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It is both a challenging and an exciting experience to start a business of your own. After carrying out a market investigation, writing a roadmap for your new business and making the decision on the structure that you want your business to have, there are several legal requirements you will need to fulfill. Operating an illegal business or opening one in which you do not meet the requirements that the law stipulates can result to the business failure or even hefty fines and jail term. Therefore, before opening a business you need to review and understand the following legal requirements:
The first requirements that one must fulfill is acquisition of a business permit or license from the relevant authorities. Depending on where you are, you might get them at the federal level or at the state level. Additionally, even when you are the owner of a small business, there are some legal requirements that will apply to you as well as to the large corporations such as intellectual rights, marketing and privacy laws. You should never break these laws despite the size of your organization.
You will also need to have a business name before acquiring the license to operate in the chosen place. You will have an opportunity to register the business under a fictitious name or you may register it as ‘Doing Business as’ so that your local government can know the name in which you are operating under. The name is useful for branding purposes but it does not provide trademark protection. You will also be required to pay federal taxes or state and local taxes where applicable. It is, therefore, evident that when opening a business, there are a lot of legal forms, reports and details that you will need to work through so as to remain compliant.
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