Starting a business gives you freedom and can lead to all sorts of financial growth. Unfortunately, this doesn't just happen overnight. There are rules and strict protocol you need to follow first. Get through this process by considering these legal tips.
Choose the Right Business Entity
Before your company can hit the ground running, you must first select an appropriate entity structure. Not only does this protect you legally, but it could also save you a lot of money and stress over the years. The big four include sole proprietorship, partnership, limited liability company, and corporation.
With a limited liability structure, you can decrease personal liabilities and benefit from a variety of tax deductions. A sole proprietorship, one of the more common options, gives you extra leeway when making decisions compared to partnerships.
With a partnership, though, the company has different sources of funding. You may need this when first getting your company off the ground. If you want more control of the company, but still need funding, consider a limited partnership.
Acquire Necessary Licenses and Permits
So that you're not doing anything illegal, you need to check with your state's requirements as far as licenses and permits go. Every state differs, but some common examples include tax registrations, zoning and land-use permits, general business licenses, health department permits, and liquor licenses.
Of course, which license and permit you need depends entirely on the business you plan on opening up. Fortunately, there are plenty of business compliance packages you can use online. They help identify the exact licenses, permits, and registrations you need to operate legally, and every form you need is compiled together. This helps you submit paperwork much quicker.
Hire a Business Transaction Attorney
If you've never opened up a business before, you'll need legal guidance from an experienced business transaction attorney. They can coordinate everything, from reviewing and submitting important paperwork to helping you acquire the right commercial insurance. They can also assist with protecting intellectual property, if you have any, and help you register your company's name.
These legal experts have helped many, just like you, build companies from the ground up. You'll get to worry less about legal complications and roadblocks and spend more time helping your new-found company succeed.
Starting a business can be challenging and time-consuming. You can set your company up for success, though, by following the right regulations and legal protocol early on during your company's infancy stage. Contact a law office like Boynton Waldron Doleac Woodman for more information and assistance.