It’s such an exciting time when the entrepreneurial drive turns into setting up a new business! Many businesses are started with business owners who are passionate about helping people. However, so many of those individuals get excited and then miss some of the crucial legal steps to starting a business.
The Thornton Law Firm loves to work with passionate small business owners in Raleigh who are starting their businesses. Below is some advice on what needs to be considered when starting a new business!
3 legal steps to starting a new Raleigh business that many business owners forget are:
- Legal Entity: Many business owners skip this step which means the IRS will automatically see them is a sole proprietor. When a company is small, this can be manageable. But, as a company grows, the business owner will need the legal protection of an LLC or Corporation.
- Funding: Some businesses need absolutely no capital to get started or the business owner may already have money set aside. However, if a business does need funding, it is important to consult with an attorney on what needs to be done to obtain it. In many cases, having a contract for private investors helps secure investing.
- Contracts: No one wants to think about what is going to happen if someone share a trade secret or chooses not to pay, but there is a chance that it could happen. It is important to have a baseline set of contracts, non-disclosure agreements, and employee legal agreements.
Depending on the type of business, there are plenty more things to consider. If you have that entrepreneurial spark and are getting ready to open your business, the Thornton Law Firm would love to help! Call Chad today to set up a free consultation to get a better idea of what your business needs!
