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- Protection
You may be very excited about your business plan and invest all that you have and take some more from friend and family and try to crystallize your Idea. But imagine a case if some unusual stuff happens, any accident, anybody sued your company or a financial loss happens, not only you, but your family also will be in a very bad situation. There are many other reasons, but to protect yourself and your family this is the most important one.
- Product/Service
Do you sell a Product/Service, imagine a case your Product /Service caused any harm to anybody, or your customer or you partner caused a harm which you are not responsible but will be held responsible for. Your company goes bankrupt in lawsuits and due payments. Its always better to safe gaurd your company by registering it.
- Raising money?
If you grow above your friends and family support, you may need private equity or a venture capitalist, who will make sure that they give money only to the registered companies most of the times. All investors will look at protection of an incorporation and an exit strategy.
- Legacy
Existence of the company continues, no matter which director or member comes and goes. The company is closed only when by complying with the provisions of Law. Also when you want to transfer the entire shareholding to another person, it’s actually a very easy process and the easy change in management and ownership which will save the time and money (stamp duty) of promoters.
