• Reasons Why You Need Legal Advice When Setting Up a Business
  • July 28, 2017 | Author: Jake Posey
  • Law Firm: The Posey Law Firm, P.C. - Austin Office
  • Business Structure

    When starting a business, the most important thing to determine is the business structure that your business will take. There are sole proprietorships, general and limited partnerships, and corporations. It’s important to know which structure should apply to your business in order to meet the needs and protect all the stakeholders. Next, your legal representation can advise you in respect to the state agency that is relevant in order to begin the process of filing the required paperwork.

    Tax Obligations

    In terms of the tax responsibilities, it is important to know and comply with all overlapping taxes. The taxes that one might have to know about and comply with include the federal tax, state taxes, and local taxes. This also ties back to the business structure you chose for your entity, as tax liability can be affected by your business structure.

    Licensing

    Obtaining business licenses and business permits might be your next step. Navigating city and local governments to obtain the relevant documents can be overwhelming. Within Texas, the Texas Department of Licensing and regulation can also help to determine the relevant documents needed.

    Employer requirements

    One of the final steps is to find out the federal and state employer requirements in terms of safety, labor, and reporting laws as it applies to the hiring of personnel. It is important to understand and comply with such laws.

    According to attorney Jake Posey, managing shareholder of The Posey Law Firm, PC, starting a business and going through the process of implementing is expensive therefore it is imperative that one seeks the services of a competent law firm that can carry out and follow-up on such steps.