The first thing we want to do is to put a little disclaimer here about our use of the word "quickly" in the post title. Our intent here is not to encourage you to rush or hurry when creating a new business. Instead, we want to focus on creating a way to make the process a little faster for you and other Minnesota entrepreneurs. As you might expect, planning and preparation are the two major keys in expediting your efforts.
One thing that commonly delays a new business is failing to consider legal necessities in the planning and preparation stage. As business and commercial law attorneys, we can offer you guidance in this area. It is always best to seek legal counsel before you begin planning. However, the following list will provide you with several points that you can think about before your attorney consultation.
- Choose a structure for your business (LLC, partnership, etc.)
- Learn which permits, registrations and licenses you may need to acquire
- Research your business tax requirements
- Take steps to protect intellectual property such as logos, trademarks, etc.
- If you have employees, learn about workers' compensation requirements
- Create a handbook for your business that includes privacy policies
- Develop an accurate method of bookkeeping
When you are armed with the right plan and good advance preparation, you will find that your startup efforts flow smoothly and as quickly as possible. This empowers you to avoid some if not all of the business and commercial law pitfalls that many new business owners face.
Please keep exploring our website and our blog for additional insight into the state's business and commercial law requirements.