Starting a business might mean that you have to wear many hats. Not only will you need to decide how to run your company, but you will also need to deal with tax and registration paperwork. When it comes to both tax and legal matters, it is better to be safe than sued- or in debt to the IRS- which is why hiring a bit of help is a worthy investment. While the specifics will vary depending on the nature of your enterprise, here are a few legal services you may consider before starting a business:
Tax Set Up: Every new business must obtain a federal Tax ID number, or EIN number, and be set up to pay both state and federal taxes. While this may sound like a job better suited for an accountant, a good lawyer can help you file for the optimal tax bracket that allows you to keep the most of your revenue. Your lawyer will also be able to help you file on the state level and will help you out other requirements. Each state will have different requirements, but you will always need your EIN number. For instance, in order to obtain your EIN number Wisconsin will require you to register with the WDR, or the Wisconsin Department of Revenue, and in many cases, require you to obtain a Seller’s Permit. Your lawyer will know both federal and state laws and help you complete all of the requirements to legally, and correctly, register your business.
Contracts: As a new business owner, you may be drafting or signing a lot of contracts. These may take the form of lease agreements, business agreements for shipping, or even Employment Agreements. At this point, it is always a good idea to have a professional look at any contracts that you will sign as a business owner, as well as any contracts created for your new business.
While starting a business is challenging, a good lawyer and a bit of good research can help you get the best possible start for your new company.