What are the basic requirements for me to start business?
4 attorney answers
Speak with a business attorney regarding the best options to set up your business. You want to make sure you think about personal liability protection and tax implications. The Secretary of State website as well as the Small Business Administration also offers great information for new business owners. Good luck to you.
Disclaimer: The information provided is for informational purposes only and is not, nor is it intended to be, legal advice. No attorney-client relationship has been created and we have no obligations to you or your case.
There are several things to consider.
First your entity type: do you want to be a solo entrepreneur, what are your plans for expansion? All of your actions need to stem from your mission statement and your overall vision for the future. You can do it in layers but you should have your end game in mind. What do you want to accomplish with your business?
You can file a DBA under and assumed name in your county where you reside. The state's Secretary of State website has lots of helpful information online about the various business entities.
If it is a name you want to protect you need to check into trademarks. I have three trademarks on the name Legal Insight, my legal education company. It is work to keep them up but it is well worth it for the type of business I do.
If you incorporate, you can have tax consequences that can be helpful.
Then you need to make sure you keep your books and records in order. I recommend setting up a chart of accounts in Quickbooks online- they make it very easy to do everything and have great support.
You need to consider your insurance needs. And you need to make sure everything you are doing has no legal limitations or special requirements. It is better to do all the groundwork and planning before you begin.
Seeing an attorney for a consult to make sure you are on the right track would be a great investment into you and your dream! Congrats and I wish you the best of luck!
The information given by Bragg Law PC in this response does not constitute an attorney-client relationship and is provided for informational purposes only and is general in nature. For specific answers and more detailed information please contact a lawyer in your jurisdiction. Thank you.
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I would speak to a business attorney (and a tax professional) to decide what business entity type makes the most sense for you. I generally don't even consider the sole proprietorship option as it is wise to segregate business dealings from the personal assets of its owner(s). To that end, the "basics" are incorporating/organizing with the secretary of state, securing an EIN from the IRS, setting up a designated business bank account, and implementing a protocol for tracking income and expenses for tax purposes. Good luck with your business!!!!