What are the Legal Requirements of Setting Up a Business?

What are the Legal Requirements of Setting Up a Business?


What are the Legal Requirements of Setting Up a Business?

When you set up a business, you need to deal with a number of legal processes. It’s always a good idea to hire a legal expert or a business lawyer to handle the process and offer advice. That would ensure you don’t miss anything and land in trouble at a later date. Small business owners should be aware of the various legal processes involved in setting up a business and here are some of the requirements you should keep in mind.

Registration
You first step should be to register the business and this requires a bit of planning. You need to decide which model suits your purpose and fits in with your plans. You could be a sole proprietor, a limited liability company, corporation, or a partnership. This would decide the kind of paperwork you need to submit later. You need to register your business and your name with the state secretary’s office in the state where the business operates.

State Licenses
Not all states require state licenses so when you’re in the state secretary’s office, look into the requirements of your business. Some industries are regulated and require state licenses while others don’t. For example, child care businesses require state licenses in almost all states.

Local Licenses
Local authorities and counties do require all local businesses to register and obtain a license. This doesn’t take much effort as you just need to visit the county clerk’s office and get all the information you need. Most counties also provide information about paperwork and documentation online. Having a local license would improve your business reputation and encourage customer trust so you should consider making that effort.

Sales and Use Tax Permit
This is vital for businesses that provide taxable products and services. You can visit the Department of Revenue’s website to get more information on this documentation. Other permits you might need include seller’s permit, health permit, or zoning permits.
You would need a federal business license number if you sell tobacco, alcohol, firearms, or manufacture prescription drugs. You also need the license if you intend to provide investment advice in a professional capacity.

The legal requirements differ from state to state and country to country so it’s vital to investigate what it relevant to you before you set up your business. In fact, this is the first step you should take after you decide to start a venture.
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Business & Marketing Tips: What are the Legal Requirements of Setting Up a Business?
What are the Legal Requirements of Setting Up a Business?
What are the Legal Requirements of Setting Up a Business?
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