You have decided to take a big step and open your own business, congratulations! Now, really comes the hard part making sure that you have all your bases covered during every step of the way.
Once you start the process of registering your business, you might be surprised at just how many other professionals you are going to want to sit and have a consultation with before you get in too deep. The fact of the matter is, unless you are experienced at opening your own firm, there are going to be a lot of technical and complex issues that you are going to need answers to and just don’t have the time to research. That’s where these professionals come into play.
First things first, you are going to want to speak with a corporate attorney once you get the ball rolling. Why? Because these attorneys have very specialized skills in areas like intellectual property law and contract law that you will be able to consult as your business gets started.
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 contract that is fair to all parties involved.
The next person that you are most likely going to want to get a meeting with is an accountant. Business taxes are a lot more complicated than the personal taxes that you are used to. So it is incredibly important that you consult with an accountant because they can inform you on any deductions that 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 get your taxes set up, 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 are going to be coming due a lot sooner than you might realize.
Beyond consulting with a corporate attorney and accountant once you start your business, there are going to be a variety of other professionals that you are going to need depending on how your organization operates.
For instance, if your firm is one that deals in the buying, selling or remodeling of any sort of properties you are certainly going to want to have a real estate lawyer at your disposal. In fact, if you are considering even buying property upon which to develop an office for your company, having a real estate lawyer go over the paperwork is a very smart move.
From there, you might want to also consider speaking with a wealth investment adviser, who will be able to instruct you on how to keep your business and personal incomes and investments separate so as not to run into any tax implications down the line.