Starting a Small Business

You have finally taken the plunge and fulfilled your life’s dream. Whether you have been dreaming of opening a small business your entire life or, recently taken over the family business, consulting with a business law attorney may be important. You will want to ensure that you have taken the proper legal steps to do so. A business law lawyer Rockville, MD trusts can help register your business, set goals, figure out the best way to structure your business for tax purposes, and insure that any intellectual property is protected. While there is much to consider, an attorney will be essential in making sure that nothing has been left out. Their help can be a preventative measure to possible challenges you are at risk of encountering down the road.

Have a Clear Business Plan

Prior to meeting with an attorney or opening up shop, it will be important to take the time to outline your business plan. Your business plan should be based on your goals and projections, and written in a matter of fact manner. You will want to be sure that the goals outlined in your plan are measurable and attainable. A business plan often includes:

  • Your business structure and your plan to have a successful business
  • Clearly defined goals for your small business
  • A plan of action for how you will achieve your business goals
  • What you will be selling
  • Your financial needs

There are a number of benefits to putting together a business plan. A business plan can help you set and achieve the goals you outline. You can also use your business plan to keep track of measurable goals for your business, including budgetary goals. Not only can this serve as a roadmap to guide you, it is also necessary in the event that you require funding from a financial institution.

Tax Requirements for Your Business

Much of your decisions should keep the taxes you will have to pay at the forefront. Always make sure that you have considered how you will pay the IRS. Failure to do so could result in big problems for you and your business down the road. When you have obtained an employee identification number (EIN), you are officially a business. You will always want to think ahead when it comes to your taxes. An attorney and business accountant may be helpful in supporting you surrounding how much of your money you should set aside for taxes each year.

Intellectual Property

Depending on your business, intellectual property could be one of your biggest assets. You will want to be sure that your IP is protected from others. Intellectual property are inventions, symbols or designs that are used in businesses. Intellectual property includes:

  • Trademarks
  • Copyrights
  • Patents
  • Design

The world of intellectual property can be complex; one you will surely want an attorney to advise you on.

A small business is a significant investment, especially if it is your primary source of income. Despite this, people still attempt to initiate business dealings without the help of a business law attorney with experience.  The reality is, an attorney can help you structure your business to prevent problems from coming up later down the road.


 

 

Thank you to our contributors at The Law Office of Daniel J. Wright for their insight on business law.