Question

Assume you are starting your own business as a sole proprietorship. What are some of the legal requirements you would be interested in researching? Obviously, there are many areas of interest to a business person including personnel, taxation, insurance, liability, and filing requirements

Answer 1

While starting our own business it was important to have some legal requirements which will be helpful in the future. Firstly, our business should be registered by the company name through some online services. Name registration is an important criterion because some other business has the same name and we also decided to approve on that name it will be illegal without name registration our business will not be approved. Business owners should apply for the license in our organization name. If our business had important and exports it was mandatory to take the international license without this we cannot to trading. To sell our products also it was important to have a business permits

Another important thing was to apply for the insurance because insurance will more helpful because at sometimes our business will be damaged by fire accident, damage due to some circumstance caused by nature, or our products will be stolen by someone these are some of the circumstances where we can claim the insurance and can get back our property amount and this insurance should be paid every year to claim. It was important to pay state and local taxes because I started my business as a sole proprietorship and these kinds of taxes would be different from one state to another state. If in our business there are employees it was a criterion to pay the state unemployment tax. According to my business these are more important legal requirements to start the business.