Many people will tell you that all you need to start a business is motivation and a great idea. There’s a lot more to it than that, and however great your idea and however strong your motivation, you won’t get anywhere without taking care of the legal side of things.
Here are some tasks you need to prioritize at the start:
#1. Registering your business
Do not be tempted to start selling until you have registered your business entity in Oklahoma. Registering your business, whether it’s a simple LLC or a highly complex corporation, gives you legal permission to sell services and goods in the state. To register your business, you’ll need to choose your business structure and business name and file the appropriate paperwork. Registering doesn’t take long, but skipping this task can have costly consequences.
#2. Getting permission
Who do you need permission from, and what do you need permission for? That all depends on your intended line of business. It can range from professional licenses to local authority certifications to federal permits. Yet, proceeding without them could lead to fines or the immediate closure of your company before you’ve had a chance to get going.
#3. Contracts
You are going to need plenty of these. If you are starting the business with anyone else, that’s probably the first contract to take care of – a document detailing your partnership. Taking on employees and dealing with clients or suppliers will also require detailed legal agreements.
You cannot overstate the importance of getting the legal side of setting up a business right. That’s why most business owners get legal help to do it.