Deciding to start a new business is a very exciting. Before getting ahead of yourself, consider issues about structure and creation. Your early decisions will have a long-term impact.
If you're not sure of the basics, you need to get practical advice for your business to ensure you don't end up with the wrong business set-up. Compliance with rules and regulations is also important, so you will want to learn as much as possible before you get started. That will reduce the risk of problems and unanticipated liability down the road.
Which structure should you choose?
The structure of your business is your first big decision as an entrepreneur. Choices include sole proprietorships, partnerships, LLCs, and several different types of corporations. Each comes with advantages and disadvantages. The best fit will depend on some of these factors:
- Do you plan to go into business on your own or with others
- How do you plan to pay taxes - business structure can affect what you pay
- Will you need protection from personal liability
An initial decision about business structure is hard to do over if you get it wrong. You also want adequate protection for the worst case scenarios that may involve business litigation related to contacts, employment issues or unhappy customers.
Have you followed all applicable laws?
Licensing and other types of regulation may be required, depending on your business or professional practice. Certain industries, such as securities/investment banking and the medical fields are carefully controlled with specific registration requirements.
When you start your business, you will want to make sure you are complying with laws and regulations so you don't end up with hefty fines or other problems. Failure to seek the proper authorization can even result in your business being shut down. With some planning, those issues can be avoided.
If your company has an office or shop that is open to the public, you will also want to ensure your facility complies with ADA requirements. A careful eye may also mean you identify and remedy potential issues that could cause injury and lead to slip and fall or other types of claims.
Where to turn when you need help starting your business?
You probably have questions about the business start up process. Do not simply rely on an answer that a Google search returns. This is never a replacement for tailored legal advice. Your situation is unique.
The business attorneys at Mills Shirley, LLP can answer your questions and help find a solution that will meet your goals. As one of the oldest law firms in the state, you can also trust us to handle all your legal needs as your business grows and thrives.