Legal Requirements for Running a Business

team having a meeting about starting their companyImagine that you have drafted a business plan and are ready to start a business. Have you handled the legalities of starting and running a business? Some business owners skip the legalities due to ignorance. Here are the legal requirements that you need to complete with a litigation firm like Hobbs Giroday Barristers & Solicitors before running a business in British Columbia:

Business License

You need to get an operating license or permit depending on the location of your business and the industry. You may need to get the licensing on both federal and state levels. The federal licenses apply to any company under the regulation of a federal agency, while the state licenses depend on your business location.

Taxes

Taxes can be local, state, or federal fees and cover the sales, income, payroll, and property tax details. The payable tax of your business will vary according to its structure and the state where you are operating.

Business Name

You need to come up with a unique brand and register it under your name. The brand lets the authorities know the name that you are using to run your business. If you do not have a specific name to use, the company can use the name of the owner. It is important to know that the registered name does not offer trademark protection but is useful in branding.

Business Laws

Different states have laws that dictate the running of businesses and affect both small and large companies. The laws regulate marketing, intellectual property, privacy, and advertising.

In British Columbia, starting and running a business involves some legalities that you ought to observe. You can always consult a litigation firm about the details of running your company to avoid surprises down the road.