, be they Directors or shareholders
seeking fast growth
plan to supply to major corporations
intend to hire staff
seeking to maximise the benefits of a tax effective business structure
considering equity investment
want ‘street cred’ as an Australian company
already considering exiting the business at some stage
If one or more apply to you, you should seriously consider forming a Pty Ltd company. That’s not to say setting up as a ‘sole trader’ is not a suitable option. However, people who set up to ‘sole trader’ usually fall into one of the following categories:
starting up a hobby business to supplement income
starting a part-time businesses
planning to work as a one man/woman band for the foreseeable future
testing the waters in business for the first time
looking to run a business that fits an existing lifestyle
generally not seeking significant growth.
Every person’s circumstance is different so exceptions to the guidelines above do occur. The decision is not always simple or clear cut. Age, industry sector, start up capital, family status, asset base and a range of variables should be taken into consideration.
For this reason, input from a professional, such as a lawyer, accountant or a specialist start up firm is very much worth considering.
What else determines the decision to choose between sole trader and Pty Ltd?
In a word, liability. And it is so important a point it deserves a section of its own. As a sole trader your liability is unlimited. That means if you are sued your personal assets (house, car, money in bank, valuables etc.) are 100% exposed. A Pty Ltd company structure offers a better level of asset protection, as the business is its own legal entity (and therefore separate from you).
Regardless, for all new businesses we highly recommend business insurance. It’s like going out for a walk on a cold Winter’s night with a really warm jacket on. However, for sole traders with 100% liability risk, insurance cover is doubly important.
What about the cost?
Setting up a Pty Ltd company in Australia is a little more expensive that setting up as a sole trader. However, for the sheer value it delivers, we believe that …