*Happy New Year!*
During the first quarter of the new year most individuals decide to go into business for themselves. If this is something you're considering, there are so many decisions and options to weigh.
The following are only some important decisions you may have to make:
What kind of business entity should I be (i.e., LLC, Corporation, Incorporation)? How you are recognized under the state law is important because you are then able to understand what your legal rights and duties are.
Do I need an EIN (Employment Identification Number)? It depends on the type of business you setup. Which types of businesses need an EIN is key to knowing how to avoid future trouble with the IRS.
Who should be my Registered Agent? This is key in understanding that this person is the one who will be receiving all future correspondence for your business. This includes lawsuits.
Do I need a partner? Not all people need a partner depending on the type of business that you will be conducting. Sometimes instead of a partner you just need a contractor or an employee. It is important to understand the needs of your business.
Do I collect sales tax? Not all businesses collect sales tax. If you are a business that is legally required to collect sales tax, then you must do so.
There are so many decisions to make but where to begin?
At the Alvarez Law firm we make it our priority to educate our clients to what legal rights you may have. Let us help you understand your legal rights.
Rachel M. Alvarez, Esq.