Tired of the 9-5 grind? Then perhaps you’re thinking about starting your own business – a venture taken on by nearly a million people in North Carolina alone! You have your brilliant idea or product line – but where do you start? Protect yourself by using these 5 tips to keep your business on the RIGHT side of the law:
1. Federal and State Licenses
First things first – get your license! The BLNC is a great resource – they’ve got an easy-to-use website with info on over 700 business licenses and permits. You can visit them at BLNC.gov.
All businesses need to file taxes on both a state and federal level. A great resource for how to keep the taxman happy can be found at the N.C. Department of Revenue, online at DORNC.com.
3. Business Incorporation
The legal registration of your business is where you decide whether to make your business a sole-proprietorship, partnership, or even incorporated (an effective way of limiting liability). You’ll need a good business lawyer to explain the options and complete the forms needed to register.
It’s better to be safe than sorry. Insurance for your employees and assets are necessary to protect yourself financially should the unforeseeable occur. A lawyer with experience in business law can help determine how much and what type of coverage you need.
5. Protecting Your Intellectual Property
Take that brilliant idea and safeguard it! A lawyer specializing in business law is the first person you should talk to about protecting your property rights; he/she will help guide you through the process and make sure that all your bases are covered.
(Articles on this blog are provided for informational purposes only. Use of this blog does not provide or replace individualized legal advice. If you are in need of legal advice, please speak with one of our attorneys, who can offer legal advice specific to your circumstances.)
These are all valid points. It can be easy for entrepreneurs caught up in the management processes of running a new business to forget the importance of matters concerning taxes and insurance.