If you are planning to start a new business in California, you need to consider many items to ensure your success. Consider the following tips to start your new company on the right foot:
Create a Business Plan
Many small business owners think that having a good idea is all they need for their new venture, but more planning is necessary. Creating a business plan forces you to consider your finances, understand the regulatory compliance issues your business will face, and any other factors that will lead to your company’s success.
Choose a Business Entity
You should incorporate your new business early to obtain many protections from a corporate shield. For example, you may want your entity to sign the lease or other contracts to limit your personal liability. Formation of a legal entity also provides structure for your business. It is important to confer with an attorney when selecting the business entity that is right for your new venture because it can be difficult to change the incorporation later.
Permits, Taxes, Etc.
Before your entity can conduct business, it is essential to understand what permits are required to operate it. Failing to apply and obtain the proper permits before you open to the public can result in costly fines. You should also have a strategic tax plan before you open. In fact, conferring with a tax professional from the very start can save you significant sums as your company grows. Finally, working with an experienced business attorney can help reduce your legal risks or missed opportunities for success.
Having a lawyer on your team can mean quick answers to small issues that prevent them from becoming large issues. In other words, taking steps to prevent problems can save you money in the long run.
With over 36 years of experience providing sophisticated legal advice on business matters and related litigation, Mailly Law is here to help. With our structure, you work with the same attorney who gets to know your culture and anticipates your legal needs. Contact us today to schedule your initial consultation.