THE BUSINESS CHANNEL

“The Business Channel” is the name I have given to the content that I will be creating for New Business Owners. Content will cover different aspects of starting and growing a business from Legal and Financial Advice, to Marketing and Business Processes. I also plan to focus a lot on Online Business and the Online Aspects of Business. And of course I will be fielding your feedback as I go forward so that I can create content that speaks to your needs. Some of the content will be free and some of the content will be priced . But rest assured that all the content provided will be extremely high value information. I hope you enjoy ! Here we go !

ARTICLE 1 – REGISTERING YOUR BUSINESS

In this first article of the Business Series, we cover the first steps in setting up a business. We touch on the types of businesses that can be registered, the registration process and the costs associated with registering different types of businesses. This information has been provided by SHOPFORME PURCHASING SERVICES. To find out more about SHOPFORME Services and how they can help you in setting up your business, please refer to the company overview at the end of the article.

And now let`s begin. True to my style, this article takes an interview format. I spoke with Ayoluwa Chase who is the owner of SHOPFORME Purchasing and she gave me the answers to these essential questions for anyone who wants to start their own business. Please note that this information is specific to Trinidad and Tobago.

TYPES OF BUSINESSES

What are the types of businesses that can be registered?

There are four legally recognized business entities within Trinidad and Tobago.
1) Sole Trader 2) Partnership 3) Limited Liability Company (LLC) 4) Non-Governmental Organization (NGO)

What are the differences in the different types of businesses ?

1 . Sole Trader: A sole trader entity is deemed a business for profit. This type of business has one individual proprietor/owner. The owner is considered the business therefore all personal assets and liabilities will reflect or be considered as part of the business.

2. Partnership: A partnership is another business for profit. It is very similar to the sole trader; however, this business has two proprietors/owners while the sole trader only has one. Both owners’ personal assets and liabilities are considered to be a part of the business.

3 . Limited Liability Company (LLC): An LLC as the name implies is an incorporated company for profit. An LLC is considered to be a separate legal entity therefore it can own assets and liabilities which will be separate and apart from those of the directors. For this type of company to be registered it must have the following:

  • an Incorporator: the person who forms the company
  • a minimum of two directors
  • a Secretary (chosen from the board of directors

4 . Non-Governmental Organization (NGO): An NGO is operated as a not for profit organization. Examples of NGO’s: churches, charities, sporting institutions and philanthropic groups. Similar to the LLC an NGO must have the following:

  • an Incorporator: the person who forms the company
  • a minimum of two directors
  • a Secretary (chosen from the board of directors)

How does one decide which type of company they should register?

The type of entity is decided based on several factors including:

  1. The number of persons involved
  2. The structure of the entity being formed
  3. The purpose of the entity

REGISTRATION PROCESS FOR EACH TYPE OF BUSINESS

What is the process for registering each type of business ?

Step 1: Name Approval Process

For each type of business one must submit the proposed business name via the  Companies Registry through the Ministry of Legal Affairs to determine if it is 1) available  2) appropriate. Specific forms must be used to submit the name approval. Once the form is submitted along with payment, a receipt is given with the date to return for the results.  This step takes approximately 3-5 business days. Once approved, the applicant can then move on to the registration (business) or incorporation (company) phase. If the name is deemed undesirable then another option must be submitted for approval. In some instances more information may be requested in order to make a decision. The answer to this query must be submitted on a “Query for Approval” form.

Step 2: Registration Process

There are different types of forms that must be completed and submitted for each type of business.  These forms can be downloaded from the Ministry of Legal Affairs website (see list below). Along with these forms, a copy of each proprietor’s ID as well as the approved name approval form must be submitted by a specific date. The signatures on the forms must match that on the respective ID’s. Once all forms have been accurately completed, they are submitted along with all the required documents and payment. A receipt is given with a date to return for the registration or incorporation certificate along with the incorporation package. The process takes approximately 3-5 business days. There are instances where there may be changes required which the clerk will pencil in on the form for you to correct.

FORMS

Sole Trader

  1. Name Approval
  2. Form 1- Registration of an Individual

Partnership

  1. Name Approval
  2. Form 2 – Registration of a Firm

LLC

  1. Form 25 – Name Approval
  2. Form 1 – Articles of Incorporation
  3. Form 4 – Notice of Address
  4. Form 8 – Notice of Directors
  5. Form 27 – Notice of Secretary

NGO

  1. Form 25 – Name Approval
  2. Form 2 – Articles of Incorporation
  3. Form 4 – Notice of Address
  4. Form 8 – Notice of Directors
  5. Form 27 – Notice of Secretary

COSTS TO REGISTER EACH TYPE OF BUSINESS

What are the associated costs with registering each type of business?

Sole Trader/Partnership

  • Name Approval: $20
  • Registration: $220

LLC

  • Name Approval: $25
  • Incorporation Fees: $520
  • Notice of Secretary: $40

NGO

  • Name Approval: $25
  • Incorporation Fees: $620
  • Notice of Secretary: $40

In the next article : Insider tips on the business registration process and what you are obligated to do once you register your business.

Have something you would like me to do an article on for the Business Channel? Message me here and let me know what you have in mind. Looking forward to hearing from you !


ABOUT SHOPFORME PURCHASING SERVICES

Shopforme Purchasing Services is an errand service/ delivery service that caters to individuals and businesses alike. Founded in March 2016, we have been successfully providing quality errand/personal assistant services nationwide to a wide array of clients. The goal of Shopforme Purchasing Services is to take the hassle away from our customers by performing various tasks on our clients’ behalf, gifting them the time to focus on the more important aspects of their lives or businesses. Shopforme Purchasing Services offers convenience, support, reliability and trustworthiness in the execution of those endless personal and business errands/tasks. We operate as an online business and go to our client’s location to collect and deliver packages which include but are not limited to documents, products and meals.

Services we offer include pickup and delivery of documents, products and meals, Business Registration, Pickup and filing of various applications (personal and business) , BIR Application, NIS Application , Trademark Application, Annual Returns, Divorce document gathering and filing, Cheque collection and deposit, Collection of and drop off of documents at TTPost, and any legal errand that can be performed on behalf of an individual with or without authorization.

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