. Ensure your business name is available:
You need to invest money as well as effort into starting a new business. Before doing so, you should ensure that the title is available for registration. It should not happen that you do everything and suddenly find that someone else has already taken the title. This will prove advantageous to you while you register for your trademark.
You can check the availability of a title in many ways. You can conduct a search if any firm has applied for a trademark registration in the same name. You can also conduct an extensive search to verify the existence of the same name elsewhere in the country. Your business lawyer can do the search for you.
2. Choose the appropriate legal structure:
There are various structures for a business entity. There can be sole proprietorship concerns, partnership firms, limited liability companies (LLC), or even corporations. You should choose the appropriate structure for your business enterprise. The sole proprietorship and the partnership firms are the easiest to form. They do not require any formal registration as such. However, these concerns cannot offer any protection to the owner against any liability. Hence, you can opt to form a LLC. You get protection against any liability in such kinds of concerns. This is easier to form than a corporation is. You can consult your legal advisor or business law firm.
3. It is better to register your business name:
You should register your business name with the state authorities. This gives it an identity and people get to know whom they are dealing with. In case you wish to form an LLC, it requires an automatic registration. However, in case you form a sole proprietorship or a partnership, you can ask your business lawyer to assist you in registering the name with the authorities.
This procedure ensures you legality to operate your business in your name. It can also ensure that no one else takes up this name in the future.
4. Do not forget to obtain a Federal ID Tax number:
Every individual in the United States has a Social Security number. Similarly, a tax ID number is necessary for every business entity. They also call it the Employer Identification Number. You can apply for a Tax ID number online with the IRS. Your legal advisor can assist you in this regard. This number is mandatory in case you wish to recruit any employees. This will ensure that you need not use your social security number for business transactions.
5. Opening a business bank account is mandatory:
You have completed your registration. You have also obtained your Tax ID number. You can now proceed with the opening of a business bank account in the name of the firm. You will be able to make and receive payments through this account. You need not use your personal account for official purposes. This can also be useful for tax calculations later on.
6. Obtain the requisite local permits:
You may have to obtain certain local permits depending upon the business you do. Your business law firm or your business lawyer will be able to guide you better in this regard. You may require local business licenses such as a sales tax license, health department permit and so on. You can also contact the local authorities or visit the necessary websites to learn more about obtaining the requisite permits and licenses.
7. Familiarize yourself with employer laws and responsibilities:
You will have to employ many persons in your firm. You should be fully aware of the employer laws as well as responsibilities. There are many legal obligations to observe while hiring employees. You may require knowing about pay roll administration, tax rules, waging per hour requirements and so on. You can consult your legal advisor about the same. Your business law firm will be able to explain to you the Occupational Safety and Health Administration (OSHA) regulations. You should be aware of your obligations before you go on with the job of recruiting people.
You need to invest money as well as effort into starting a new business. Before doing so, you should ensure that the title is available for registration. It should not happen that you do everything and suddenly find that someone else has already taken the title. This will prove advantageous to you while you register for your trademark.
You can check the availability of a title in many ways. You can conduct a search if any firm has applied for a trademark registration in the same name. You can also conduct an extensive search to verify the existence of the same name elsewhere in the country. Your business lawyer can do the search for you.
2. Choose the appropriate legal structure:
There are various structures for a business entity. There can be sole proprietorship concerns, partnership firms, limited liability companies (LLC), or even corporations. You should choose the appropriate structure for your business enterprise. The sole proprietorship and the partnership firms are the easiest to form. They do not require any formal registration as such. However, these concerns cannot offer any protection to the owner against any liability. Hence, you can opt to form a LLC. You get protection against any liability in such kinds of concerns. This is easier to form than a corporation is. You can consult your legal advisor or business law firm.
3. It is better to register your business name:
You should register your business name with the state authorities. This gives it an identity and people get to know whom they are dealing with. In case you wish to form an LLC, it requires an automatic registration. However, in case you form a sole proprietorship or a partnership, you can ask your business lawyer to assist you in registering the name with the authorities.
This procedure ensures you legality to operate your business in your name. It can also ensure that no one else takes up this name in the future.
4. Do not forget to obtain a Federal ID Tax number:
Every individual in the United States has a Social Security number. Similarly, a tax ID number is necessary for every business entity. They also call it the Employer Identification Number. You can apply for a Tax ID number online with the IRS. Your legal advisor can assist you in this regard. This number is mandatory in case you wish to recruit any employees. This will ensure that you need not use your social security number for business transactions.
5. Opening a business bank account is mandatory:
You have completed your registration. You have also obtained your Tax ID number. You can now proceed with the opening of a business bank account in the name of the firm. You will be able to make and receive payments through this account. You need not use your personal account for official purposes. This can also be useful for tax calculations later on.
6. Obtain the requisite local permits:
You may have to obtain certain local permits depending upon the business you do. Your business law firm or your business lawyer will be able to guide you better in this regard. You may require local business licenses such as a sales tax license, health department permit and so on. You can also contact the local authorities or visit the necessary websites to learn more about obtaining the requisite permits and licenses.
7. Familiarize yourself with employer laws and responsibilities:
You will have to employ many persons in your firm. You should be fully aware of the employer laws as well as responsibilities. There are many legal obligations to observe while hiring employees. You may require knowing about pay roll administration, tax rules, waging per hour requirements and so on. You can consult your legal advisor about the same. Your business law firm will be able to explain to you the Occupational Safety and Health Administration (OSHA) regulations. You should be aware of your obligations before you go on with the job of recruiting people.