Brundage Law P.A.

Business Lawyers For Business People

3 things to consider when forming a business

On Behalf of | Feb 21, 2023 | Uncategorized |

Starting a business can consume your time and your energy. You may be so busy dealing with the startup process that you feel like you don’t even have time to think. Yet making a bit of time to reflect will be crucial to better ensuring that you make good decisions and don’t forget crucial steps. Otherwise, you could end up compromising all that you’re working so hard to build.

Here are just a few things that you must remember to do before your company becomes operational:

1. Check that you have all necessary licenses and permissions

However fantastic your business idea is, however many potential clients you amass, it will all be in vain if you can’t get the necessary permissions to operate.

If you go ahead without them, you may find that the authorities will shut you down and impose fines, ruining all your good progress.

2. Register your business with the IRS in the appropriate ways

Registering as a sole proprietor might feel like the easiest option when you are busy, but this decision could have serious implications if things go wrong. Other options may take more time and expense to set up, but they’ll provide more security and will better ensure that your personal assets aren’t available for seizure if something goes wrong with your business.

3. Craft effective, enforceable contracts

Contracts make business relationships and arrangements official and legally enforceable. They can provide protection should things not work out. Getting legal help when crafting contracts is wise, as doing so will better ensure that they cannot be overturned easily in court due to errors or omissions. Making this effort can also relieve you of some of your stress at this busy and consequential time.