Here are some common business insurance options: Income tax probably isn`t the only tax you`re responsible for, so it`s important to understand what other potential tax requirements you may face. The majority of independent contractors are considered self-employed and are therefore subject to self-employment tax in addition to income tax. Officially register your name with the U.S. Patent and Trademark Office if you want to sleep soundly, convinced that your company name belongs to you and only to you. Read on to learn about the most common legal requirements for entrepreneurs starting a business. Business owners should plan for potential requirements from all levels of government: The SEC has guidelines on what constitutes “reasonable efforts” on these accounts. It is possible to raise funds outside the narrow boundaries of accredited investors, but it will open a Pandora`s box in terms of securities and compliance enforcement. So, if you want to be as legal as possible, go through accredited investors. Depending on your type of business and location, you may need certain business licenses and permits from your country, state, county, or city. Licensing, approvals, and registrations come in many variations. Examples include local business licenses, building permits, health safety permits, home business permits, fire safety permits, industry-related permits (e.g., operating a law, hospitality, construction or manufacturing practice), liquor licenses and more. Your federal tax identification number is called an Employer Identification Number (EIN) and allows you to legally hire employees, pay federal taxes, apply for business licenses, and open a business bank account.
You can apply for an EIN through the IRS website. Your business needs an EIN number if you want to do the following: To make sure you`ve covered all your legal responsibilities as a new business, it`s a good idea to seek professional advice. Consider sitting separately with a lawyer and accountant to make sure your business is covered from a legal and financial perspective before you start the business. Briggs Law has been protecting and advising small business owners for over 20 years. Our goal is to help you navigate through this exciting and nerve-wracking time. We have handled a variety of business issues and even offer several tangential services because we know that small businesses are often family businesses. You can trust us to ensure that your business complies with all legal obligations and is protected from any obstacles that may come your way. Be sure, you`re not sorry. Company or employee handbooks are a great way to convey your company`s legal values and boundaries. It can also help determine what is and isn`t appropriate behavior internally and externally. Ask your legal counsel to thoroughly review this or even help you draft it, and then bring the company together to review the material. Originally designed to protect business owners from certain business-related liabilities, the LLC structure has since become popular with freelancers because of its simplicity and the strong legal protection of a business that protects your personal assets.