• August 3, 2022

Five steps to starting a business

Starting a business can be a rewarding experience, but
it can also be time consuming and difficult. A lots of
There are resources available to help you, but the information
overload can cause it to advance.

Keeping it simple is often the best way to keep the
boost needed to get your business off the ground. exist
a series of steps to ensure success.

The first step in starting your business is
decide on a name, for example, “New York Landscaping”.
Any name you do business under other than your own
given name is called a “fictitious” or “assumed” name, and
certain steps must be taken in order for you to do
business under that fictitious or assumed name.

Depending on where you live, different government agencies
keep track of available names. Search your local phone
directory, under government agencies to find the number, or
contact your local Secretary of State.

Check if the name you want has been taken. Yew
is available, you may need to submit a fictitious application or
fictitious name certificate with fictitious state or local
office name. Some areas will also require you to post

an ad in the local paper about his new assumed name.
Both state and federal law regulate the use of names and
“trademarks”. To avoid conflicts with other companies.
at the regional or national level using the name of your company, or the
names of your products, you may want to consider
register your trademark at the federal or state level.
Contact an Intellectual Property Lawyer for Trademarks
search and registration services.

The second step is to know that different areas have
different license and permit requirements depending on
the type of business you are in. Most companies
that require a license will have a local license
authority that can guide you through the process.

Find out the licensing requirements in federal, state and
possibly even local levels for your type of business and
obtain a license Not having the proper license could result in
in sanctions such as fines, closure of your business, and
prison in some cases.

The third step is to get insurance. when things go
without problems, insurance can seem like an excessively onerous expense
we have a small business. But when things go wrong, either
uninsured can mean if you and your
businesses survive a catastrophic event such as a lawsuit, fire,
or natural disaster.

Liability insurance protects you against liability in the
case of injury to others or damage to other people
property. Liability insurers typically have two duties:

1. The duty to defend yourself. Hire a lawyer, if you get sued

2. the duty to compensate you. Pay for damages or injuries to
others. Both duties are extremely important, but the
The former is often overlooked by small businesses.

The cost of defending a lawsuit can easily run towards the
tens of thousands, or even millions of dollars
even if you win. This is why being careful is not a substitute
for liability insurance.

Make sure you have adequate coverage for your vehicles and
those of your employees when used for business purposes.
You can be sued and liable for injuries or damages caused
by its employees if it is within the course and scope of
your job

Property and theft insurance can be an important
consideration, as well as product or service liability
liability insurance. This is often called “errors and
coverage of “omissions”.

Interview a few local insurance brokers and find one that
seems knowledgeable and with whom you feel comfortable.
Then ask the broker to do a risk assessment to determine
what coverages you might need and why. remember the
broker makes money by selling you insurance “products” so that
be sure to ask about the types of coverage and the amounts. Yew
your broker cannot explain why he or she is recommending the
types and amounts of coverage in the underwriting, find
another runner.

The fourth step is to recognize and implement taxes. Unique
Owners should be aware of local, state, and
federal tax and registration requirements related to
your business

Hire an accountant or bookkeeper to help set up a
accounting system, or using a software package is a good
place to start.

Hire a tax professional knowledgeable about local laws and
state taxes related to your business, or by contacting the
local tax authorities before starting to generate income
or spending money can help you stay organized and ready
for tax time.

In addition, the IRS offers assistance for entrepreneurs
start a small business in various publications. You may
Download IRS Publication 334, titled “Small Business Tax Guide.”
Business,” and Publication 583, titled “Taxpayers
How to Start a Small Business” from the IRS website.

The fifth step is to hire employees (if necessary). Although many
small entrepreneurs start running their own store,
success will often bring the need for expansion. When a
an employee is added, you must obtain an Employer
IRS identification number. You can download Form
SS-4 from the IRS website.

In the United States, the Workers’ Compensation scheme does not
much to protect employers from employee lawsuits
injured on the job, while providing employees with
Easier compensation for workplace injuries. Be sure to
talk to your insurance broker about workers’ compensation

Talk to your tax advisor and be sure to register with
your state for the payment of unemployment compensation taxes.

Download IRS Form W-4 from the IRS website to take care
employee with shares. You must get copies of the INS form
I-9 to verify your employees’ eligibility for employment in
the United States.

Finally, issues related to unjustified dismissal,
discrimination, harassment in the workplace and other
Problems have come to the fore in business today.
ambient. Make sure you have an employment contract
which explains if your employee is “at will”. ex: can
be terminated at any time without cause, or the terms of the
worker’s employment contract.

Be sure to draft employee guidelines or an employment contract.
manual to make sure there are no misunderstandings about
what expectations, rules and responsibilities exist.
Document well any problem related to your employees and be
Proactive in handling disputes. A little planning in
getting started can save you a lot of headaches and legal fees

In conclusion, hiring independent contractors is often a
good way to avoid the administrative burdens of hiring
employees, but be careful. There are many traps to
hire an independent contractor who is for all intents and purposes
employee purposes. Talk to a lawyer and your tax advisor
about who is an employee versus a contractor.

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