How you want to start a business and follow the legal?
How you want to start a business and follow the legal?. There are different ways to start a business, such as sole proprietorship, incorporation, franchising, or mergers and acquisitions. It is important to choose a method that fits your business plan.
With the prospect of obtaining financing, you can begin the procedure of setting up your business. In addition, depending on the subject matter, procedures such as permits, Approvals, Registrations, designations, applications and certifications may be required.
How you want to start a business and follow the legal process
For example, if the business operates as a restaurant, you need a restaurant license issued by the Ministry of Health, and if you sell alcohol, you need a liquor license issued by the Ministry of Taxation. Check first.
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Starting a business as a sole proprietor
To start a business as a sole proprietor, all you have to do is file a "Registration Form to Open or Close a sole proprietorship" with the IRS within one month of starting your business. There are no costs associated with this.
Even if you're filing a blue print return or hiring an employee who pays your salary, you have to file a return. So if you fall into these categories, you'll have an easier time going through the process with a business startup declaration.
Starting a Business
If you want to start a business, you will need to go through the procedures at the notary, legal, tax, pension and labor offices.
- The memorandum and articles of association must be notarized.
- Register the company at a law office.
- File a form with the IRS to register the formation of a limited liability company.
- Apply for health and pension insurance at the Pension Office.
- Report for labor insurance to the labor inspectorate (when you hire an employee).
The above work can be done by a private person, but you can also use the help of a professional. If you contact an accountant with solid experience from the start, you will not only be able to focus on the business, but also get advice on bookkeeping after the business is open.
How to Start a Franchise Business
Franchising is a system in which a franchisee company gets the right to use a brand or product from the head office and pays the head office a fee in return. Typical examples are the convenience store sector and the restaurant business.
It is possible to leverage systematic management expertise and brand power from day one and open a business with relatively low start-up costs.
However, license fees are high, and there is also the disadvantage of lower net profits if sales fall below expectations. In addition, the franchise agreement may not be easy to terminate, and you may have to pay a high penalty fee. So before you decide to start a franchise business, find out the details of the agreement beforehand.
How to create a business through mergers and acquisitions
This is a way of buying a business and creating a company. This practice is common for large companies, but it is becoming more common for small and medium-sized companies as well.
In some cases, a company is inherited that is about to close due to a lack of successors. In the case of mergers and acquisitions, the acquisition of an existing company from the outset is characterized by the prospect of increased turnover and profits.
In addition, human resources and know-how can be used without change, thus avoiding the need for initial investment when creating a new company. Mergers and acquisitions in the form of a merger, division of companies, transfer of shares, exchange of shares, etc. must be applied for registration at the law office.