In most cases, you’re going to need the services of a lawyer for your startup, perhaps for tax services or employment law compliance. At Tsang & Associates, we can assist you in setting up a business that maximizes profits and minimizes liabilities.

The laws that apply to start-up businesses differ based on the specifics of the situation, and even business people who decide to go it alone have options to protect themselves from personal liability for business debts and obligations. Having an experienced attorney to guide your Start-up can:

1. Minimize your risk of personal liability
2. Provide knowledge on specific laws and regulations that apply to your business
3. Understand tax advantages and disadvantages different business forms provide
4. Help with registering, licensing, and permits
5. Professional review of contracts and agreements between partners, investors, and employees

What types of licenses would a small business need and where do I get them?

The business licenses and permits that a small business will need will vary depending on the business industry and the location of the business. Business licenses and permits are issued at the federal, state, city, and/or county levels. You can check to see if you need an EIN and apply on the IRS website. Depending on your business industry, you made need other federal business licenses as well.

What will my tax obligations be for my business?

It is imperative that you keep good records. You should also be sure to keep your business and personal taxes separate. Businesses can also deduct certain business expenses, which can lower the taxes your business owes.

What are my options for legal structures for my business?

The available legal structures for businesses include sole proprietorships, partnerships, limited liability companies, and corporations. Each type of structure will have its own requirements for formation and maintaining status. The tax status and owner’s personal liability will also vary depending on the type of business structure.