Owning your own business is fast becoming the real American dream. Many people are eager to just jump into being their own boss. Whatever you do, don't do this. Before you commit to anything, remember a few simple things that will prevent you having to deal with lawyers and the courts later on.
If you know what your business is going to be already, the first step is to choose an appropriate legal structure for it. There are three different structures, not including non-profit and charities; sole proprietorship, corporation, and limited liability corporation (LLC). Sole proprietorship require little to no corporate formalities, and involve for the most part just running the business with few distractions. You will however risk your own personal assets if you make a business in this fashion. A corporation by contrast is a very different beast, with a lot of record keeping and formalities required. What's more, anyone can buy into a publicly traded corporation, so you may work with people you would prefer not to or even have the company ousted from you. It does however protect your personal assets, lower your taxes somewhat, and allow you to raise money from investors. Consider a LLC the middle ground, with less corporate protection and possibilities of investment, but less chance of control being wrested away and fewer corporate formalities.
Though that is the major thing you should consider, there are other things you should do when setting up your own business. First, trademark everything you can. Ensure your business name, your logo and anything else you can is legally yours in every sense of the word. Then, make sure all of your forms and permits have been filled out and filed correctly. This can be a lengthy process, but it can be simpler and quicker if you involve commercial lawyers. Finally, though this is less essential than the other steps, it is highly recommended you think about a living trust for your business. This is, in the most basic sense, a highly specific will stating who will take over the business in the event of the unfortunate.
Only after all of this has been done can you truly think about beginning to set up your business. But once all of this is done, you can finally look into finding a location and setting up shop. As long as you are legally prepared, everything should go smoothly.
This article was brought to you by CRH Brisbane workplace lawyers. If you need any help on the legal aspects involved when setting up a business don't hesitate to visit us at http://www.crhlaw.com.au/main-menu/our-expertise/workplace-law .
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