People who are planning to start a new business, need to go through a few steps first. Such as, registration of the business, getting licence and insurance, hiring employees, starting a new website and so on. Registering the business entity needs to be the primary concern for all new business owners. While registering the entity, you will have to think of a unique name as two companies cannot have identical names. Once you have registered your business as a legal entity successfully, people will be able to track you down and get necessary information about your company no matter where they are situated.
Registered business entities:
Generally, most of the businesses register as a sole trader, partnership or limited company. A sole trader handles the business independently and responsible for all the debts of the business. If you are in a partnership business, you have two or more people to run the business together. For the limited companies, the owner is responsible for the debts only to the extent of invested capital. It can also be a chartered company, statutory company, subsidiary company, holding company or a non-profit organisation.
Why you need to find registered legal entities:
You might need to know if your prospective business partners or the clients are authentic. For a long term relationship with your business partners and customers, you need to offer transparency for which you need to be registered as a legal entity. Now you can find every single information, such as, full name of the company, full address, the registration number, the permanent URL and date of the incorporation through a simple search process. The identification and the verification of the registered business entities are crucial for the steady growth of the company. You need to find out that the distributors, agents and the consultants are anti-corrupted complaints.
How to find registered business entity:
You can find all the registered entities around the world though KYC search or LEI search. Company registry search will help you to get access of all the important updated data you need for the authentication of a business. The KYC search engine helps you to find an entity through a single search only by the name of the company. Whether it is a small business or a multinational company, you will find their existence pretty easily by putting the name or the registration number in the search field. Through LEI search you will get to know the financial transactions made by the parties. There are many online free websites where you can get every information you need without any additional hassle.
Know Your Customer or KYC system as well as Global Legal Entity Identifier or LEI are quite essential for risk management of every company. It is crucial to save your business from identity fraud, money laundering or financial activities of the terrorists.