Deciding that you want to launch a small business is an exciting moment. You’ve put in the work and commitment to turn your passion project into a business of your own, and are ready to take the next steps. As a new business owner, there are several key things you should do to ensure your company is set up for lasting success.
Assess Your Liability Risk
Personal liability is something you want to think about early and establish the right protections for. Determine how you want your business to be structured and how you want to operate. Do you want your business to exist as a separate legal entity? Some factors to consider include the way you accomplish sales, how you protect your assets, the type of loans you can apply for, and what taxes you pay. You may consider forming a limited liability company (LLC) for instance. This may result in additional costs, but the security you get for your small business is well worth it.
Organize Your Records
As a business owner, it is important that you keep the required documents related to your business properly organized and maintained. Review all your information to check for accuracy and that no critical information is missing. You need to keep records that have information pertaining to items such as the taxes you’ve paid, bookkeeping and accounting forms, and compliance with regulations. As a top Wilkes-Barre, PA business lawyer like one from Hoegen & Associates, P.C. can elaborate on, it is also critical that you have all your contracts and agreements in writing.
Protect Your Intellectual Property
When you form a business, it is recommended that you protect any intellectual property that you’ve created for your brand, including your marketing materials. Enhancing protections for your ideas and inventions helps you avoid any potential infringement cases or other issues. The application process for copyright and trademark registration can be complex, so a lawyer will be able to guide you through the steps.
Legal Assistance is Available
Taking the extra steps to protect your small business is highly recommended if you want to avoid future problems that can result in unnecessary expenses or loss of profits. You have the right to complete the recommended actions yourself, but a lawyer can assist you with the workload and work with you to determine the best choices for your business. If you need assistance with your business formation, a skilled lawyer can answer your questions and discuss your business needs. Schedule an appointment with a top business lawyer today to get started.