Creating a business can appear to be a daunting task. Planning, creation, expansion — business owners often need support and legal assistance to cover new business requirements. Let’s review some of the points that beginner business owners and early employees need to consider.
In Pennsylvania, the Departments of State, Revenue and Labor & Industry are often involved in a business’ official creation. The name must be registered with the state government and often published in the home county’s paper of record for public view. Several employment arrangements require licenses and permits from state or municipal authorities.
- Business structure. Different business structures help guarantee vital issues such as ownership shares, liability and access to financial services. A sole proprietorship must be registered with a unique name, and partnerships need specific documents drawn up for court filings.
- Registration. A business must be registered with the proper authorities so licenses can be approved, important notices can be sent and taxes can be collected. The U.S. Internal Revenue Service (IRS) assigns businesses with an employer identification number (EIN), and the Pennsylvania Department of Revenue may issue a sales tax license.
- Operations. Financial records will need to be kept, which may require storage, software or other infrastructure for your new business. Business plans and loan documents can help raise money for basic supplies and business services.
- Intellectual property. Many businesses rely heavily on unique products, processes or other innovations that require legal protection as the business grows. Patents and copyrights are examples of legal devices that guarantee rights for these innovations, either in the name of an individual or a corporation.
As entrepreneurs consider these points, they are building the basis for a strong new business and its future protection in the marketplace.
Source: Pennsylvania Small Business Development Council, “Business Checklist,” accessed July 28, 2017
