Business Registration, Licenses, Permits & Insurance - Presentation

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Business Registration, Licenses, Permits, Insurance

1/25/2013 Free Online Business Training - Week Four – Registration, Licenses, Permits, Insurance 1
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T
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Training Overview
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i Topics
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Is Business Ownership For you?
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Writing Your Business Plan
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g
Business Organization
Business Registration, Licenses, Permits, Insurance
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Business Finances & Financing
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Business Location
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r
Tools, Technology & Equipment
v Staffing
i Marketing & Opening
e Growing & Expanding
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e Business Registration, Licenses, Permits, Insurance
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k Trade Names/Doing Business As (DBA)

F Trademarks
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u Registration
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Licenses & Permits
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o
Insurance
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What To Do / What Not To Do
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W
What Is Required?
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a Registration, licenses, permits and insurance requirements:
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vary by type of business entity
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s Requirements vary between the formal and informal business sectors

R Requirements also vary from country to country and within a country
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q Procedures, amount of paperwork, timeframe, costs and common practices also
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vary by business entity, sector, profession, country, states and even cities
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r
e
d
?

D
Trade Names/DBA
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A
Trade name or Doing Business As (DBA) is the official, legal name of a company.
A
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Also known as an assumed name or a fictitious business name
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A trade is required unless you are using your real name to do business
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r Corporations and LLC can also use trade names
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d Trade names are more professional and are required by most banks to open a
e business account
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a Trade names generally need to be legally established/registered in most cases
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k A unique or catchy trade name can go a long way in branding your company
s 1/25/2013 Free Online Business Training - Week Four – Registration, Licenses, Permits, Insurance 5

T Trademarks
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a
d Trademark is defined as “a word, phrase, symbol or design, or a combination thereof,
e that identifies and distinguishes the source of the goods of one party from those of
m others”
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r
If the source is service rather than goods, the word service mark is used
k
Trademarks offer more protection for your business’s name and other assets such
s
as logos, tagline etc
A generic term cannot be trademarked
Trade marking is separate process from establishing a trade name

Trade marking are not required by law but can make good business sense vis-à-vis
branding

R Business Registration
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g
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Usually requirement to establish your business’s legal name
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Usually required before you can get obtain licenses, permits or insurance
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r
Registration can be in three parts:
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t
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Pre-registration – name search/verification etc
o Registration – establishing business name as your own with relevant authorities
n Post-registration – getting tax id numbers, company seal etc


L Business Licenses & Permits
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c Not the same process as trade name registration
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n A license in usually required in order to conduct business legally and entering into
s contract
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s Process, paperwork and costs vary by business structure, industry, country and state

& Permits are a separate process from a business license and registration

P Permits are usually required, along with a license, even if you work from home
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r Multiple permits may be required depending on the industry you operate in
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i Licenses and permits may not be transferable from one jurisdiction to another
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s 1/25/2013 Free Online Business Training - Week Four – Registration, Licenses, Permits, Insurance 8

B Business Insurance
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s
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Business insurance protects your investments
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e There are many types of business and business related insurance policies
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s Requirements depend on business industry and business’s assets

I A business may be required (or choose to) carry several types of coverage at one time
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s Get help from a professional agent
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a
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e 1/25/2013 Free Online Business Training - Week Four – Registration, Licenses, Permits, Insurance 9

D What To Do / What Not To Do
o
s
Do Don’t
a neglect your business insurance needs
secure and protect your trade name
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verify what licenses, permits and expose your business to liabilities
d
insurance you are required to have operate without a required license or permit
D examine your assets to determine overlook trademarking your business name
o your net worth and exposure do it alone
n mitigate liabilities with a prevention plan
’ seek professional help
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s


E
n
d
Thank you
o
f
Next Week
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e Business Finances & Financing
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k

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Have a great weekend!
h
r Visit our blog for online tools and resources
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e
www.baanabaana.com

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