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Your new business demands attention to these fundamental tasks

On Behalf of | Jun 18, 2020 | Business Formation & Planning

Starting a Florida business may require you to tackle several unfamiliar tasks. Forbes outlines some of the details that demand your attention as you set up and operate your business.

Our lawyers assist people who want to start a new venture.

Consider your company’s name and legal form

Before you start marketing, make sure you can use the name you have selected. If another company is already using this name, you may need to come up with an alternative. You must also carefully consider the form of entity to use. A limited liability company or corporation may help safeguard against personal liability. If you conduct business as a sole proprietor or in a general partnership, you risk your personal assets if someone sues.

Know and follow the rules

Your company may need to satisfy federal, state and local regulatory and reporting requirements:

  • If you hire employees, become familiar with federal and state laws that govern matters like discrimination, workers’ compensation, workplace safety and unemployment taxes.
  • Check state and local laws to confirm which licenses and permits your business may require.
  • File annual and other mandatory state reports.

Even unintentional noncompliance with laws, rules and regulations may cause fines or suspension of licenses, permits and other approvals.

Keep separate financial records

Your business must maintain its own financial records. If you muddy the waters between your business and personal accounts, you may lose the benefits of a limited liability company or corporation. Even if you operate as a sole proprietorship or in a partnership, having separate credit cards and bank accounts may help if the Internal Revenue Service starts looking at your books and records.

Think about the long term

After your venture is up and running, you must stay up-to-date on any applicable legal requirements. Our website has information about setting up a business and managing its ongoing needs.