Starting a business can be an exciting moment for any would-be entrepreneur, so exciting that it’s not at all difficult to try and get things up and running before they’re really ready. However, if you do that, you can end up inadvertently landing yourself in some hot water. As such, we’re going to look at a few steps you want to make sure that you take before you get your business on the go.
Register your business
First of all, you have to make sure that you register your business as a legal entity. There are several ways to do this, whether it’s as a sole proprietorship, a partnership, an LLC, or a corporation. Each of them has their own pros and cons, so take the time to learn more about them, then begin the process of registering your business as one.
Protect your intellectual property
The business structure is what comes first, but the intellectual property of your business is just as important. After all, you want to make sure that you protect your business idea, as well as your brand. As such, you should take the time to register a business name, and domain name, and to trademark your slogans and logos, so that they cannot easily be stolen by others. If you come up with new services and products, then you should take the time to copyright them, too. If you don’t protect your intellectual property, it can be difficult to stop others from profiting from your work.
Get yourself set up for tax
If you’re going to be working with any employees, then you need to make sure that you’re legally able to do so. Aside from getting to know employment law, this means setting yourself up with an IRS EIN number application. This allows you to legally hire employees, to pay federal taxes and is vital for many different applications you might make, such as getting a business license and a business bank account. Even if you don’t have any employees, there are certain services you might not be able to take advantage of unless you have your EIN.
Understand the regulations
Of course, there are legal requirements for how you run your business. Certain aspects, such as employment law, advertising law, and health and safety apply across the board, but there are also regulations and restrictions that might apply directly to the industry that you’re working in. Some industries are more heavily regulated than others, such as manufacturing, food processing, construction, and the like. Take the time to research the regulations and regulatory bodies that apply most to your business, and take the time to ensure that your business is compliant to avoid any legal trouble down the road.
If you want to know more about what kind of legal requirements or regulations your business has to meet, then it’s always wise to consult a business lawyer. For small businesses, the restrictions also tend to be smaller, but this can depend on your industry, so don’t make any assumptions.