Which month do people typically start new businesses? If you guessed January, you might be surprised to learn that although people resolve to try a host of things at the beginning of the new year, starting a new business isn't generally one of them. Apparently, people are recovering from overspending during the holiday season. People also mistakenly associate new business owners with young age. But, there is also no perfect age to start a new business.
In fact, 51% of owners of small businesses are 50-88 years old!
The time to start your own business is when you are ready and able to face new challenges. Starting your own business is exciting and challenging, and you’ll want to consider the a few legal requirements so that your business operates with legal efficacy.
1. Registered Business Name
Go to www.sunbiz.org to let your state and local government know the name under which you are operating your business. There are several business entities, and each have pros and cons that can be tailored to meet your individual needs.
You may also decide to pursue a trademark for your business name. This process involves applying for trademark protection with the U.S. Patent and Trademark Office. If you are interested in obtaining a trademark, you would want to conduct a search at www.uspto.gov to make sure that your business name is available
2. Federal Taxes
You will need an Employer Identification Number (EIN) from the IRS. The EIN identifies your business for tax purposes and this is generally required to open a business bank account, file tax returns, and apply for business licenses.
3. Business Permits and Licenses
Some industries require federal and state licenses. This assessment is specific to your type of business and we can help you stay compliant, where applicable.
4. Business Laws and Regulations
Small business owners are subject to some of the laws and regulations that apply to large corporations. This could affect advertising, marketing, finance, intellectual property, and privacy laws.
Johnson Center for Family and Business Law, LLC can guide you in starting your business and can provide support to ensure that your business is set up correctly.
The information provided in the My Legacy Matters Blog does not constitute legal, tax or financial advice. It does not take into account your particular circumstances, objectives, legal and financial situation or needs. Before acting on any information in the My Legacy Matters Blog, you should consider the appropriateness of the information for your situation in consultation with a professional legal, financial, and tax advisor of your choosing.