For information regarding state-level requirements for starting a business, please refer to your state's website. These include registering for the following: 1. Medical professionals, legal experts and other professionals in important industries should take special precautions when checking their licensing requirements. Review our, © 2000-2020 FreshBooks | Call Toll Free: 1.866.303.6061, a helpful guide on the different business structures, How to Start a Successful Trucking Company, The Ultimate Guide to Finding Freelance Work Online. Whichever route you choose, we have the resources and the expertise to help you take your business … Thus, a customer who sues your company after receiving a faulty product or inadequate service won’t be able to touch your personal finances or bank account. But, I will lay down those requirements which are common for all. General liability insurance is perhaps the most important time of insurance coverage any business can have, as it keeps you safe from generic claims of wrongdoing and will ensure you can keep the lights on should you be sued. Some small businesses may be exempt, but when you start growing, keep in mind that you'll need to think about worker's compensation soon. 1. All the drive and determination in the world isn’t going to help you if you don’t have the knowledge to run a business and don’t research and plan for your success appropriately. Trademark and copyright violations aren’t something that can or should be shrugged off, so every budding entrepreneur should take time to ensure that the name they’ve chosen for their business isn't already trademarked. Take some time to browse the EIN page on the IRS website if you’ve not taken care of this already. Explore our giveaways, bundles, "Pay What You Want" deals & more. There are advantages and disadvantages to both structures, so do your research before selecting a business structure for your startup. All business owners need to register the business and the business name. 1. Before you can open your doors, however, you need to address the issue of how you’ll be paying federal taxes. If you don’t have a business name that’s registered with the secretary of state, you can only conduct business under your personal name. You will need to apply for business licenses and permits at the federal and state government level, but the specific licenses you need depend on the industry you work in and your business location. Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. There are required registration procedures in place, depending on certain particular considerations as mandated by law. Related: How to Choose the Best Legal Structure for Your Startup. How to Start a Nonprofit Organization: Step-by-Step Guide for 2020, How to Start a Lawn Care or Landscaping Business, Your Employer Identification Number (or Social Security Number, in the case of a sole proprietorship), The formation documents for your business. Plus, enjoy a FREE 1-year. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. What are my … Business insurance can protect not just your personal assets, but your business assets as well. Pay As You Go (PAYG) … Prepare a business plan and materials. You may disable these by changing your browser settings, but this may affect how the website functions. Entrepreneur Store scours the web for the newest software, gadgets & web services. You’ll only need one if the state you operate in collects taxes from businesses. Here’s an easy-to-follow guide for starting your business legally: The first legal requirement you’ll need to meet as a new business owner is to choose the business structure of your company. In this day and age, it’s only a matter of time until you're dealing with a lawsuit, and when the subpoenas arrive you’re going to want solid legal expertise to rely on. Image credit: Even those that are successful might find themselves the victim of an unjust lawsuit that eats up time, money and energy. What do you need to do? skynesher | Getty Images, Entrepreneur Leadership Network Contributor.

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