When starting a business, there are so many things on your mind. You've done all of the research and accumulated so much knowledge, yet you still don't know where to start with it all. Trust me, we have all been there at some point. Therefore, we wanted to provide a list of the top four things every business needs, to give you a starting point.
1. Entity Formation (e.g., an LLC)
Having the proper business structure from the beginning can save you a world of trouble and issues in the future. By starting with the proper structure, you can protect yourself and your personal assets while engaging in your business ventures. Think of it as a liability shield.
2. Trademarks
Trademarks establish true ownership over your brand. A Trademark is a method of protecting your intellectual property. A Trademark allows you to truly protect your brand name, logo, slogan, etc., by establishing that you’re the true owner of the specific mark. This stops others from using the same name, logo, slogan, etc., as you. You won’t have to worry about copycats or brand thieves coming to force you to rebrand after you’ve invested thousands of dollars into the brand. If someone attempts to use your marks, after they have been registered, you can take legal action and force the copycat/thief to stop using them immediately. If this happens, contact your attorney to handle the matter on your behalf.
3. Employer Identification Number (E.I.N.)
If you've done some research, I'm sure you've heard all about getting an EIN and what you can do with it. Think of this as the Social Security Number for your business. It is mostly used for tax purposes, but that isn't all. This number will also be utilized to open up business bank accounts, obtain necessary business permits, and so much more!
4. Custom Contracts
Every single business needs to have custom contracts in their arsenal! Many of the contract templates found online are full of boilerplate language that sounds good, yet lacks the necessary components required for the contract to be valid and enforceable. You want to be covered in the instance that a dispute arises in your dealings with a customer. I can not stress enough that you need to get everything in writing. It will save you a world of trouble!
If your business is missing any of these four things, don't fret. Our office is here to help you get through the process as smoothly as possible. We are dedicated to helping our business owners develop, maintain, and protect their brands and businesses. Let's work together! You can book a confidential consultation through our online scheduling tool to get started today. We would love to earn your business.
This is general information and is not intended to be legal advice. For legal advice, please contact a lawyer.
www.lktlawoffice.com | 832.4120.LAW | @Lktlawoffice | Lktlawoffice@gmail.com
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