Business registration is highly important & appreciated in every country. You get lots of Benefits after business registrations. We are concerned to Demerits of Unregistered Business. I found one article about benefits here – Registration Benefits – There are also some drawbacks or dangers in case of non registration.
You might find many of agents performing business registration services at some costs. It differs in every country. I am not familiar with your one but the biggest danger of running non registered business is that you can not avail benefits of registered business. It may have a few outcomes which can truly hurt you, If you don’t get your business registered under your country’s registrar or authority. I might obviously wish that you should register your business.
Unregistered Business can have following Outcomes or Dangers
- You cannot legally claim your debts from different parties.
- If you have different partners, you can also not have any legal value.
- As I told above in point one, the vice versa is that other registered party either your debtor or creditor. They have complete rights to sue you.
- Consumers, Customers, Vendors, Traders, Suppliers, Partners & banks do not believe your.
- You can also not avail bank loan facility.
- You can never have Govt. benefits like rebate or refunds.
- Legal bodies can any time seal your business.
- Legal bodies themselves can sue you & claim high fine.
- Your trade transactions are also not secure.
- Banks can hold or freeze your account on suspects.