When starting a business (whether it's called a firm or company), you need to register it with the government to operate legally. This includes selecting a name, choosing a business structure, and filing the necessary paperwork. Similarly, if you're a professional, you need to register with the relevant professional body to practice your profession legally. This ensures that you meet the required standards and are recognized as a qualified professional in your field.
A firm is a business organization, such as a partnership or corporation, that provides goods or services to customers. It's a broad term that encompasses all kinds of business entities, whether they are large corporations, small businesses, or sole proprietorships.
A company is a type of firm that is a legal entity formed to engage in business. It is separate from its owners, which means it can own assets, incur liabilities, and enter into contracts. Companies can be publicly traded on stock exchanges or privately held.
Professionals are individuals who have specialized knowledge and skills in a particular field, often requiring advanced education and training. Examples include doctors, lawyers, engineers, accountants, and consultants. Professionals usually provide services rather than goods.
Registration in the context of businesses and professionals means officially recording information with a relevant authority to be recognized legally.
For a firm or company:
For professionals: