Three Key Things You Need to Launch Your New Business

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.

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.

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.

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.