There are many benefits that come with registering a business, let’s take a look at the most important ones
Offers limited liability
A company has limited liability and it can sue and be sued in its own name. If the business’ assets are attached over debt this will not affect the owners’ personal assets
When you do business as an individual, your business dies with you. Registering a business ensures the continuity of your business beyond just you as a person.
Compete for big business
Competing in business as an individual is not easy. The only way to level the playing field is to be a registered company. That way you can effectively compete with the big guys.
Participate in tenders
Both government and commercial tenders require company papers as one of the conditions for participation. That means only registered companies are able to get tenders.