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Is Registering my company worth it?

The legal side and paper work to successfully run a business is usually neglected. Here are some advantages of operating under a registered company.

Business Tips
6. Oct 2021
329 views
Is Registering my company worth it?

A large number of Zimbabweans tend to see company registration as a waste of money. Most family businesses and SMEs are not registered. If you are operating an unregistered business this article will help you see the importance of operating under a registered company.

 

 

 

 

 

Advantages of operating under a registered company.

 

  1. You will limit your personal liability

 

When you register your company, it becomes a separate legal entity. It has its own name and seal; its assets and liabilities are separate and distinct from those of its members. In simple terms, your registered company will have to account for its own debt. In the case that your company becomes bankrupt, you as the owner is not obligated to pay off the debt. Your company is capable of owning property, incurring debt, borrowing money, entering into contracts, and suing and being sued separately. Registering your company either as a Private Limited Company or Private Business Corporation removes risks from the members.

 

2.Business Continuity

Since a registered company is identified as a separate legal entity, when the owner is deceased or involved in anything that does not allow him to continue running the business, the business can continue in operation. It becomes easy to build long-term continuity structures when a company is registered.

 

 

3.Legitimacy and Brand Awareness

 

When you register your company, you hold the rights to your unique name. No one else operates under the name Edgars, the same applies to your company when you register it. This helps create and maintain your brand. Operating under a registered company gives your stakeholders confidence in your business dealings. Usually, stakeholders are more comfortable dealing with businesses with adequate paperwork. It also enhances the business reputation and stakeholder perception.    

 

4.You Become the first preference for Tenders and Contracts.

 

You are most likely to win a tender against a non-registered business in a bid. This is because a registered company is most likely to be trusted.

 

 

5.Bank Accounts.

 

When you want to establish your bank accounts, you need to provide proof that your business is properly registered. A bank account is an asset to the company. A bank account is especially to a small business because you can separate your business activities from your personal activities to give you a clear picture of how your business is operating. Registering your company will give you a better chance of getting loan approvals from your bank.

 

 

 

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