|
|
What legal steps must I take to launch a business?
Home » Entrepreneurship » Launching a New Business » What legal steps must I take to launch a business?What legal steps must I take to launch a business?
Next, you must choose a business name and file organizational documents with the Secretary of State. Although it isn’t necessary to hire an attorney to file your initial business documents, it is strongly recommend that you consult with an attorney, accountant, financial adviser, and/or banker to help you determine which business structure is most suitable for you. You should also apply for Tax I.D. numbers and any professional and local licenses that might be necessary. The Internal Revenue Service requires every business who hires employees, or is a partnership or corporation have a federal tax identification number. To obtain one, call the IRS toll-free at 1-800-829-4933. Depending upon the type of business you are launching, you may also need to apply for a state withholding tax ID number and/or a state unemployment insurance tax ID number. Contact your Secretary of State for more information.
If you are planning to hire employees, find out what kind of insurance coverage you are required to provide under state Workers’ Compensation laws. You can get this information from your state Department of Labor and Industry.
If you have a corporation or limited liability company, you must file an Annual Report to stay in good standing with the Secretary of State’s Office. The report is due each year by April 15 and must be accompanied by a small filing fee. Businesses that file after that date will likely be charged a penalty.
Throughout the life of your business, it may become necessary to change your business name, ownership information, registered agent, or registered address, or to amend your articles, or to merge with another entity. It is very important that you notify the Secretary of State’s Office of any changes.
In your Annual Report, you can report changes in your principal officers or directors, as well as information about shareholders.
Related Launching a New Business Articles
- Launching a New Business Introduction
- What type of business structure should I choose before I launch my business?
- What legal steps must I take to launch a business?
- Why is it important to have a Business Plan when launching my business?
- What sources are available to finance my new business?
- What if I have to Borrow Money to Fund My Business?
- Finding a Location for a New Business
- How do I begin to market and advertise my new business?