It is pretty straightforward to set up your own business and many thousands of people are doing it right now all across the world. All you need to do is to provide someone with a product or service that you have and then hopefully you can make a profit from the business. There is generally no government requirement for registering your business and as long as you make sure that you pay your yearly taxes, then everything should move along just fine. Being a sole trader or in a partnership is usually the first option that someone starting up a new business will take. However, as a sole trader or in a partnership, you’re putting yourself, your families and your business at risk. If there are any issues with money owed or your business having to go through the courts for any reason, then you are solely responsible for the outcome of this. If money has to be paid and the business doesn’t have it, then the courts can order that you sell your house or your personal belongings to meet the debt.
If you are registering a business in Thailand, then there are a number of benefits for doing so, and the example that I just mentioned before is reason enough. If you run into any business issues, the business is liable and only the business. No one can come and take away your home or your car in order for bills to be paid. There are so many other reasons for registering your business and we will explore just a few of them here.
– Setting up business bank accounts – If you want to open up a business bank account and you want to attract customers to your new business, then your business needs to be properly registered in order to do so. Having a business bank account is very important because it helps to separate your private life from your business life. It also gives your business and air of credibility and both suppliers and customers will feel more comfortable working with a business, that has a business account that they can pay into. This will afford them some protection and they prefer to pay like this.
– Getting loans for business – Your business might be running into some difficulties, or you might want to expand because you are busier than you thought you would be. Either way, applying for a small business loan is made a lot easier when you are actually registered as a business. Banks will want to see your business registration along with other business papers in order to approve you for a business loan. The same applies if you want to get a business credit card. The providers of the service will also want to see your business registration paperwork. To learn more about registering your business and how you can get help with it, please have a look here.
These are only two of the many reasons why you should register your business. You will actually pay less tax as a business than you will as a sole trader.
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