3 step to take before starting a business (Part 2)

3 step to take before starting a business (Part 2)

The following are steps to take if you want to start a business in Nigeria or in any country.

Step 1: Choose a Business Structure
You can register your business as sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will determine your business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change.

Step 2 : Register Your Business Name
Your business name plays a role in every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options before choosing one.
Once you have chosen a name for your business, you will need to check if it's currently in use. Then, you will need to register it. A sole proprietor must register their business name within their state or country and is possible easy registering it online . You can register your business online through the Corporate Affair Commission (CAC) website: http://new.cac.gov.ng

Step 3: Choose Your Accounting System
One of the most important systems for a business is an accounting system. Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork.

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