Starting a new business is a wonderful and exciting endeavor that will require much work, patience and commitment on your part. One thing that should not be overlooked along the way is the business law, which can and does vary depending upon what region of the country that you live in and even by the city in some cases. Before you get your new business up and running, make sure that you are aware of these five incremental aspects to know about business law first.
–Securing Your Business Name Matters
Your business name matters. It is, after all, the bread and butter of your brand. A Forbes article advises that you check with the United States Patent and Trademark Office before you brand your business with any name.
Ensure that your business name is available and is not copyrighted or trademarked beforehand. This will help you safeguard your investment in your brand and avoid any legal complications later on that could potentially arise.
–Understanding Compliance with the Law
In this regard, you’ll really want to gain the advice of qualified legal counsel. There are many legal issues that you should be aware of that range from having the appropriate liability insurance in place to ensuring that you have the proper business permits and licenses, all the way to real estate issues, leases and many other facets of owning and operating a business. Consulting with a lawyer during the process will assure that you are in compliance with any laws and regulations that govern these aspects related to your entity.
–Accommodating for Your Personal Expenses
You’ve got a business to run, but you also have your own personal expenses. The main reason why most people start their own business is to earn money that they can then use to facilitate their lifestyle. Make sure you account for how business law will apply to any personal expenses or payments that you deduct.
For example, if you own the business and are a sole proprietor, you will be in a different tax bracket and model than a worker who files a W2 every year. Be sure to accommodate for this in advance.
–Employees & Liablity
Most businesses will require employees and there are various elements of business law that applies to how you manage, hire and terminate contracts with employees, in addition to worker’s liability and other laws. Ensuring that you are in full compliance with business laws that apply to hiring and managing employees can help you prevent any potential legal complications in the future by means of preparedness.
–Accounting & Bookkeeping
Business law also mandates that you report your taxable annual income. Many businesses actually do this by the quarter and report and make payments to the IRS every four months. You will want to consider talking to a financial business lawyer or business accountant to implement effective bookkeeping methods that accurately track all associated expenses of your operation.
While doing so, don’t forget about the money you need to take out of your business to live on (which we talked about above), something that your counsel can advise a system for doing so in compliance with any business laws.
Relying upon a reputable law firm is always the right choice when it comes to your business. Experienced business legal resources, including business law with Cohen Schneider attorneys, can help your entity safeguard its operations while adhering to compliance of the law.