If you’ve got a great idea for a startup, you’re probably excited to get the ball rolling to see your innovation turn into profit. But great things don’t happen without a little planning. One of the biggest things many startups overlook is taking the time to plan for important legal considerations.
Betsy Larson is an experienced business attorney located in Lakeville who can help you get your business started on the right foot. Our team at Betsy Larson Law has put together this helpful guide to walk you through some of the most important legal considerations to take into account when it comes to your startup business.
1. Choosing the Right Legal Structure.
When you’re starting a new business, you need to make sure you choose the right legal structure for your organization. This means determining if your business is to be a sole proprietorship, an LLC, or a corporation.
The type of organizational structure you choose has very real implications for your fundraising possibilities, investors, loans, and tax liability. It can also impact your liability as the person behind the business. Betsy Larson can look over your plans and help you determine which of these structures will work best for your company.
2. Making Sure You Have the Right Licensing.
When it comes to getting your startup off the ground, failure to obtain all of the right permits, licensing, and registration can cause serious legal problems for you and your organization. Your company’s zoning, business type, and organizational structure will all play a role in determining the kinds of business licenses you will be legally required to hold.
These permits can include everything from building permits to foodservice licensing. Betsy Larson can help you determine which licenses you need to keep up with legal requirements on the local, state, and federal levels.
3. Handling Money Matters.
One of the biggest ways new startups get into trouble is by not handling their money matters in accordance with the law. Betsey Larson can make sure you understand what kind of documentation needs to be handled to keep your business in compliance with legal regulations.
She understands state and federal security laws and can help you avoid future legal troubles by guiding you on how to stay in accordance with them today. She can also help you understand how your organizational structure plays into your tax obligations.
Minnesota Small Business Legal Services
When you’ve got a great idea for a business, you shouldn’t leave anything to chance. Whether it’s protecting your intellectual property or keeping up with tax regulations, Betsy Larson can give you and your organizational team the guidance you need.
We offer a wide range of business law services. From contract drafting to understanding employment law, Betsy Larson Law Office in Lakeville can help. To find out more about how Betsy Larson can help you get your business started, call our office at 612.356.2870, or contact Betsy Larson by email.