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Be sure to meet these 7 legal requirements before you begin your search for investors. Here are the best how-to resources to help you check these off your list and focus on what’s important… building your business!
- Choose your legal structure
- Get your legal team in place
- Register your business name
- Obtain proper licenses and permits
- Get a federal business tax ID number (EIN)
- Set up a business bank account
- Protect your intellectual property
Choose your Legal Structure
Get your Legal team in place
The American Bar Association put together some resources to assist in finding a lawyer, but often the best route is to ask friends and colleagues in the space. Be sure to find a lawyer that is knowledgable about your needs and understands your goals.
Register your Business Name
Obtain proper licenses and permits
In addition to local business licenses or permits, you will need to:
Get a federal business tax ID number (EIN)
You can get your business a federal business tax ID number (EIN) immediately if you apply online. Foreign of offline applications may take longer.
Set up business bank account
The requirements to open a business bank account varies dependent upon the type of legal structure your company has in place.
Protect your Intellectual Property
Here are some resources to learn more:
- You can apply for a copyright online through the eCO system.
- The United States Patent and Trademark Office (USPTO) provides some valuable resources on the trademark filing process.
- The USPTO created a comprehensive resource explaining the patent process.
