The must have legal aspects of a business
As an entrepreneurs, if you didn’t know the legal aspects of a business, then this is a must read from you. After reading, you MUST take action if you really want you business to grow.
You have been asking yourself questions about your business and why it’s not moving the way you want. What you may not have asked yourself is whether you have a business at all.
Most entrepreneurs come up with reasons to justify their not starting a real business. They focus more on the practical aspects of the business, which is not bad, but incomplete.
The practical aspects I am talking about are the business plan, the production process, distribution channels, marketing, and so on. Very few think about the legal aspects of the business.
Very big mistake!
Small business owners and solopreneurs always push the legal aspects of their business in “I will think about it”. Many like me before, are aware that they’re doing a great disfavor to their business for not taking the legal aspects seriously.
Very few businesses you find brandishing their brands online are actually registered. We have more CEOs on social media than existing businesses in the real sense. It is a must for you to know and take into consideration the legal aspects of a business.
What are the legal aspects of a business?
1. Have you registered your business?
For any business to carry out activities within the borders of Cameroon, it must be registered at least with the local council or with Trade and Personal Property Credit Register, TPPCR.
Download the requirements to incorporate a company in Cameroon
2. Have you registered for taxes?
Once you have obtained your business registration certificate from the TPPCR, you need to apply for a business license, maximum 15 days after you start carrying out activities. Obtaining the business license automatically registers you for taxes.
It’s worthy to note that you’re exempted from the business license tax in the first year of your activity after registration.
3. Do you an accounting system put in place to manage your business?
It is a must to keep business records as it enables you to know whether your business is making profit or at a loss. These records may also be needed for tax purposes to support the figures on your statistical and tax returns in case the tax authority ask questions.
It should be noted that accounting records remain valid and can be required by the tax authority up to ten years after the record was entered.
The above are the basic legal aspects of a business that wants to grow. If any of the above is lacking, then you’re sure not a business.
What you have to do, and now!
If you had not taken the legal aspects of starting and growing your business, then you should take action now before it’s too late.
Just get in touch with us and in 14 working days, your business will be fully functional as a complete business.
Take advantage of this
It doesn’t only end there – we’ve got a lot of giveaways from a free website (one year domain name and hosting inclusive), company logo, letterhead, business cards and many more for anyone who registers a company with OpenHub Digital. You can checkout our company registration promo to see for yourself.
We’ve a lot in store for you if you just get in touch now!
You can also check our Notice Board for more goodies. Meanwhile, don’t hesitate to list your business for free on Nexus Listings. This will let you get free exposure. If you want to get more exposure for your brand or business, hit us now!
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.