Article by Shahrina Ankhi-Krol, Esq., Owner of Ankhi-Krol Law
Are you thinking about starting a small business? It can be an overwhelming and confusing time with seemingly too much or too little information for you to truly understand what you need.
Ankhi-Krol Law has worked with hundreds of start-up and small business owners throughout the country to start, protect, and expand their businesses since opening its doors in 2012. Accordingly, we are very familiar with the questions and challenges most start-ups and small businesses face at various stages of growth.
Below are five simplified topics that all potential business owners should consider before starting their business.
Legal Structure - Before starting your business, you must decide on a legal structure for your business. Many considerations should factor into your decision, such as your current and future goals for your business, ease of maintaining and operating the business, potential income, and taxes. It is important to remember that not every structure is suitable for every business. The business structure you choose will have lasting legal and tax implications. There are several structures available for your business and each has its pros and cons. The most common types of business structures are: Sole Proprietorship, Partnership, C Corporation, S Corporation and Limited Liability Company (LLC).
Registering your “DBA” - If you decide to operate your business as a Sole Proprietor or a Partnership, you may need to register your “Doing Business As” or “DBA” name with your county clerk’s office or with your state government.Also, for those of you with existing corporations or LLCs, if you want to do business under a name other than your existing corporation or LLC name, you may need to register a DBA.
Licenses and Permits - In addition to registering your business with the proper governmental entities, you may also need to apply for and obtain licenses and/or permits. Every state has different requirements and you must comply with those of your state. There are federal, state, and trade licenses and permits. It is important that you comply with all the necessary requirements in order to run your business legally.
Insurance - It's always a good idea to have some form of business insurance for your business for an added layer of protection and peace of mind. However, depending on the nature of some businesses, it may be more important than others to carry the proper type and amount of insurance. Figure out the risks associated with your business and obtain the requisite insurance.
Protecting Your Business Identity - As a start-up or small business entity, the identity of your business is your business’s biggest asset. As such, it is highly advisable that you protect your business identity (name, logo, slogan, etc…) from its inception. By utilizing intellectual property law, such as trademark and copyright laws, your business identity will be protected and you will be able to focus on growing your business.
Disclaimer: Not legal advice. Intended to be used for informational purposes only. You're welcome to schedule a consultation to obtain legal advice specific to your needs.
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About Ankhi-Krol Law
Ankhi-Krol Law is a top-notch boutique law firm located in the heart of New York City. Founded in 2012, Ankhi-Krol Law has become a leading legal service provider that caters exclusively to the needs of start-ups, small businesses, and entrepreneurs all over the country.
The firm's areas of practice are: Business, Contract, Trademark, and Copyright laws.
Need help with your small business?
Website: https://www.ankhikrollaw.com/
E-mail: info@ankhikrollaw.com
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