5 Things to Remember When Starting Your Business
- Posted on: April 20, 2021
Starting your business should be exciting! That said, there are some important considerations, legal and otherwise, that should be contemplated during formation to help lay the foundation for future success of both you and your business.
Here are some important things to consider when starting your business:
Give Your Business a Name
When coming up with a name for your new business, there are several things to keep in mind. While you want it to be catchy and easy for people to remember, it should also be original and unique. In some instances, you may also want the name of your business to give potential customers some insight as to what kind of business you’re operating and what they can expect of your new business.
Selecting the Right Legal Structure
Before you start your business, you must first determine the appropriate business structure to help your new business operate unimpeded. Will your business be a corporation, a sole proprietorship, or a limited liability company (LLC)? These are just a few of the potential legal structures that you might consider in starting your new business. Because the legal structure will affect your profits, taxes, and liability, the legal structure of your business is a critical decision. Acquiring the aid of a skilled Tampa business attorney at the formation stage, as opposed to waiting until legal issues arise, is a great idea. A business attorney can advise you of as to the optimal legal structure for your new business’s needs.
Licensing, Registering, and Permits
Depending upon the type of business that you’ll be operating, your business might be required to register with the state, city, and/or county in order to operate legally. Admittedly, these administrative and regulatory landscapes can be difficult to navigate. Even businesses that don’t require registration may need to obtain a permit or license to lawfully operate their business. Failure to do so could result in the imposition of fines and/or other penalties, which is yet another reason to consult with an attorney with experience in your business’s industry.
Many businesses execute contracts for the receipt and provision of commercial space, services, and goods including raw materials and supplies. Further, agreements between investors, partners, and employees are not only commonplace, but somewhat inevitable. This is why it is vital to understand how contracts work and to ensure that the contracts that your business enters into contain the necessary provisions to provide you and your business the required contractual protections. This is another aspect of starting a business that an experienced business attorney in Tampa can help you with.