Setting up a business and running it smoothly and successfully is surely a challenging task. Hard efforts and dedication on the part of all the concerned members help in taking any business to new heights of success. Equally important is to register any business with the concerned authorities in the relevant field so that all the business operations and activities may be legalised. This, in turn, helps in avoidance of any legal issues or other problems later on. Of course, every place has a certain timeline or specific steps to follow when registering a business. Same is equally true in the case of the UK as well. In the national business register of UK, you can have easy access to almost all the businesses, trades and other entities operating across the nation. In the current article, we give brief guidelines about registering your business. Keep reading.
Decide on the type or structure of your business
First of all, you need to decide on the type or structure of the business you are going to set up. As an instance, you need to decide if you want to set up sole trading, limited company, private limited company or other types of businesses. It lets you get registered with the concerned officials accordingly. The type of any business has a direct impact on the legal taxations and other legal matters.
Choose a business name
Of course, it is also an important part of business registration. You need to choose an apt and appealing name for your business depending upon the type of products or services it deals in. The name you choose for your business will get registered with the relevant authorities permanently. Also, it is important to check with national business register or such other entities if any other business is also registered with the same name. You need to choose a unique and sensible name for your business.
Complete the Memorandum of association
Here memorandum of association means providing the details of the name of the business, the location of the registered office and the objectives of the company or business. In this respect, the names and signatures of the share allocations for the directors and shareholders need to be provided in the memorandum. It helps in letting the concerned officials know about all the people concerned with the business.
Fill in the relevant forms
There are certain forms such as Form 10 and Form 12 that also need to be filled when registering your business. These forms ensure that your business is compliant with all the legal requirements of the incorporation.
Inform the taxation department as well
It is also important to inform the taxation department about the existence of your business entity to make sure that all the taxes will be paid by you regarding business operations.
Following this timeline, you can easily register your business.