What Are The Basic Legal Requirements For Starting A Small Business?

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What Are The Basic Legal Requirements For Starting A Small Business? With a fledgling business, passion for a product or service usually comes easily.

10.DomainsA domain or web address is unique to the buyer and can be essential to a business’s online presence. Though th...
12/04/2022

10.Domains
A domain or web address is unique to the buyer and can be essential to a business’s online presence. Though there is no legal requirement to have a domain, obtaining a domain name that matches your business name can help you brand your business and minimize the chance your business will be confused with another business online. Having a domain name does not establish a business entity or fulfill any other legal requirements, nor does it give you the exclusive right to use your business name.

9.DBAsA “doing business as” (DBA) is often also known as a “trade name” or an “assumed name.” You usually must register ...
12/04/2022

9.DBAs
A “doing business as” (DBA) is often also known as a “trade name” or an “assumed name.” You usually must register a DBA if your business is using a name other than its official legal name. Sole proprietorships and partnerships don’t need a DBA if they’re doing business under the owners’ names. LLCs and corporations don’t need a DBA if they’re using the business’s official name. It’s possible for multiple businesses in the same state to share the same DBA name. Depending on your state and the type of business you have, you may need to file your DBA with the state or with your locality.

8.TrademarksA federal trademark helps protect a business name nationwide. You can apply for a trademark through the US P...
12/04/2022

8.Trademarks
A federal trademark helps protect a business name nationwide. You can apply for a trademark through the US Patent and Trademark Office. Though trademarks are not required to operate a business, registering a name may be a good idea to protect the exclusivity rights that come with a registered trademark.

7.Entity NamesIf you form an LLC, corporation or other type of business entity, your business name will be registered wi...
12/04/2022

7.Entity Names
If you form an LLC, corporation or other type of business entity, your business name will be registered with the state. The state won’t allow another business to be formed with the same name as yours.

6.Business Name Registration RequirementsBusiness owners should explore several different ways to register and protect a...
12/04/2022

6.Business Name Registration Requirements
Business owners should explore several different ways to register and protect a business name:

5.CorporationWith a corporation, the owners’ liability for business obligations is limited to the amount they have inves...
12/04/2022

5.Corporation
With a corporation, the owners’ liability for business obligations is limited to the amount they have invested in the company–business creditors can’t go after their personal assets. Corporations have a well-defined organizational structure that includes a board of directors, officers, and owners, who are known as shareholders. A corporation may pay corporate income tax as a C-corp, or it may be eligible for pass-through taxation as an S-corp. Corporations tend to have more rigorous recordkeeping and reporting requirements than LLCs.

4.PartnershipThere are several kinds of partnerships. If you go into business with other people and don’t set up a forma...
12/04/2022

4.Partnership
There are several kinds of partnerships. If you go into business with other people and don’t set up a formal business entity, your business is automatically considered a general partnership. Like sole proprietors, partners in a general partnership are fully liable for all business debts and obligations. They’re also liable for actions taken by their partners–a major reason why most lawyers encourage businesses to form an LLC or corporation rather than remain a general partnership. General partnerships are taxed similarly to sole proprietorships, with partners reporting their share of income, expenses, credits, profits and losses on their personal tax returns.

3.Sole ProprietorshipThe simplest structure for a one-owner business is a sole proprietorship. As a sole proprietor, a b...
12/04/2022

3.Sole Proprietorship
The simplest structure for a one-owner business is a sole proprietorship. As a sole proprietor, a business owner has relatively few regulatory burdens and a high degree of control and flexibility. There’s no paperwork required to establish a sole proprietorship–it’s automatically created as soon as you start doing business. However, if you’ll be using a business name other than your own name, you’ll probably need to register your business name as a DBA with your state or locality.

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