Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is “any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization. Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner’s personal possessions.
A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. To register a company instead, follow this procedure.
Here are the types of businesses a person can register in Kenya.
Here are the requirements for one to register a business in Kenya.
The business name is the simplest business form under which one can operate a business. The business name is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. Before you perform a name search it is important to note the following;
To know how much you are required to pay in order to register a business in Kenya, check out this fee schedule.
Follow the procedure below to register a business in Kenya.
Victor Mochere is an award winning blogger, social media influencer, literati savant, altruistic, and a netpreneur creating and marketing digital content.
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Copyright © 2021 Victor Mochere. All rights reserved.