· Register your business name
This process lets your state or local government know the name you are operating your business under. Such a registration will not ensure trademark protection, but it does allow you to create and use the name you want for branding purposes.
· Get a tax ID or E.I.N. number
Any existing entity needs a Tax-ID/ Employer Identification Number (E.I.N.). Think of it as your company’s social security number. It is required especially when working with many third-parties and identifies your business for tax purposes. You can also use it to open a business bank account, file tax returns, and apply for business licenses.
· Select the right structure for your company:
owner, partnership, or a separate legal entity from its shareholders.Why is this important? It will have a direct impact on costs, taxes and risk factors. Also, documenting the rights and obligations of all parties is very useful in case there are disputes between owners.
· State and local taxes
These can include self-employment, payroll, income, sales, and property taxes. They will vary from state-to-state and are based on your business structure.
· Protect your business assets
Intellectual property is one of these assets that business owners usually neglect. This includes your trademark, copyright, your brand, domain name and the products developed by you.
· Stay up to date with employee legislation
Business-related laws are changing all the time, depending on your location. Constantly check the legislation.
· Obtain business licenses and permits
Depending on your industry and location, you may need to be licensed on the federal level as well as on the state level.