Start your own business? Check with these professionals first

You have decided to take a big step and open your own business, congratulations! Now, really comes the hard part: making sure you have all the bases covered every step of the way.

Once you begin the process of registering your business, you may be surprised how many other professionals will want to sit down and have a consultation before you dig too deep. The fact is, unless you have experience starting your own business, there are going to be a lot of technical and complex issues that you need answers to and you just don’t have time to research. That’s where these professionals come in.

First things first, you’ll want to talk to a corporate attorney once you get rolling. Why? Because these attorneys have highly specialized skills in areas such as intellectual property law and contract law that you will be able to refer to when starting your business.

This means that if you are starting your business as a partnership or corporation, you can consult a corporate attorney and get their advice on how to best structure your company and how to make a partnership agreement that is fair to all parties involved.

The next person you’ll probably want to meet with is an accountant. Business taxes are much more complicated than the personal taxes you are used to. Therefore, it is incredibly important that you consult with an accountant because they can tell you about the deductions you will be eligible for and any other tax benefits specifically related to your business.

Accountants may also work with you to help you set up your taxes, or they may do taxes for your business. And, since the vast majority of businesses pay estimated taxes quarterly, those tax bills will be due much sooner than you think.

Beyond consulting with a corporate lawyer and accountant once you start your business, there will be a variety of other professionals you’ll need depending on how your organization operates.

For example, if your firm is in the business of buying, selling, or remodeling any type of property, you will want to have a real estate attorney at your disposal. In fact, if you are even considering buying property on which to develop an office for your business, having a real estate attorney review the paperwork is a very smart move.

From there, you may also want to consider speaking with a wealth investment advisor, who will be able to instruct you on how to keep your business and personal income and investments separate so you don’t have future tax implications.

Once you’ve consulted with the right professionals who can help you set up your business to run smoothly, the process quickly becomes much less of a headache down the road.