Before you set up a new business, you have to make several legal decisions. These decisions could affect how much tax you pay, how you pay business taxes, the amount of liability you personally face if someone sues your business and several other factors. Creating a business plan can help you make these decisions and will guide you in questions to ask your business attorney.
Start a Business Plan
Start drafting a business plan. If you start out with a general outline and a description of your new business, your attorney can help you draft the plan. The business plan should include financial estimates based on how you plan to run the business and gives you a guideline to follow to help you have a better chance of succeeding. If you require financing to establish the business, the business plan provides lenders information they will require to understand your plan and to determine if they are willing to provide financing.
The business plan also includes details such as location demographics, number of employees, anticipated monthly expenses and income projections, information about the owners and management team, financing, marketing and much more.
Choose a Business Entity
You have several choices of business entities to choose from, including a sole proprietorship, limited liability company, limited liability partnership, partnership, S-corporation, corporation or a non-profit corporation. They each have their own tax and liability rules. The number of owners, whether you will have employees, and a number of other considerations should be included in the decision of which business entity you choose.
Set Up a Bank Account
Open a bank account in the business name so that you are able to operate the business separately, depositing business revenue into that account and paying business expenses from that account. You should obtain an EIN (employer identification number) for the business and provide the EIN and corporate documents to the bank when opening the account.
Obtain Tax Certificates and Licenses
Depending on the business location (city, county, etc.) and type of business, you may need to obtain several tax licenses, including a sales tax certificate, an occupational license and other local, state and federal licenses. Your attorney can help you make sure that you don’t miss any tax certificates or licenses for your city and county.
Contact a Georgia Business Law Attorney
When you are ready to set up a new business, contact Grissom Law, LLC for a consultation at 678.781.9230. We work with individuals and small businesses to evaluate their plans, organize their business entities and provide a number of related services.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.