If you’ve decided to start an event planning business, you will need to secure your business name legally and make your business operations official. To do this you will need to register your business. This is an important step for setting yourself up as a serious, trustworthy and professional service provider. This is also the time to think about what type of business structure you would like to have. Will this be a sole proprietorship or will you be working with a partner? These are just some questions to think about as you go about registering your business. Here are 3 quick steps to registering your business to get you started:
1. Conduct your research
To register your business you will need to search for the business requirements in your area and prepare all the information you need to submit an application. Head over to Google and type the words “how to register a business in [enter the name of your city]“. You should be able to find resources specific to your area. This should answer questions such as what are the requirements for registering business, the process for submitting an application and if there is a fee associated with the registration. Many cities even offer this service in the form of an online application!
2. Decide on the business structure
Once you have located the information on how to register your business, before completing the application you will need to gather all the documents required to do so. One of the main questions on most registration applications is a decision on the type of legal entity under which you will be operating. Will you be an LLC or Incorporated?
Among the many decisions you need to make when launching a business is selecting a business structure. If you do nothing, your business, by default, is structured as either a general partnership (multiple owners) or sole proprietorship (solo owner). These may be the simplest entities to form, but they offer one major drawback: There’s no separation between the business and business owner.
Check out: The 5 Biggest Tax Differences Between an LLC and Corporation
3. Register your business
Most registration offices will offer a quick business name search to avoid duplication. Take advantage of this service to avoid any future legal issues.
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Once you have identified that your chosen business name is available, complete and submit the application to officially register your business. Upon completion you will be provided with a business license and a business registration number. You are now officially a legal entity.
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