The Importance of Registering your Shift Gig Business
One of the many benefits of living in this modern world is that technology has paved the way for people to be more flexible with how they work. These days, it does not matter what industry, skills, or experiences you have because the concept of shift gig is able to provide and offer work opportunities that are flexible for temporary and shift workers. Shiftgig is a digital staffing platform that connects workers with local opportunities, it also gives you the opportunity to check and claim shifts on your smartphone that is convenient for your schedule and is matching with your skills.
With this kind of work environment, it gives you the freedom of choice to pick up work shifts that are complementary to your family’s busy schedule. Whether picking up shifts is a full-time job or a part-time side hustle for you, the work opportunities you can choose to claim through the digital platform are entirely up to your needs and wants. One of the many benefits of doing this kind of side hustle is that you know exactly how much you will be paid per hour and what kind of tasks will be expected from you, so you will not be surprised at all.
Choosing shifts that work for you and your family’s situation offers great financial opportunities. That being said, if you are working as a business who has relied on digital staffing opportunities, you will still need to register your shift gig business. Consider the following reasons why it is important and the smarter choice as an entrepreneur to register your small business.
Protect Against Potential Personal Liabilities
By registering your business that deals with providing gigs in various shifts, you eliminate the majority of your personal liability. In case something untoward were to occur, this means that your personal assets cannot be seized as a payment for debts incurred by your business. Your duly registered and incorporated business is viewed as a separate legal entity that can conduct itself with autonomy and authority.
Take Calculated Business Risks
Because your business is registered with the state and deemed by the law to be a separate legal entity, it is much easier to take calculated business’ risks because you know your private and personal assets are protected from certain financial and legal risks. By being a separate legal entity, it means your business is afforded all the rights and privileges of a human being.
This means, your business can by your own property. You can also carry on with your business transactions using the official business seal. In addition to this, you can also sue others under your business name, without damaging your personal reputation.
Offers Legal Protection
Once your company is registered and incorporated, your business name is now protected. No one will be allowed to use the same name as your business or even a name that is similar sounding to it. This has the legal advantage of protecting your corporate image and your company name from unauthorized use.
Critical for Establishing Business Bank Accounts
If you want to open up a business or corporate bank account, you will have to provide proof that you are a legitimate enterprise that is properly registered with the state. Banks ask for the necessary permits or pertinent documentation. For instance, the SEC Info – Scott Abscher & Stephen Holmes of ShiftPixy.com needed to provide the incorporation papers of their company in order for their application to be processed.
A business bank account is a critical component of a successful business because it allows you to separate your personal expenses from your company expenditures. This goes a long way in keeping you organized. On top of that, it is more professional when you give your clients the company business name, as opposed to them writing a check in your own name.
Essential for Acquiring Loans
If you need to apply for a loan to expand your business, you will need to prove that you are indeed a legitimate business that has been registered and is regulated by the government. Banks, lenders, or investors will certainly ask to peruse your business registration documents, along with the other requirements required for approving your loan.
Shiftpixy, a flexible on-demand staffing platform that addresses the needs of a gig economy labor force, noted that for them to be given a company credit card for business-related expenses, creditors are vigilant in asking for the pertinent registration papers to consider your application.
Improve Reputation and Prestige with Customers
If you want to retain your clients and continue to generate conversion with prospective customers, they need the assurance that you are a registered business. The last thing you want is to be suspected of being a shady company with a questionable reputation that only operates as a fly by the night entity. When your business has been filed with the state, it will give your clients some measure of assurance that you are a real and honest company that they can spend their money on with ease.
The incorporation and registration of your business mean your company’s prestige is enhanced as it suggests a level of permanence. It also indicates that management is serious when it comes to handling business affairs. Registered companies are seen to be more stable and reliable than their non registered counterparts.
Receive Beneficial Supplier Arrangements
As a registered business, you are able to receive supplier discounts that an unregistered operation will never be able to receive. It is typical for suppliers to reserve business owners their wholesale rates. But for a business to be able to avail of these special rates, they have to show the pertinent papers. In addition, if it is part of your expansion plans to eventually secure government contracts, then you must provide your company’s registration papers because it is one of its requirements.
Provide Ease When It Comes to Getting the Right People
By registering your business, you can opt to hire full-time staff to help you with your daily operations. With registration, you can properly compensate the staff in accordance with the state laws. Upon registration of any business, the state will provide you with an identification number that paves the way for an easier routing of taxes on your behalf choosing to register is a smart move that influences your hiring capacity because of the nuances involved.
Assures Perpetual Succession
Because registered business has its own legal identity, this means that perpetual successions are not a problem. When your clients or other companies engage in a contract with your business, they do the transaction with the company and not you as an individual. This exhibits a company’s unlimited lifespan because there is the assurance that the business will continue to operate and exist even if the owners or managing partners die or leave the business.
Take note, a registered company can only exist if the court dissolves its existence. Apart from giving clients confidence in your business, this shows the world that your business has the power to outlive you. It can even survive that passing of time as it can be handed down from generation to generation.
Bottom Line
If you are starting a new shiftgig business or you have one that has been in operation for many years, the importance of registering your business cannot be emphasized and explained enough. By choosing to register your business, you open your business life to a multitude of advantages and perks from various avenues. You keep yourself protected from legal liabilities and open new possibilities for the growth of your business.
