I Want to Start My Own Business Day

Written by N'kia NLN and Xavier Mazza

Did you know that September 11th is I Want to Start My Own Business Day? Starting your own business is an exciting venture, and this day is the perfect time to consider the legal foundations that will set you up for success. Here are five basic legal considerations to keep in mind as you embark upon your new venture:

Choose the Right Operating Structure: Your choice of business entity will affect everything from your personal liability to how you and/or the business pay taxes. Each type involves a unique combination of rights and responsibilities, so it is crucial to choose the one that best aligns with your unique business goals and capabilities.
Execute a Governing Document: Whether an operating agreement for an LLC, a partnership agreement for a business partnership, or bylaws for a corporation, a governing document sets forth the authority and obligations of key people, establishes key operational procedures, and provides a clear framework for making key decisions.
Register Your Business Name (and DBAs): To legally operate under a name other than your own, you will need to register your business name with at least one state. If you use a “trade” name or a "doing business as" (“DBA”) name that differs from the registered name, you will also need to register that.
Protect Your Trademarks: If your business has a unique name, logo, slogan, or other aspect that functions as a trademark, you should consider registering it for government protection. Depending on various factors, you may choose between state-level protection through a state agency and federal-level protection through the U.S. Patent and Trademark Office.
Use Contracts: Written contracts are the cornerstone of any business, governing relationships with co-owners, employees, vendors, and clients. Having an attorney prepare (or at least review) all contracts before you use them can prevent misunderstandings and protect your legal interests.

Addressing the five basic considerations above can help you ensure legal compliance, avoid and overcome legal disputes, and protect your legal interests. Quality legal services can you lay a solid legal foundation for your business. Munson Law Firm is here to help you build as you go. Here's to your future success!

Happy I Want to Start My Own Business Day!