Registering a sole prop....please help!!!

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Newkid

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Hi guys!

Can someone please me! I am battling to get any info as to how and where I need to register my sole prop business. I contacted CIPRO who advised: "Kindly note CIPC is not the custodian for the registration of sole proprioties, this can be done at your local municipality office."

Ok, fine, so I contacted my local municipality who had no idea what I was on about:mad:

When I google this, almost every site says you do not need to register if you are a sole prop, but this does not sound right?

Does anyone have ANY info regarding this please?!?!?!
 
Sole prop means you are trading as yourself, As an inividual, Not a legal entity like a cc etc etc. So no registration needed at all. An eg of a sole prop is Joe Soap Trading as Joe Soap Plumbers. You are the owner of the account.
 
What are you trying to register? There is no registration for a sole-prop but you are aware of your liability and restrictions, right?
 
DJ... said:
What are you trying to register? There is no registration for a sole-prop but you are aware of your liability and restrictions, right?
Click to expand...

Yeah, I know about the risks, but I'm just trying it out first, if all goes well I'll change to a PTY.

So, that is it? No registration, licence, nothing? I just start my internet business and start selling products?
 
Oh, and to add, I'll be trading under a "business name", not my own actual name, does this make a difference?
 
Newkid said:
Yeah, I know about the risks, but I'm just trying it out first, if all goes well I'll change to a PTY.

So, that is it? No registration, licence, nothing? I just start my internet business and start selling products?
Click to expand...

Go for it. You're trading in your own personal capacity. But if you plan to import your products I'd definitely relook at the sole prop bit...
 
Because in order to remain cash flow positive and actually operate in a healthy financial position, you will have to finance imports through trade-finance or whatever method you choose. You cannot do so as a SP, and if you could, you'd be lumping all that risk on your shoulders. And the risks are massive when importing.

Sole prop is not the answer if you intend to import...
 
ps...just because you are trading small.. doesnt mean you cant be sued for everythinng you own... get a pty
 
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