Whether you arrived at being an entrepreneur by choice or because circumstances dictated a new direction, it is important to start a business on solid legal ground. And the amount of necessary decisions that will require legal advice may surprise you. Taking the proper legal steps when starting a business will not only help you get going now but will benefit your business in the long term. Let the business law experts from Manning & Clair explain how to get your business started.
Basics When Starting a Business
It is your responsibility as a business owner to ensure you are complying with all the legal requirements necessary including financial regulations, tax obligations and employment laws. So, here are some of the legal basics when starting a business:
- Create an LLC or corporation
- Register your business name
- Apply for a federal tax identification number
- Determine if you need a state tax identification number
- Obtain necessary business permits and licenses
- Protect your business with insurance
- Open a business bank account
Working with an experienced business lawyer from Manning & Clair will help you check off the boxes on this list (and more). We will also help you establish a sustainable legal strategy for your fledgling enterprise. Now, as you write your company’s business and financial plans, here are some more things to keep in mind.
Budget More Than You Think You Need
Don’t let the initial investment in legal services for your startup intimidate you. But, make sure to leave yourself some financial wiggle room, and don’t low ball the line item for legal in the budget. It may look like a lot for a business that hasn’t generated much revenue, but in the long run, the investment will pay off financially and in peace of mind.
Make Sure You Select the Right Attorney
Find an attorney you like and trust. It is important to establish a relationship with an attorney who understands your business and its objectives. An attorney who understands what your company does and where it is headed will be better prepared to respond to any legal issues that arise. The same goes for your accountant or financial advisor.
Don’t Cut Corners When Starting a Business
In the journey to get your business up and running, the temptation to cut a corner in the name of speed (and profits) will often present itself. Don’t fall for that temptation. It’s not worth cutting corners and risking fines, legal challenges or reputational damage just to get ahead. Remember, treat starting a business as a marathon, not a sprint.
Manning & Clair Attorneys At Law have extensive experience in guiding aspiring entrepreneurs on the proper way to starting a business. We can provide the support and professional guidance to make the process as cost efficient as possible. Contact us to start a business on the right legal footing! And for more free legal advice, check out Manning & Clair’s podcasts about starting a business.