There are many sources of information on the internet regarding starting a business, but there is more to starting a business than following a checklist on a website. Here are how the services of an attorney can be an essential part of a successful business startup.
Make The Right Choices
When you are starting from the ground up, you need to make sure that the business name you want is not taken by someone else. After choosing an appropriate business name, the more critical work begins of selecting the proper business structure for your venture. This step is where the government of North Carolina recommends getting legal advice to make the right choice. The type of business structure you choose will affect:
- The way the business gets managed
- Taxation requirements and implications
- Financial liability
Even a sole proprietor has to pay income and sales taxes according to their particular situation. An attorney can explain the differences between different structures, so you fully understand the implications of each one you consider. Business structure choices include:
- Sole Proprietorship
- Limited Liability Company
- C and S Corporations
- General Partnership
- Limited Partnership
You will need to register your business with the Secretary of State or the county your business is in. There are also considerations for state licenses to do business in certain professions and locations and zoning needs for your business location. Depending on what type of business you plan, you may need to register a trademark as well. A lawyer can advise you on what registration and types of licenses are necessary for your business type and goals.
You will be able to reap the benefits of a strong business foundation because you took the time and effort to consider your business formation options. Consulting a lawyer experienced in business law can both expedite starting your business while reducing the chance of mistakes along the way.