This book is the third in the Grow Your Business in a Snap! series.

Startup companies have to act decisively, efficiently and quickly and it becomes difficult to be all three things when faced with the growing workload of a new business venture.

To ensure that you start your business by being legally compliant, this book aims to provide you with the top legal issues to consider when you start a business. 


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The Legalities

1. Taxes

Don’t ignore the taxes. Know the taxes you have to pay. It is a legal requirement to be registered if you are earning money from your business.
Whether you choose to form a sole proprietorship, a partnership, a limited liability company, or a corporation, there are significant tax consequences that flow from each. Don't ignore any tax issue and carefully weigh the tax issues against the non-tax issues, such as which form will best help you operate and grow, or which will make it easier for you to pass along the business to your children.
Some businesses are burdened by taxes and it is crucial that your business is compliant, and satisfying any taxes imposed, as a result of your business entity, all in a timely manner as large fines are attached to late payments.

Have the conversation with your accountant and your lawyer and discuss the following elements as it pertains to your business structure:
• The tax implications and reported requirements of a particular business structure
• What kind of tax returns does the particular business structure you chose, need to file?
• Payroll matters at hand
• Appropriately addressing cashflows - negative and positive income flows (for example, finding ways to use the business’s losses to reduce other taxes)
• Structuring the business to isolate your business risks from your personal assets
• Preparing the business to be sold, in a tax-efficient manner
• Planning for, and putting things in place, then executing, your retirement.

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