What is a Registered Business?

A registered business refers to a business entity or corporation that has completed the formal process of registration with the company regulators of their country. Registered businesses are officially licensed to operate within their respective industries and generally operate on a larger scale, having met the necessary requirements and verifications required to operate in the open market.

The below are the types of registered business we have.

1. Sole Proprietorship
2. Partnership
3. Private Limited Company (Ltd)
4. Public Limited Company (Plc)
5. Company Limited by Guarantee

Sole Proprietorship: This is the simplest and most common business structure for those who wish to maintain complete control over all decisions and profits. This business type is owned and run by a single individual, which may also be referred to as a business name, venture, or enterprise. For a sole proprietorship business type, the owner bears personal liability for all business debts and obligations.

Partnership: This business type occurs when two or more individuals jointly own a business and share in its profits and losses. Partnerships are relatively easy to set up but necessitate a clear agreement outlining each partner's role and investment.

Private Limited Company (Ltd): This is the most popular form of incorporation, which is a legal entity independent of its owners, offering liability protection to its shareholders, with its shares not available to the public.

Public Limited Company (Plc): A public limited company (PLC) is a larger-scale business entity with shares offered to the public, requiring at least two shareholders, adhering to stringent regulatory requirements including public disclosure of financials and operations, and being listed on the stock exchange where its shares are traded publicly, all while having a separate legal existence and limited liability for its members.

Company Limited by Guarantee: This business entity is commonly used by non-profits, NGOs, and charitable organizations. A company limited by guarantee is established to advance purposes such as commerce, art, science, religion, sports, culture, education, research, charity, or similar objectives, with members' liability restricted to their agreed contribution in the event of dissolution, and all income and assets must be used exclusively to further the company's objectives, with no part distributed to the members.