Starting a business is a process that requires many and varied decisions that can significantly affect the future of the business.
One of the most important decisions is to choose the type of incorporation: As an independent – exempt dealer, authorized dealer, partnership or company Ltd. Each choice has legal and practical implications.
Getting the right advice from professionals, based on an examination of needs and experience, is highly recommended and even necessary.
When making a decision about the type of incorporation, the business owner must take several steps that are required by law:
1. Opening a bank account for the new business
2. Registration of the new business at the VAT offices
3. Notice of opening a new business at an Income Tax branch
Getting advice from an accountant regarding the book management requirements according to its classification is a recommended step and can prevent situations in which the business is conducted contrary to the provisions of the law.