The process of starting a business can require quite a bit of paperwork. While some of this paperwork is relatively simple and can be done on your own, other paperwork that must be filled out is complicated and will require the assistance of an attorney. Even if you are able to fill out the paperwork on your own, it is a good idea to have an attorney review it to ensure that you have properly filled out the correct paperwork and do not run into problems down the road. Here are the basics of the paperwork you may be required to file to launch your own business.
What is the function of the paperwork?
The paperwork that is required to launch your own business serves many purposes. Some of this paperwork is meant to inform your local and state government officials that you are starting a new business. Other paperwork is required to ensure that you have a successful launch of the company and that the organization of the business is properly set up. In addition to the required paperwork, there is also non-required paperwork, such as a business plan, that should be filled out as they are integral to the current and future success of the business.
What types of paperwork do you need to fill out?
When attempting to start a new business, there are a variety of types of paperwork that must be filled out. Each of these types of paperwork serve a specific purpose. Some of the types of paperwork that must be filled out include licensing and permit paperwork, Employer Identification Number application, and business bank account request. Occasionally, special forms are required to choose a business structure. If you are registering a new name for your business, you will be required to complete paperwork for business name registration. To set up insurance for your business, you will be required to complete a business insurance application form.
What is the time frame for the paperwork?
The time frame to fill out and submit the paperwork depends on what it is for. While some paperwork must be submitted prior to any business being conducted, other paperwork can wait until after the business has opened. Paperwork such as a business license, any required permits, insurance, or name registration must be submitted prior to any business dealings being done. However, paperwork required for incorporation or to set up a business bank account can wait until after it is up and running. It is best to take care of sales tax and Employer Identification Number paperwork prior to operations commencing but, if for some reason that is troublesome, the business can open first without any penalty.
Why you should use a lawyer for your paperwork
When starting your own business, a lot of the paperwork can be done on your own with little trouble or confusion. However, other paperwork will likely require the assistance of an attorney who has the experience of filling out such paperwork. Some of these situations include forming a partnership or forming a corporation. Even if you are able to fill out all of the necessary paperwork on your own, it is a good idea to meet with an attorney to review the paperwork ensuring that it is all filled out correctly and that you are not missing anything.
Misconceptions of business paperwork
There is a common misconception that if you are operating a home-based business or online business that much of this paperwork does not apply to you. On the contrary, even these businesses will be required to fill out a certain amount of paperwork. To make sure that you are filling out all the required documents, you should contact your local county clerkâs office or department of licensing and inspections prior to opening the doors of your business. In many areas, a licensing and registration application will need to be completed, regardless of whether the business is in a commercial building, home-based, or online.
To start a business, regardless of the type of business, a certain amount of paperwork will be required. Failure to file any required paperwork could result in stiff penalties. To ensure that you are filing out all the necessary paperwork and doing so correctly, come visit the experts at France Law Firm for help.
