What Do I Need to Know to Form a Business?

What Do I Need to Know to Form a Business? 

Launching a business is a major decision that requires careful planning and consideration. Before you invest in the development of your brand, you need to make preparations. Business formation is a long and involved process that consists of multiple steps, and it will not take a short time. That’s where a business formation lawyer like one from Dale Jensen, PLC will come in. A lawyer can assist you with all of your legal needs so you can build a strong foundation. 

Why should I hire a business lawyer?

A business lawyer at your side can advise you on all matters regarding business law and in particular, business formation. You can go to them if you need help on any topic involving the development of your business, such as creating a brand strategy, registering intellectual property, resolving litigation threats, and putting security protections in place. Whenever you have questions about the business formation process, need help with strategies or are faced with a problem that needs to be swiftly resolved, a business lawyer can provide you valuable help and support. 

What do I need to set up a business? 

Having legal guidance and support from a business formation lawyer in Virginia that residents turn to can help put your business on the right track to success. Prior to meeting with a lawyer, you should have the following things prepared: 

  • Contact information
  • Business name
  • Business address
  • Intended business structure

You will need to provide the relevant documents such as a draft of your business plan and financial records. You can discuss other business formation requirements with the lawyer, such as state license and permits, federal EIN number, and more. A lawyer will be able to assist you clarify your goals and create a structured plan so that your business is off to the right start. 

What type of business entities are there?

There are a number of business structures that you can choose from, such as limited liability companies (LLC), corporation, sole proprietorship, limited partnership and more. They each come with a set of benefits and limitations, so choose carefully. For example, if you want greater asset protection, a corporation may be a better choice. Consulting with a business formation lawyer can help you evaluate your needs, budget, and long-term plans and goals.

What license do I need?

The license and permit requirements will vary depending on the state and industry you select. At minimum, you will need a city and county business license to operate. Most businesses have a federal employee identification number (EIN), which you can apply for through the Internal Revenue Service (IRS) website. If you are not sure what other business licenses you need, talk to a lawyer and they can help you. 

Forming a business the right way will ensure your business will launch smoothly and without complications. Make sure you have the information you need to officially form your business. Discuss your needs with a top business formation lawyer that Virginia residents trust today.