Dealing with laws that govern the business is not a walk in the park; It requires knowledge to get it right. As an entrepreneur, you probably have questions about laws and regulations affecting your business. This article will be looking at the legalities to getting your business idea off the ground. The mistake most startup entrepreneurs make is to jumpstart their businesses without thorough research. They go straight to the marketplace and overlook the essential aspects such as the legal bases of running a business.
So, what are the legal requirements for running a business, you may ask? Wonder no more because we will be reviewing them in this article. You can also check out our Molao le Khoebo course coming soon. This course will help you learn more about the legal aspects of a business. We also have another upcoming course that will help you understand how to comply with tax requirements so that you do not find yourself on the wrong side of the legalities.
Conforming with the legal requirements of starting a business begins with choosing the most suitable business structure for your business. There are several types of business structures that you can decide on as an entrepreneur(s) before visiting the Ministry of Trade and Industry to register your business. We have the sole trader, a private company, partnership, and cooperation. Well: If you have limited knowledge about these forms, you can go to the ministry to get clarity. Otherwise, you can enroll in our Molao le Khoebo course for more.
After selecting the suitable business structure, you will need to register your business and apply for the operating license under the industry in which you will be operating. Different industries have different requirements. Then after, you will need a tax clearance. For a business to run legally in Lesotho, it needs tax clearance. Our Tax for SMME course thoroughly explains how to obtain a tax clearance. You can also visit Lesotho Revenue Authority to learn more about this.
Depending on the type of business you registered, there are some rules and regulations that govern each. For example, company law directs how companies operate and what they need to do to comply. Having a lawyer by your side can be the right move in the right direction because they will help you understand and make the right decisions concerning your business. Running a legally registered and ethical business is crucial for your business and the economy. Abraham Lincoln put it nicely when he said, "Law is nothing else, but the best reason for wise men applied for ages to the transactions and business of man-kind.
For more information, visit:
Ministry of Trade and Industry
Lesotho Revenue Authority
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