When you are starting out on your new business venture, it always feels good to be in control of your future because you are in charge. You might also be involved in some kind of partnership because you felt it made a lot more sense to divide up the responsibilities and therefore if everything went wrong, it would all be just split down the middle. If you feel this way then there is a lot you don’t know and there is a lot that you need to learn. If your business runs into difficulties, then you are solely liable for any issues that arise from it and that includes any money owed and debts incurred. This can extend into your private belongings which includes your home, your car and any other assets that you might have. All of your personal savings will be in jeopardy because you didn’t take the time to do a business registration.
It is possible to do a business registration in Malaysia by Acclime and once that’s done, you have now properly protected yourself and your interests. If your business does run into difficulties further down the road, then the scope of the courts can only be based on what the business owns and not what you own personally. You have now taken the right steps to protect yourself and your family. If you’re still a little in the dark about the many benefits of business registration, then maybe the following can help you to make the right business decision.
• It builds & protects your reputation – Without your reputation, you’re nothing and any business man worth his salt will tell you the same. If you want to experience the benefits of doing business in Malaysia, when your business is registered, it provides peace of mind to your current customers, your potential customers, your suppliers and any other lending institutions that you might want to get business funds from. It is important that they understand they are dealing with an established and reputable business and it makes the setting up of bank accounts and others much easier. When you register your business, you will receive a registration number and this helps to open up all kinds of doors of opportunity for you.
• It protects your name & brand – Here is the kicker and you really should pay attention to this. If you work hard for many years and you build a business that has a fantastic reputation and is extremely profitable, but you don’t have it registered, then anyone can come along and take the name that you have worked so hard to build. If your business is not registered then other entities are free to choose a name that is exactly like yours or close to it and there is nothing that you can do. By taking the necessary steps of registering your business, you are protecting yourself, your employees and your future. Don’t make the mistake that many others have and ended up regretting it. To learn more about business registration, have a look here.
It’s all about changing your liabilities when you register your business and it is able to stand alone with regard to its debts. You will be regarded as being totally separate from your business and so your personal belongings cannot be touched when it comes to court proceedings. This is essential peace of mind that every business person should have and if you don’t have it, then take the steps to get it done as soon as possible.