Many business people currently operate as sole traders, or they are in a partnership with someone else. When you are just starting out, this seems like the safer option, and because it’s a small enterprise, you feel that you have more control over the business. However, you are leaving yourself open to many negative things, and one of them is that you could lose the roof over your head, the car that you drive, and the money that you have saved. Being involved as a sole trader, leaves you liable for any debts that are incurred by your business, and if there aren’t sufficient funds to pay off your debtors, then your home, car and savings will be taken, in order to settle these debts. You need to protect yourself from such things, and to do that you need to set up a company.
It isn’t a straightforward as many would think, and so it makes sense to find a service provider that has the experience of a company set up in Bangkok. This isn’t their first rodeo, and they understand all the different kinds of paperwork, and the red tape that has to be navigated, to get you to your final destination. Once your company is set up and registered, then your business gets to enjoy all of the benefits that that offers. The following are just some of those benefits.
- It reduces your personal liability – As mentioned briefly before, if you are a sole trader or you are part of a partnership, then you are responsible for all the different aspects of your business, and that includes all of your debts, and any of your losses. If you’re caught up in legal proceedings as a result of the product or service that you provide, then you are also liable for that as well, in a personal capacity. You need to be able to protect yourself from instances such as these, and so setting up a company, and having it registered, provides you with the protection that you need.
- It reduces conflict – When you register your company, it removes any of the ambiguity that surrounds ownership, and who it is that makes the decisions in the company’s best interests. We all understand the importance of leadership, and this is one way that you can take proper control of your business’s future, and that of your employees. Once the company is registered, its owners will receive a number of shares, and those will dictate the level of control within the business. If any issues arise, then the individual share allocation will decide who was in charge, and who is going to make the important decisions. For more information on what it takes to register your business, there is government assistance available.
In order for your business to grow and prosper, you really do need to get it registered. It will make dealing with suppliers, and wholesalers, much easier, and customers tend to trust a business that is registered, rather than dealing with an individual. Becoming a registered company will also help your brand, and it will give your business an air of legitimacy.