For many, when starting a business the choice of whether to be sole trader or registering as a business can be a difficult or an obstacle left to a later date.
Our experience at Digital Decentral sees a real benefit to incorporating a business at the start & with modern methods of registration the process is simple & relatively low cost (in some cases even free!).
Firstly & foremost, for personal liability & reducing your risk.
As a sole trader there is no distinction between yourself & your business activities.
This can expose an individual to personal risks that can be simply offset via registering a business.
Unforeseen circumstances or unknown implications can arise in the most unusual of places that can be managed or reduced with a company formation.
Secondly, a business registration can open up opportunities & potential benefits that is the main reason for why our team see it as an essential requirement.
As you begin to setup operations or start trading, what often happens is you realize having a business is a requirement for access to banking networks, services & markets.
Opening up a business bank account to establish a payment gateway or merchant account needs a business license, providing lower fees & better features or services.
Options to offset expenses, lower tax exposures & additional flexibility in managing your personal & business finances become available.
Maintaining your administrative requirements as a business owner is relatively easy when you know how & considering the benefits it is a rewarding or worthwhile activity, particularly when you can simply outsource your accounts to a third-party.
Taking all of this into account, we strongly recommend registering a company when you start a business & know that you can always change or restructure your activities at a later date but it is important that you have one.
We are a UK based company provide services to individuals, startups & small businesses.