Numerous licenses exist, and you may need several permits to legally start your business. Most businesses require at least a local business operating license. Depending on the location of your business, zoning and land use permits are often required as well. Commercial law attorneys may help ease the burden of determining the right licenses for your business.
The nature of your business often determines the kind of business licenses and permits you need. Some businesses need building permits, fire permits and health licenses. Signage may also require proper licenses and permits. Certain occupations require specialized licenses, including accountants, electricians, private investigators and contractors. Starting a business in a federally regulated industry also requires various federal licenses.
Small businesses may even need a license to run a home-based business. Online businesses, consultants and freelancers might also need a license to operate legally. Maintaining a successful and legal business requires preparation, so it’s critical to secure the right licenses and permits before opening your doors.
Securing an attorney to help you get the right licenses for your business provides greater peace of mind. When you’re running a business, it’s important to ensure that you follow all local and federal laws. An attorney may assist you with matters related to your business license and follow the correct procedures for starting your organization.
]]>Data can be used in many different fields but especially those that work with supply chains or product sales. Retail companies can use sale data from years prior to see when they’re most likely to sell certain items. Having that bit of information better allows companies to prepare and plan for the future.
There are some companies that offer what’s called demand planning software. It allows you to input data from several years prior and then analyzes that data for trends. After the software has done that, it can forecast different trends for the upcoming year to help in business formation and planning. The software can be edited based on the data you have now to account for current events and other influences on your market.
Looking back at data to find trends will help you predict future trends regardless of how you do it. It doesn’t necessarily have to be sales data. Anything that helps you find a trend in how your customers behave or how your business behaves can help in the success of your business.
To learn more about business formation and planning, reach out to a lawyer today. Legal assistance may help ensure that your business sees long-term success.
]]>A business plan is a document of reading that outlines the long-term goals of your business, the ways you plan on achieving these goals and the time frame in which you plan to achieve said goals. It is one of the first things you should put together when it comes to business formation and planning.
One of the biggest benefits of having a business plan is that it will guide your company and help you make business decisions. By writing down what you want to accomplish and the time you want to accomplish it within, it will help guide you to make the decisions that will best help your company reach those goals. It will also create a path for you to follow in case you ever feel confused as to the direction you want to take your business in.
Another huge benefit of a business plan is that it will attract many investors to your business. Before investors invest in a company, it is normal for them to read the company’s business plan first. If investors look over your business plan and think your company can be a success in the future, they will invest in it. As more people invest in your company, your company’s worth and reputation will go up, and it will have more money at its disposal.
Your business plan is your company’s blueprint for success, and starting a business without a plan is very risky. You may change certain parts of your business plan over time, but it is always important to have an outline of where you want the business to go.
]]>It’s understandable to feel excited about starting a new digital transformation strategy. However, you don’t want to start replacing everything right away. This situation can lead to a lot of confusion about new systems among you and your employees. You’ll likely have better results by implementing a digital strategy one step at a time.
In business, it’s always important to have a plan. With that said, make sure that your company’s digital strategies don’t stray too far into the future. It’s better to utilize digital planning that focuses on your company’s current problems and how to solve them.
There’s no doubt that business formation & planning can take a lot of time and effort. With that in mind, you might consider saving time by copying another company’s digital planning strategies. More often than not, trying to copy what another company does can lead to disastrous results. Instead, try to focus on what digital strategies work best for the unique needs of your company.
There are several mistakes you can make when creating a digital transformation strategy. When you begin this type of work, avoid planning too far ahead or copying the strategies of other businesses. Also, make sure that you take things one step at a time as you create a digital plan.
]]>Most people looking to start a business are familiar with the most commonly discussed type, a public corporation. In reality, though, public corporations only make up about 5% of all the businesses throughout America. Most businesses are privately held. These range from sole proprietorships and partnerships to LLCs. A business lawyer can assist you with determining the pros and cons of each type of business entity so you can decide which one is right for you.
For many new entrepreneurs, a privately held corporation is their best option. To establish one of these, you’ll need to get the appropriate forms from your Secretary of State’s office or their online website. Throughout this process, you’ll have to register a business name that you want to use and create bylaws for your corporation that outline various procedures, meeting schedules and roles of your board members.
During the formation process, you’ll need to draft a for-profit corporate article stating that all company shares are held privately and are not available to the public. You’ll have to name each one of the shareholders who will be included in your articles of incorporation and what percentage of the shares they own. Once you complete all this paperwork and pay the filing fees with the state, you’ll receive a setup confirmation.
Establishing a new business can be both an exhilarating and daunting experience simultaneously. One of the biggest decisions that you’ll make is what type of structure you want your business to have. When making this decision, it’s a good idea to speak to your lawyer about whether or not a privately held corporation is the right entity for your vision.
