New Year, New Business. The right steps for your 2020 vision

Dec 9, 2019 | Starting A Business

Working hard on your first prototype, finishing your new website, and drumming up new customers for your new business idea? Before you launch your start-up, let’s make sure you take all the right steps, including those less glamorous and more administrative tasks, for setting up your business.

 

Business structure

 

Do your research about your personal situation, before you jump into business ownership. There are many options available, such as sole proprietorship, partnerships, LLCs, LLPs, corporations, etc. Each business structure has its own advantages and disadvantages. Contact our experts in strategic counsel on business entity formation in Southern California to choose the right structure for your business vision!

 

Business name

 

Before you buy the website domain or print your business cards, make sure that your business name does not infringe on the rights of an already existing company.
  1. Check online if the business name is available in your state and in all the other states.
  2. If you plan to register your company under one name, and use a different name to run your business for branding purposes, you have to inform the state about this situation. That means you will need to register a “Doing Business As” (DBA) or “Fictitious Business Name” (FBN).
  3. However, if you want to claim the first use of a brand name, then you should also consider registering your trademark for proper legal protection.

Business IDs

 

Your new business is a legal entity, which needs to be distinguished from other entities. For that, you will have to obtain a Federal Tax Identification Number and an Employer Identification Number (EIN). These ID numbers allow IRS to track your company’s transactions, but also help you to open a business bank account, file tax returns or apply for business licenses.

 

Business permits and licenses

 

Depending on your business industry and location, you might need to be licensed at the state or federal level. Your business may require a general business operation license, sales tax license, occupational or professional licenses, health department permits, etc. Consult with our San Diego based lawyers to obtain all the necessary licenses and permits, before opening the doors of your business.
Company filings and regulations are not the most exciting parts of your startup, but you are not alone in this process. Contact our attorneys and schedule a free consultation!

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