5 Things to Know When Starting a Business
Many people dream of starting their own business, and while this prospect can be very exciting, there are many complexities involved. If you are considering starting a new business, here are five things you should know:
- Entities matter. You may consider forming your entity as a limited liability company (LLC) because it’s easy and inexpensive, but the decision of what type of entity to form should not be taken lightly. Carefully review the types of business entities to understand which one will be right for your new business.
- Everything needs to be in writing. Whether you are filing paperwork for business formation or considering hiring employees, everything needs to be in writing. Well-written contracts can help protect your new business from some of the most common pitfalls of newly formed businesses and protect your business from litigation in the future.
- There are going to be regulations. There are so many nuances when starting a business – and depending on the industry or type of business, there are going to be a lot of rules to follow. You may need special licenses or be subject to regulations from various government agencies.
- Picking a name might not be easy. While picking a name can be a creative challenge, it can also be a legal challenge too. You will need to make sure your name isn’t already registered to another business. Once you have secured your entity name, you will need to purchase all relevant domain names to prevent cybersquatting in the future.
- Hiring a lawyer from the beginning is the best way to protect your new business. If you are going to start a business, give yourself the best chance at success. A lawyer will know all of the appropriate steps to take when forming and operating a business and can help protect you from future legal issues.
Houston Business Formation Lawyers
At Mejias Lindsay PLLC, our Houston business formation lawyers are just as invested in your business as you are. We help our clients with all aspects of business formation and continue to provide legal support should issues arise that threaten the business. If you are starting a new business, contact us to schedule a consultation so we can help you safely reach your potential with your new business.