]]>The idea that you should wait until you have launched your venture to retain legal counsel is a dire fallacy. The fact is that you should retain a capable, creative and experienced attorney with a background in business formation and planning before you begin the process of deciding what the form of legal organization for the venture. A seasoned lawyer is invaluable in addressing critical legal issues during the formation process.
In considering retaining legal representation for your start-up, you also need to make a decision as to whether an attorney with a general background in business formation and planning fits the bill or whether your venture needs legal representation from a lawyer with industry-specific experience. There are some start-ups that are well-served by an attorney with a broad background in business law. On the other hand, if you are launching in a more unique or specialized industry, you might want to contemplate retaining legal counsel that has worked with enterprises similar to your own.
Many reputable California attorneys with a background in business formation and planning offer no-obligation and no-cost initial consultations. This will provide you an opportunity to consider possible legal counsel in person before making a final decision regarding representation.
]]>During the business formation and planning stage, you’ll need to determine what permits you need. As a general rule of thumb, industries that require some sort of special training are required to have a license. These include health care companies, insurance brokers and beautician shops. Industries that don’t require special training typically do not need a license to operate. A good example of one of these is consulting.
There are certain industries where you may need to acquire particular types of permits and licenses. For example, if you are selling food, you’ll need to have a permit from the health department to do so. There are many different types of industry-specific permits and licenses. It’s a good idea to contact a lawyer to assist you with determining just what specific permits or licenses that your business may need to operate legally.
Apart from having general licenses to operate, you’ll need to record the revenue of your business each year. This may require you to get a federal tax identification number from the IRS. All business entities other than a sole proprietorship are required to have a federal tax identification number. Even if you have a sole proprietorship, you may apply for an EIN number so that you don’t have to put your own Social Security number on many different tax documents.
Getting your business underway requires a lot of diligent research and effort. It’s a good idea to consult a business law attorney when it comes to questions regarding licenses and permits.
]]>An escape clause is like a prenuptial agreement for a business. When you start the process of business formation and planning, you can include in your contract a way to solve future disputes. You might write a buy-out plan or talk about how you’ll resolve issues. You could also figure out how you’ll value the business if you both decide to sell it and cut your losses.
If this is your first business, you might not want to think about how it could end. However, planning ahead could make it much easier later on for you to escape the business or buy out your partner’s share. You and your business partner could have disagreements and disputes a few years down the road. Even if you remain on good terms and everything is going well, you might not want to run this business forever. An escape clause could help you or your partner get what you both want without destroying the relationship. Talk to a business law attorney if you need help writing a contract.
Before you launch your first business, it’s important to get in touch with a business law attorney. They could help you write contracts, buy real estate, form partnerships and do everything else you need to do to get started. Your attorney could also help you plan ahead by including escape clauses in your contracts and taking certain steps to avoid business lawsuits.
]]>One of the primary benefits of obtaining this type of funding is that you might get access to millions of dollars in a single round. Furthermore, the entity that invests in your company will likely have connections to other people in your industry who can help your business grow quickly. It’s also important to note that you don’t have to repay any of the money that your organization receives from a venture capital firm. Instead, it will make an investment in exchange for an equity stake in your company.
Accepting money from a venture capital firm generally means that your business will be subject to a far greater level of oversight. Furthermore, ceding equity to outside investors means that you have less control over the business. It’s also worth noting that you will need to spend weeks, months or years looking for a venture capital firm that can meet your firm’s needs. A business planning attorney may be able to talk more about what you should consider before searching for an investor to partner with as well as prepare the necessary documentation once a deal has been agreed up in principle.
]]>There are regulations in California and at a federal level to help protect people during angel financing. When you receive business funding from people who don’t already have a relationship with you, the law requires that these people be accredited investors. Singles must earn $200,000 a year or have a net worth of $1 million, and couples must have a combined income of $300,000 a year.
Angel financing is your first source of external funding to start or scale your business. You don’t have to go this route to start or scale your business if you decide it’s not right for you. There are other ways of securing capital, so it’s wise to understand the pros and cons of the different types of funding before making a decision.
Consulting with a business formation and planning lawyer may help you learn about your options and protect yourself and your business. There are aspects of the law you may not come across if you don’t seek the help of a business lawyer.
Angel investors may give you business advice to help you avoid making mistakes. They will expect to have some say since they are investing money in your business. An angel investor can also help you with connections as they often know other investors and business people. You should know that if you were to sell your business later, the angel investors would receive part of the money due to owning a part of your company.
Angel financing is a great way for startups and small businesses to secure funding that they don’t have to pay back in the traditional way. If you are new to business, an extra benefit of angel financing is that your angel investors are willing to mentor you and introduce you to key connections.
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