These steps include business structuring, permits and licensing, business accounts for tracking and reporting purposes, contracts and agreements, bank accounts, patent or trademark registration, and compliance obligations related to operating in a specific jurisdiction. Finally, the industry your business operates in may pose additional legal concerns.
Once you’ve formulated your business idea, evaluated the idea, performed market research, and have a business plan ready, it’s wise to consider retaining professional advisors. In general, most businesses require a lawyer, an accountant, and a banker. Although you’ll have a firm understanding of how your business is going to operate, there are many behind-the-scenes requirements that need to be met, such as tax, legal, and regulatory requirements that affect common business activities such as onboarding employees or contractors.
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More topics for start-ups to consider:
One of the very first steps of starting and running a business is choosing a legal structure for your business.
Starting a new business comes with many challenges, such as finding a space to operate.
Shareholders should enter into a shareholders’ agreement in the early stages of starting a business.
At some point in your business’ lifecycle, you’ll probably need cash exceeding what your business is able to generate.