Starting a New Business
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What Should I Consider When Starting a New Business?
When starting a new business, it helps to take several considerations into mind. Careful planning can minimize initial start-up costs and can also prevent legal conflicts. Some issues to address when starting a new business can include:
- Creating a viable business plan, taking into consideration issues such as financing, budgets, loans, future growth, and conflict management
- Choosing the correct business structure, such as a partnership or a corporation
- Fulfilling zoning requirements to avoid fines or citations
- Protecting intellectual property by filing for trademarks, copyrights, and patents
- Filing all other relevant paperwork and fees
By far the most important aspect when starting a new business is to have a solid business plan in place. This can form the basis for other aspects of the business, such as incorporation documents and bylaws. Also, the business plan can inform the company members about the direction and aims of the business.
Are All “New Businesses” Actually New?
In some cases, a “new business” might not be a completely new business. Sometimes, a company or business might launch an operation and call it a new business, when in reality it might just involve:
- New management
- Reopening of a business that had been closed for a while
- An opening of a new storefront in an existing business franchise
- Combination (merger) of two existing businesses
This is important, as there may actually be less paperwork involved if the new business is already in existence at another branch. Also, issues such as customer loyalty may be affected if the name of a business changes but the product or service remains the same. These types of “new business” labels should be clearly indicated to the public consumer base. This can also help avoid lawsuits and other conflicts regarding advertising and marketing.
What Are Some Legal Issues Associated with New Businesses?
New businesses can be particularly susceptible to specific types of legal issues. These issues include:
- Breach of contract, as starting a business may involve cooperation and contracts between many parties that does not always go smoothly
- Conflicts regarding start-up loans, financing, and capital can also cause delays due to legal proceedings
- Hiring/staffing issues
- Disputes over member rights and duties
A business conflict may lead to legal remedies such as a damages award for economic losses, or an injunction order. In serious cases, a business violation may lead to a loss of operating license or a denial of an application. Thus, it is important to research state and federal laws in order to ensure full business compliance with regulations.
Should I Hire a Lawyer to Help Me Start a New Business?
Starting a new business can be a challenging endeavor, even for smaller operations. You may need to hire a business lawyer in your area if you need any assistance with a new business. Your attorney can help you research the laws in your state to ensure that your business is meeting all requirements. Also, if you need to file a claim in court or file a lawsuit, your attorney can help with that process as well, and can represent you during court meetings.
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Last Modified: 06-17-2015 09:26 AM PDT
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