Briggs Law has been protecting and advising small business owners for over 20 years. Our goal is to help you navigate through this exciting and nerve-wracking time. We have handled a variety of business issues and even offer several tangential services because we know that small businesses are often family businesses. You can trust us to ensure that your business complies with all legal obligations and is protected from any obstacles that may come your way. Be sure, you`re not sorry. With the exception of sole proprietorships, which allow you to operate under your legal name, each business entity needs its own unique name, which you file with the state. Once you realize your company name is available, sign up and make it official: smart business owners would do well to review a state-to-state comparison of workers` compensation requirements and shouldn`t delegate that responsibility to anyone else. Some small businesses may be exempt, but as you start growing, keep in mind that you`ll soon need to think about workers` compensation. Intellectual property is the bread and butter of many companies. IP also includes patents, copyrights, trademarks and trade secrets. Make sure you file all patents as soon as possible – a process that can take more than five years. Protecting your intellectual property will be attractive to investors, but it will also help you sleep better at night. Having the exclusive rights to reproduce and display your work will make your life much, much easier and ensure that no one tries to tear IP mats under your feet.
General liability insurance is recommended as an absolute minimum of coverage for any business. It insures against almost universal liabilities such as damage to company property or bodily injury resulting from commercial activities. By all means, do yourself a favor and legalize your business. Your future self will thank you. Now that you`ve made it clear that your name is authorized and you`ve purchased expensive insurance, it seems natural for you to get to work. However, before you can open your doors, you need to address the question of how you`re going to pay federal taxes. If you don`t want the IRS knocking on your door, you`ll need to apply online through a holding company for an employer identification number that allows the U.S. government to distinguish between your business and others when collecting what it owes. When starting a new business, entrepreneurs must ensure that they comply with all legal obligations to operate a small business. There are a number of legal requirements for new businesses and start-ups, including financial regulations, tax obligations, and labor laws.
Make sure your new business meets all legal obligations so you can focus on growing your business again. Even if you don`t have employees, you may still want to get an EIN. EINs act as social security numbers for your business, so you can avoid filing your official documents. This small step can protect your business from identity theft and protect your information from viewing. Once a company`s mission and strategy are clear, an important next step is to decide on the company`s legal structure. The decision you make can affect everything from how you run the business to the responsibilities you face, to how you pay your taxes. Here are the most common options for small business owners: Startups regularly make the mistake of “not hiring a lawyer before they need one” when they are in the business planning process. By then, it is already too late and the company is in danger. Simply put, the relatively low upfront costs are worth avoiding the much higher price of going to court (or a hefty fine). U.S.
Small Business Administration. Select a business structure. www.sba.gov/business-guide/launch-your-business/choose-business-structure` business insurance can protect you in cases where the personal liability coverage offered by your specific business structure is not sufficient. Commercial insurance can protect not only your personal property, but also your business assets. Certain types of insurance are required by law, such as unemployment insurance and disability insurance. It`s also a good idea to purchase business insurance to protect your startup from other potential risks. Here are some common business insurance options: After defining the role and conducting the interview process, it is imperative for any business owner to conduct a background check on a potential new employee. This checks their criminal, employment and credit history and is your way of confirming that the new employee is not fraudulent about their past. Such precautions protect your business from liability and protect employees and customers.
An LLC should also have an operating agreement that details how the LLC is managed and what the rights and obligations of members are. Many small business owners choose LLCs because of their simplicity and flexibility. Starting a new business is a challenge. Part of what makes things so complicated is all the legal implications that come with starting a business. As a business owner, you want to make sure that all of your legal bases are covered to avoid fines, prosecution, or in the worst case, even jail time. In order to open a business bank account and file your business tax returns correctly, many businesses require an Employer Identification Number (EIN). You can easily apply for one for free from the IRS over the phone or through an online application on the IRS website. Only sole proprietorships and sole proprietorships without employees are exempt from this requirement.
Before you can bring your business idea to life, make sure your I`s are dotted and your T`s are crossed. These measures include, but are not limited to: Of course, the types of insurance that are right for your business vary widely and depend on, among other things, your industry, the size of your business, and the type of clients you work with. Here are some common types of commercial insurance that many independent contractors offer: Businesses protect the personal liability of their owners, but are vulnerable to legal challenges.