When you are trying to start a business, you may be overloaded with information. There is so much to do, where do you even start? The team at Lucé Law Firm can help you put together the framework and foundation on which you can begin your success. Here are a few things you will want to do first thing to start off right.
Choose a Business Structure
There are many ways to structure your business. Each type has its pros and cons, and the kind of business you are starting would influence which you choose. If you are a small to mid-sized business that has a low risk of being involved in liability, then a sole proprietorship makes sense. If you have business partners and want to protect yourself, you need to consider another type such as a limited liability partnership, limited liability company, or corporation.
File Your Name
You will need to think about what you are going to call your business and then file the name certificate. Do a brief check on your county record’s website to see if the name is taken. Before you file your form, check with your local county clerk’s office, as each local area may have a different form with different requirements.
Think About Taxes
Next, you need to determine what your tax obligations will be. It is helpful if you have a tax professional on hand that you can reference when you have a specific question. You will need also to apply for a tax identification number through the IRS, which can be done on their website.
Talk to an Attorney
Having the legal advice from an experienced attorney is invaluable when starting your business. Make sure to schedule an appointment with a business attorney at Lucé Law Firm before creating your start up.