4 legalities to address when starting your own business

4 legalities to address when starting your own business
July 20, 2019 Lizzie Weakley
In Post

When you are looking to start your business you will usually find yourself looking forward to an exciting and entertaining future. What you should not forget is to address the legal issues you will normally need to consider that will allow you to build a company lasting for many years. Legal issues in the future will lead to you needing to explore options such as same day pre settlement funding unless you address legalities early in the development phase. You should always make sure you are working with an experienced attorney specializing in that area of business to protect you from any future problems, Entrepreneur reports.

Make sure your business name is available

You may not think this is a major issue, but imagine if you make a huge success of your business and discover another company already owns the business name you need to trademark. You need to start out the process of creating your business name with a simple check of registered trademarks that can be followed by a much more in-depth exploration of your chosen name. The second check makes sure your local area does not already contain a company using the same name as you wish to use.

Structure your business correctly

How are you going to structure your business to provide protection for you from personal liability or to make sure you stay within your startup budget? You should discuss which structure you are going to use with a legal expert in business who can guide you through the requirements of the state and make sure you are protected from liability in the future. Some state boards require you register your business and choose a structure which must be reported and registered in the correct way.

Complete your tax requirements

When you begin your business you may be the sole employee meaning you have little to no tax requirements apart from reporting your incomings and outgoings on your persona; tax return. If your business is classed as a sole proprietorship company you can simply use your social security number for tax purposes. However, if you add employees to your company you will need to apply for a Tax ID number and change your company status legally.

Make sure you have your permits

When you have your business set up your business and create your name you will want to make sure you have all the necessary permits to run your business legally. A legal expert will be able to guide you through your needs in terms of permits and other requirements from the local, state, and federal governments. All of these licenses and permits can be difficult to navigate on your own.

Starting a business can be exciting, but there are legalities and other major plans to keep in mind before you can get it off the ground. Don’t forget to sometimes do the dirty work before you can begin to have the freedom of running your own business and being your own boss.

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