15th Apr 2013, 09:19 AM | #1 |
Warrior Member Join Date: 2011 Location: United Kingdom
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Sorry if this is a silly question...I wanted to know, whether it is common for people to registered their business immediately. The reason I asked is because I had a client who was interested in having a website but pulled out at the last minute because I didn't have a registered company. Lawyers and accountants are something that I can't afford right now. Is this something that is to be expected from any potential client? |
15th Apr 2013, 05:15 PM | #2 |
Active Warrior War Room Member Join Date: 2010 Location: Canada
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It is a good idea to register one, makes you look more legit... Some, if not most clients would rather deal with a real business. You don't have to form an LLC or Corporation, just register a trade name and that lets you open a bank account with that trade name. Trade name registration is $63 in my city, dont know about UK though. Hope this helps. |
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15th Apr 2013, 05:56 PM | #3 |
Warrior Member Registered Member Join Date: 2013 Location: UK
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I registered my company 6 months ago with no idea what I was doing and managed to bag "Mobile Website Design Limited". Go to https://www.theformationscompany.com/ to register your company name, it is simple and quick.
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15th Apr 2013, 06:21 PM | #4 |
HyperActive Warrior War Room Member Join Date: 2012 Location: Sweden
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If you have a strong business plan then its a good idea to register otherwise wait at least 6 months to 1 year as there are lots of documentation and tax issues involved.
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16th Apr 2013, 05:30 PM | #5 | |
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I wonder why it is such as big deal to them? | |
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16th Apr 2013, 06:12 PM | #6 |
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17th Apr 2013, 05:11 PM | #7 |
Warrior Member Join Date: 2011 Location: United Kingdom
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18th Apr 2013, 04:23 AM | #8 | |
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18th Apr 2013, 04:34 AM | #9 |
HyperActive Warrior War Room Member Join Date: 2010 Location: Aussie Land Down Under
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After having my legitimate offline business for 20 years (2-way radio sales and service) and having 100% positive feedback on ebay (which OWNS paypal) paypal account shut down for the last 12 MONTHS, tread very carefully. Get a proper biz name, dot "i"'s and cross "t"'s because if the MoFO's from paypal want to push a button behind their desk then your screwed and it WILL cost you thousands! Treat it like a business, not a hobby Scotty PS I hate paypal but they are a necessary evil.. gggrrrrrrr..... |
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18th Apr 2013, 07:22 AM | #10 |
RockEye ERP for Africa Join Date: 2012 Location: Africa
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It is very important to register your company before commencing your business.
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18th Apr 2013, 02:56 PM | #11 |
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depends on the person, some people register the domain name before they do the site and have an idea of how to approach what they have in mind, some do all of the above first and then worry about the domain name... depends on the person... |
19th Apr 2013, 05:26 AM | #12 |
Skochy - Musical Salesman War Room Member Join Date: 2007 Location: Perpetually Travelling...
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Scotty (great name), I am having an issue, too, with PP. A buyer receives my item, then files chargeback dispute with PP, and PP freeze my account, returning the buyer's money without consultation with me. Classic. Sorry to hear your experiences, also. Sorry OP, off topic. |
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19th Apr 2013, 08:00 AM | #13 |
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I fix WordPress problems, PM me if you need help
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20th Apr 2013, 08:01 AM | #14 |
HyperActive Warrior Join Date: 2010 Location: Devon UK
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Many people in UK work as sole-traders without the added expense of setting up a company. If you haven't already done so, I suggest checking out the appropriate business insurance. This would give credibility when negotiating selling your service or product. Kind regards |
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21st Apr 2013, 09:49 PM | #15 |
HyperActive Warrior Join Date: 2009 Location: Philippines
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Consult with a consulting business firm located at any country.
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Business Consulting Services - Kittelson & Carpo Consulting | |
22nd Apr 2013, 04:12 AM | #16 |
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This actually isn't a silly question at all. I know many people that have filed immediately and others that worked as what is known as a "sole proprietor" in the US. Typically, a sole proprietor just files for a state sales license of some sort which allows them to make money in that state. Then, they just file their income on their taxes. If you can afford it, register your business. This not only looks professional but gives clients of sense of how serious you are about doing business. Unconsciously, clients will think, "if this guy/gal is serious enough to register as a business, he/she will be serious about the contracted service. I'm not sure what the cost is in registering your business in the UK. I'm thinking that Companies House has something to do with it. Looks like the filing fee is £15 plus some other technicalities. In the US, you don't need a lawyer or an accountant to run a business. If you can afford one, all the better to you. But, it's not required. I recommend doing a little research into it. If you can't afford it, make your business front as professional as possible. In other words, make sure your business site is nice, get some business cards, dress professionally if you plan to meet clients, set business hours, and whatever else you think will make you look professional. One additional thing you need to make sure you do is to sign service contracts. If you can get a client to sign one, BAM! They know you're serious and you legally must be. Hope that helps! |
22nd Apr 2013, 08:10 AM | #17 |
New Warrior Member War Room Member Join Date: 2007 Location: Rockledge, FL , USA.
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Is it required by law? This issue is one thing that has kept me from even getting started marketing to local businesses. In the US states of Florida, Texas, and Massachusetts (I suspect it's the same in all states) you're required to apply locally for a business license for a small fee. In Florida you also have to obtain a county license. From my research I understand there are stiff fines that could be assessed for non-compliance. I've yet to find any incidents of enforcement, though.
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22nd Apr 2013, 04:35 PM | #18 |
Active Warrior Registered Member War Room Member Join Date: 2012 Location: Hawaii
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Yeah, any person considering doing business in the States should consider the fact that there may be local and state registration fees. Not sure how it is in the UK. I'm assuming its the same.. This is usually required if you're providing any type of paid service. Mostly, its required so they can collect taxes and keep tabs on you. The fines are there. If you're a sole proprietor or partnership, you'll likely have a tax lien placed against you if you fail to comply. Fees and enforcements vary by state and county. Corporations receive a tax lien again the corporation since its considered its own entity. If you have questions, another good place to check is the tax office itself. They usually have a dedicated support line to answer questions. It's also usually free. Well, technically, you pay taxes for it to be "free." Never be afraid to ask them as well. |
22nd Apr 2013, 06:05 PM | #19 |
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The biggest benefit to filing a business is getting the EIN number from the federal government. Employer Identification Number ( EIN ) is used for many instances in business. Most legit companies will require and ask for your EIN number. You don't have to have any employees , but you should get the EIN number. It's like a social security number for a company. Banking , Trade Credit , PayPal all ask for the EIN. Entities like PP are also less likely to arbitrarily mess with you once you are under the UCC. It also protects companies you do business with because anything you do is on you , not them ,once they get your number. Most if not all brick and mortar ( Offline ) businesses have one and you will look intelligent if you ask them for theirs. It means you don't have to charge them any taxes. They are responsible for theirs and you yours. If you are a sole proprireter your SSI number is used and you are responsible and liable.
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