Taking the proper steps to start a business provides your budding venture with a wide range of benefits. To launch your efforts successfully, it’s important to consult with experts who can ensure the formalities are properly executed.

Sometimes, when individuals first get started on an exciting opportunity, they are tempted to put off the legal and accounting concerns that come with it. This is understandable, but ill-advised: By dealing with the details right away, you strengthen your chances of success.

Let’s look at some important things new entrepreneurs should know.

Starting Your Business Provides You With Crucial Tax Benefits

One of the first steps to getting your enterprise off the ground is selecting the structure of your business. “Self-employed” status should be considered for only the most modest ventures. In most cases, you will want to establish a corporation. In Florida, you have the option of a Limited Liability Company (LLC), C corporation, or S corporation, all with specific features.

A corporate structure obligates you to deal with quarterly reporting and some tax burdens you may not otherwise have. That said, it reduces taxation overall, especially for profit disbursements to your shareholders – including yourself. It also provides extended protection against liability, shielding your personal assets in the event your company is sued.

Starting a Business Protects Your Brand and Intellectual Property

Virtually everything you create in hopes of profit is “copyrighted” to yourself, without additional steps. When it comes to success in a crowded, competitive market, however, it’s best to go a bit further. Incorporating helps ensure that no other similar-named enterprise is operating in your state, so you’re less likely to have your business name and branding challenged.

Your formal structure also protects your most important asset: intellectual property. Once your new firm is in operation, any information, technologies, or even artistic pieces you generate in that context “belong” to it. This makes it easier for you to defend your proprietary rights and makes it clear when items were developed for profit, not as a hobby.

Starting a Business Helps You Write Off the Costs of Getting Started

On the day your paperwork is done, you can start writing off commercial expenses. By establishing a company bank account, you create clear separation of your assets from those of your brand – which makes it much easier to trim your tax obligations. For example, it ensures you won’t accidentally pay hefty payroll taxes when buying supplies.

As long as you’re making a purchase for a commercial expense, you can buy from any legitimate vendor or contractor. It’s not “who” you’re buying from, but “why” you’re doing it, that determines whether an expense is acceptable. This can save you thousands of dollars – especially in the early stages of your venture, when you may be investing heavily in advertising or technology.

Starting a Business Makes You More Credible to Potential Investors

Although some people spend months or years carefully saving up for their startup costs, this is not the only way to go. Many entrepreneurs seek funding in the community or connect with “angel investors.” These venture capitalists can provide crucial funding, but like to see their investments fully protected. Taking steps such as launching a corporation, developing a written plan, and performing market analysis can help in attracting capital investment.

Thousands of brand new businesses launch in Florida every year and yours can be one of them.

First Legal

No matter whether you need a Business Formation Attorney in Miami-Dade, Florida, or the Business Formation Lawyer Broward County residents trust most, contact First Legal from anywhere in the Sunshine State. We’re looking forward to helping your business succeed.

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