For anyone who has dreamed of setting up a business, they often think only of the profits they hope to make and the freedom of being their own boss. However, there are also a number of details that must be taken care of to have a successful business. Because of this, it’s crucial to seek legal advice before, during, and after the business is set up, which will greatly increase your chances of success.
Determining Your Business Structure
Depending on the type and size of business you start, you’ll need to decide on your business structure. If you’re starting a small business with only yourself, a sole proprietorship may be best. However, if you’re in business with a partner or others, forming a legal partnership or a corporation may be best. Whatever structure is chosen, an attorney can guide you to the proper state agency with which you will need to file the appropriate paperwork.
Understanding Business Taxes
No matter what type of business you start, you’ll have a number of tax obligations. Between federal, state, and local taxes, your business will have plenty of laws to keep up with. However, by working with an attorney who specializes in business and tax law, you will be able to navigate this complex process. And along with this, your attorney can advise you as to how the business structure you choose will impact the types of taxes you will need to pay, which can vary substantially.
Obtaining Licenses and Permits
With various types of business licenses, zoning permits, and much more to obtain, this is one area of business where you will need much legal advice. This can be of particular importance if any questions arise while obtaining the licenses and permits, especially if a zoning issue or concerns from nearby residents or other businesses slow down the process. But by using a skilled business law attorney, chances are you will be able to resolve any problems and be able to complete the licensing process.
State and Federal Employer Requirements
Perhaps the most complex part of starting a business, knowing and understanding the various state and federal employer requirements for hiring, safety, and labor can be a real challenge. Whether it’s overtime laws, compliance with OSHA regulations, employment discrimination laws, or other aspects of these laws, relying on the guidance of an experienced business law attorney can give you a better understanding of these important laws and regulations. It’s important to remember that if your business is found to be in violation of any of these laws or regulations, you could be facing fines or potential lawsuits. Therefore, the knowledge of an attorney can keep your business in full compliance with all government employer requirements.
Since starting a business of any kind requires a tremendous amount of time and in many cases money, retaining the services of a knowledgeable and experienced business law attorney can be viewed as not only a necessity, but also a smart investment in your future business success.