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As a sole trader, you may be looking for ways through which you can improve your business. Fortunately, there is no need for you to worry because there are many options that you can choose from nowadays. However, if you want to have excellent results, then the best step that you can take is to turn your venture into a limited enterprise.
Doing this can be greatly helpful because it can provide you with several advantages. For one, it allows you to have a small corporation tax rate, thus enabling you to secure substantial savings. Aside from this, it enables you to enjoy a better borrowing flexibility, as many grantors do not hesitate to lend to corporations compared to individuals. Of course, the main benefit is that you can have minimal liability, which means that, in case of bankruptcy, your personal assets will not be touched by your creditors.
Because of these, you may be convinced to transfer your enterprise into a limited business. If you need help in getting started with this, here are some pointers that can help you:
Engaging with this establishment can be beneficial because it can greatly assist you in the required process. For one, it can check your application for errors, provide you with the necessary certificates, and submit your documents to CRO. Apart from this, it can likewise help you in creating your corporate seal and register and making your explanatory booklets for directors and secretaries. It can even prepare your initial B1, which is a form that deals with your annual return, thus reducing the burden on your shoulders.
Since you are taking a big move in forming your own company, you have to ensure that you have adequate support in every step of the way. You can achieve this by getting policies for your employees as well as for your entire business. Doing this is important so that you will not have headaches if one of your staff gets injured while at work or if your establishment is hit by a natural disaster such as flood or fire.
Of course, you also have to obtain cheap travel insurance. Having one is essential since, as an entrepreneur, you have to go to different cities or even countries to meet with suppliers, clients, or investors. With a comprehensive coverage, you can have peace of mind wherever you go.
All in all, creating your own company requires substantial time and hard work. However, your efforts will not be wasted because with your own firm, you have high potential to earn big.