If you are starting a business, there are a number of things you need to consider when you are in start-up mode, beyond what you might normally think of (i.e. the business name, business location, sales and marketing…etc). From a legal perspective, here are a few things you should carefully consider:
What form of business entity should you choose? There are multiple entries on this blog dealing with the various types of business entity a start-up can choose from.- If there will be multiple owners (i.e. shareholders, partners or members), how will control of the business be structured?
- How much and how often will the business owners be paid?
- How will business records be maintained?
- Will the business hire employees, independent contractors, or a mix of the two?
- What type of / how much liability insurance will the business need?
- Will the business enter into a lease for space? Or will it buy and develop its own real estate?
- If the business will have employees, will it provide benefits? How will the business handle payroll?
- What types of banking relationships will be necessary?
- Will the business need to raise capital? If so, will it be through debt or private equity?
- Will any sort of license or permit be required to conduct business?
These are just a few things that should be considered. If you have other things to add to the list, please leave a comment below.
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