Don’t be Startled When Starting a New Business: What to Know Before You Start a New Business
Starting a business can seem complicated, but the reality is that simply starting a business is simple and anyone can do it. However, while anyone can start a business, it is much harder to start the business while also planning for the future of the business. That’s where it becomes important to involve an attorney. Here are a just few of the aspects of starting a business that you should think about before registering with the Secretary of State.
What kind of business entity is best for you?
There are numerous types of business entities you could potentially choose for your new business. Depending on the number of owners and investors, the choice you make now could have drastic financial implications down the line for both the business and you individually. The business entity you choose could have major tax implications for you as an owner. You will then need to draft the property formation documents to limit your personal liability down the road. View our blog on business entities for a more in-depth look.
Will you have employees?
If your business will have employees, it is imperative that you cover your bases and understand your responsibilities as the employer. The state has many requirements as an employer, including for unemployment insurance and workers compensation, and you should know how to take care of those responsibilities before hiring employees. A good employment contract with your employees can go a long way in preventing disputes. Having an attorney involved with the creation can help you prevent potential problems in the future.
What will your business do?
The kind of business you are going into will also determine all the next major decisions. Having a clear and defined vision of what the business will be doing makes these decisions much easier. On a basic level, for instance, a restaurant will need a different physical space than a manufacturing business. Finding the right property and then buying or leasing can be a huge undertaking itself and should almost always involve an attorney. Similarly, once you have a location, whether your business is retail or in real estate, for example, can also determine the improvements that will need to be made and the timeframe before your business can be operational.
If your business is holding itself out to the public, you will need to know the duties you owe the general public, and to make sure that your space is compliant with accessibility laws. If you’re in say, manufacturing, the duties you owe the public will be considerably different, and you will need to ensure that you aren’t running afoul of environmental laws or creating a legal nuisance, for instance.
If you’re starting a new business and want to discuss your options and make sure all your bases are covered, Geraghty Law Office can help you work through the process to ensure you have the knowledge you need to start a successful business. Geraghty Law Office can help you determine what is best for your situation and get off on the right track.
If you need help starting a business, or have any questions about starting a business Colorado, fill out an interest form today to see if GLO can help you.
GLO has prepared this blog to provide general information on legal issues that may be of interest. This blog does not provide legal advice for any specific situation and this does not create an attorney-client relationship between any reader and GLO or its attorneys. GLO engages clients only through specific fee arrangements and signed engagement letters. GLO does not guarantee any results.