You have decided to take a big step and open your own business, congratulations! Now, for the really hard part, making sure to have all of your bases covered every step of the way.
Once you start your business registration process, you might be surprised at how many other professionals you’ll want to sit down and have a consultation with before you dig too deep. The fact is, unless you are experienced in starting your own business, there will be many complex and technical problems that you will need answers to and you just won’t have time to do your research. That’s where these professionals come in.
First things first, you’ll want to speak to a corporate attorney once the ball starts to roll. Why? Because these attorneys have very specialized skills in areas such as intellectual property law and contract law that you will be able to consult as you start your business.
This means that if you are starting your business as a partnership or corporation, you can consult a corporate attorney and get their advice on how to best structure your firm and how to make a partnership agreement that is fair to all parties involved.
The next person you probably want to meet is an accountant. Business taxes are much more complicated than the personal taxes you are used to. Therefore, it is incredibly important that you consult with an accountant because they can inform you of the deductions you will be eligible for and any other tax benefits specifically related to your business.
Accountants will also be able to work with you to help you set up your taxes, or they can do your taxes for your business. And, since the vast majority of businesses pay estimated taxes on a quarterly basis, those tax bills will be due much sooner than you might think.
Beyond consulting with a corporate attorney and accountant once you start your business, there will be a variety of other professionals you will need depending on how your organization operates.
For example, if your firm is involved in the purchase, sale, or remodeling of any type of property, you will surely want to have a real estate attorney at your disposal. In fact, if you are even considering buying a property on which to build an office for your business, having a real estate attorney review the paperwork is a very smart decision.
From there, you may also want to consider speaking with an equity investment advisor, who can instruct you on how to keep your business and personal income and investments separate so that there are no future tax implications.
Once you’ve consulted with the right professionals who can help you set up your business to run smoothly, the process quickly becomes a much lesser headache down the road.