What to Do Once You have the Million Dollar Idea

It is quite common in this age and day for people to initiate their own companies. The main reasons being, you get to be your own boss and to have all the decision making power like what is or not to be done in the interests of the venture. It also infers that you don’t have to follow the chain of command, are independent of anyone’s directive about time you come to the office and the kind of work you pursue.

Apart from the advantages that come along with starting a company, there are some challenges as well. The legal procedures that you need to follow while starting a company can be really stressful and straining. There are some definite things which you have to do like Company Registration, for successful initiation of a startup process.

There is a number of reasons which make ample sense in registering your company. The most basic reason is to safeguard your own interest and prevent any risk to your personal assets to the level of bankruptcy in the case that your venture faces an impasse and is being compelled to shut down.

Also, if the company is registered, it becomes quite easy to attract the funding from venture capitalists as they are then assured of their money is protected. Company registration equips the entrepreneur with tax benefits in an LLP, Partnership or limited company. Another important reason, if you would wish to turn over your shares to someone else, it is quite easier if the company is registered as a limited company.

Usually, entrepreneurs face a dilemma as to the right time of registering a company. To answer this confusion, primarily you need to think if your idea of business can be turned into a profit-making venture or not. If the answer to this question is a resounding and confident yes, then it’s the right time for you to stop wasting time unnecessarily and to go through with company registration. As mentioned in the initial lines, it is always advantageous to register as a prevention measure before the liabilities catch up with you.

The primary thing that you need to do is to search for a name and a trademark. The initial trademark search is the key to safeguarding your interests. It is very crucial to find a unique mark that has not been registered if your mark matches with a registered one then a lawsuit can be filed against you.

The next step is trademark registration. It depends solely on the type of goods and services of the brand and the way you want to go about expanding it with your company. Let us look at the various company structures available:

1.  Sole proprietorship: It is a company which is operated and owned by just you. You don’t need any registration. This type of company is established to achieve short-term goals.
2. Private Partnership firm: this kind of firm is operated or owned by more than two individuals.
3. One Person Company: It is a distinct legal entity which protects the owner from being blamed and punished for any losses.
4. Limited liability partnership (LLP): Where the partners are not personally liable to lose their private and personal wealth.