3 Things You Can't Forget When Establishing A New Business
New businesses are established daily around the world, with some owners starting up without a dollar to their names. Although starting capital technically is not required to go into business, some fees are mandatory. For instance, incorporating a business costs money, and having a business law attorney look over your business plan is also an expense. Review these three actions startup business owners need to complete for legal and professional purposes.
1. Consult With an Accountant
Operating a business is going to result in taxes that have to be paid to the US government as well as the municipality or state in which you live. Ask a business law attorney for advice about structuring your business, but depend on the expertise of an accountant when it comes to paying business taxes. Meet with an accountant even before your company is established so you don't miss any opportunity to lower your tax obligation.
2. Speak to a Business Law Attorney About Trademarking
You could be certain that you have an excellent idea for a business name and have already paid a graphic designer to make your logo, but you should not attempt to register any kind of trademark unless you've had a business law attorney perform a comprehensive search. Business name registration is a little complicated. For instance, two businesses with identical names can operate legally, as long as their headquarters are in different states. Companies can also have very similar names, which customers might be likely to confuse—potentially leading to legal issues.
3. Set Up a Business Bank Account
Opening a business bank account is nearly as simple as opening a new personal bank account. Proof of your business entity in the form of a license or even a commercial lease agreement has to be shown to bank employees before a new account will be opened. Your personal credit will also be tied to your business bank account, so a credit check could be performed before lines of credit or specific bank products can be attached to your account. By opening a business bank account, you will have more funding options and gain more trust with consumers.
A brand-new company can be set up in just hours if its founder is willing to do a profound amount of work. When you're working hard to complete a business license application in a short time frame, momentous steps can be either ignored or forgotten altogether. Allow your company to be the best that it is capable of being by following all the rules of business.