You have a brilliant idea, and you’re ready to introduce it the world — but that means getting your business up and running.
It also means protecting your interests, legally speaking, from the very start of your operations. Having good business habits now is much easier than trying to get them started down the line. Here are some of the most important things startups need to understand:
- Business structure: This is one of the most important decisions that you may have to make. Whichever type of business entity you choose will have significant financial and legal consequences in the future.
- Insurance coverage: Insurance is never a luxury when you’re starting a business from scratch. You need to protect your company, your customers and everyone else who relies on you.
- Contracts: You cannot operate on “handshake deals” in the modern world. Contracts help prevent problems before they start because they make everyone aware of each other’s expectations.
- Industry regulations: Depending on your industry, there may be licenses to buy, permits to obtain and fees to pay. Skipping something, even by mistake, could expose you to costly fines and other legal problems.
- Taxes: This can be a major area of confusion, especially for people who have never run a business before. Tax laws today are far-too complicated for most business owners to handle on their own.
- Intellectual rights: You wouldn’t be starting your business if you didn’t have some new ideas to share. Take steps to protect your intellectual property and your brand early.
At our North Canton office, we can help you better understand the business structure you need and guide you through the decision-making process as you develop your business further. Contact our office to learn more.