Looking to register a business just to get the ball rolling but have no idea when I’ll get around to actually working towards it. Can I register is and literally sit on it for *theoretically* years without incurring any additional fees? Or are there other hidden fees for just having it registered? Sorry if this is the wrong place to ask this. If it is, can you point me to the right subreddit?

  • theredhype@alien.topBEnglish
    1·
    1 year ago

    That’s probably a bad idea. But the answer to your specific question is that it depends on where you’re based.

    The correct place to find this answer is probably on a web page posted by the local or regional government wherever you live.

    The answer to the question you should be asking is something about doing things in the right or best or most efficient order — which IMHO is the lean method. It’s a waste of your time and resources to register things before you’ve even figured out what you’re doing.

    Also, this subreddit is a good place to ask, and it’s great that you’re asking for advice so early in your journey. Keep that up.

    • odrizy@alien.topOPBEnglish
      1·
      1 year ago

      Thank you for the feedback. To be more specific, I’m looking into land investing. So the reason I’m asking is because I don’t want to start the cold calling and negotiations without having a business entity created. At the same time I’m assuming it will take me some time to get my processes in place and get that first lead, so I wanted to create the entity to get that ball rolling and move one step closer without knowing exactly when those leads will start churning. I’m not planning on sitting on my hands for 5 years creating the entity but I just wanted to ask my question on a bit of the extreme side so I know the limits of what I’m dealing with. So if there were any sort of recurring costs associated with just making a business entity and sitting on it for ages, I could budget the money needed or not needed to do that. Hopefully that helps add some context.

      I know you could say “well just wait to create the entity until you’re ready to get going” which is what I’m doing now, I just feel like for me personally, establishing that now would help me get going.