What Kind Of Legal Services Should I Look Into Before Starting A Business?

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Your business is your baby, and you want to protect it from harm’s way so that it can grow and prosper. But what legal services for starting a business are there? Don’t worry. IRS EIN has you covered.

Ensure Your Company’s Name is Legally Permitted

Before you publish business cards or put up your company’s website, ensure that the awesome name you came up with does not interfere with the rights of an already existing business. Do a simple search on the internet for business names that resemble your own.

Form an LLC or Incorporate Your Company

An essential legal step for all small businesses is to incorporate your company or form an LLC. Each of these business entities has its own special structure that comes with its own perks and setbacks. Talk to an attorney before you decide which one is ideal for you. 

Obtain a Federal Tax Identification Number

To allow your business to be recognized as a legal, tax-paying entity within the United States, you will need to obtain an IRS EIN Tax ID number. You can easily get an IRS EIN Tax ID online through IRS EIN’s simple website. It takes only minutes to process, and you can also check the status of your application online in the comfort of your own home.

Licenses and Permits

Depending upon the types of products and services you wish to provide, and your company’s physical location, you may be required to have one or more business permits or licenses at the federal or local level.

Open a Bank Account

Open a business bank account to start building credit for your company.

Things like choosing a business name, opting for a business structure and considering where you can do business are all topics you will want to address with an attorney.

Ensure Your Company’s Name is Legally Permitted

Usually, the Secretary of State is a good resource for looking into potential business names. If you notice that the name you want is not in use, you may be able to hold it with the Secretary of State’s office for about 120 days.

Forming Different Types of Businesses

You may want to form your business as a C-corporation or S-corporation, or even a sole proprietorship, partnership or limited liability company. A limited partnership is also a possibility. Consult with a lawyer to determine what form is best for you in terms of your goals, including tax goals.

Licenses and Permits

At a minimum, you will need a license to do business (business license) and you will need to register for taxes.

Non-Disclosure Agreements

If you want to set up business financing or enter into supplier contracts, consider having an attorney draft appropriate non-disclosure agreements for you. This will ensure that any information about your company that you share with others will be legally protected after they have signed the non-disclosure agreements.

Think about what would happen to a business that ordered thousands of products to sell at a launch or grand opening, if the supplier of the products called your competition to offer then another thousand products to sell on that same day. This would be a disaster for you. If you have any sensitive information, help keep it private with a non-disclosure agreement.

Zoning

Selecting a physical location for a business should include consulting with legal council to confirm zoning regulations. You will need to make sure the property you have in mind for your business is zoned for the type of business you plan to operate. Zoning can change, so don’t think that you don’t have to verify zoning just because you may have done it before.

If you have any further questions, you can always contact one of our representatives for more information.

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