Tap to Read ➤

Three Key Things You Need to Launch Your New Business

Kevin Gardner
Many individuals are turning to entrepreneurship and launching their own business, however there are three key elements needed to actually get these new businesses off the ground. Some of these are required for compliance and regulatory issues, whereas others are required for operational purposes.

Legal and Business Development Services

Before a company can become an official business, it must first select a legal structure. Common corporate structures have C Corp., S Corp. or LLC. Each structure has a different tax structure, filing, and annual requirements. To select the best entity, you should consult an attorney.
Additionally, when setting up your corporation, it is also required by law to obtain registered agent services. In doing so, they will be responsible for receiving and sending legal documents on behalf of the corporation. The registered agent must have a physical address in the state in which they incorporate their business.

Compliance and Regulations

Depending on the businesses you form, you may have to meet other compliance requirements. For example, if you are starting a daycare, your state may require that you first obtain a certain license. You also are required to run background checks on staff. Additionally, those with after school programs are required to hire only state-certified teachers.

Accounting and Financing

When forming a business, you need to consult a CPA or accountant to assist you in many areas. Accountants are great resources to decide which corporate structure you should establish. This relates to tax obligations and financial planning. An accountant can determine income and expense projections for any timeline.

Additional Requirements

There are several other things needed to start a business, such as opening up a bank account, obtaining business letterhead, technology and developing a marketing plan. However, the information provided are initial requirements to get your business off the ground and running.