Are you wondering what legal steps are required to start up your own company?
Or which legal form to choose for your new startup company?
Does legal jargon or procedure worry you?
I understand how all this can be frustrating, especially that lawyers and legal auditors would normally only give you the different options, without talking the business decision for you. Commonly, they’ll let you decide based on your business judgment.
If you are like most of the entrepreneurs starting a new business, this will make things even worse.
It’s totally normal, don’t panic Take it easy, one step at a time.
Seek progress rather than perfection.
First, figure out what you want for your business, and look for the legal structure that’s most aligned with your purpose.
Like what you’ve probably heard before, there isn’t a magic key or perfect business structure. Each business form has its pros and cons. Make sure that you at least understand this and most importantly, how it will impact your own startup, especially from tax and liability perspectives.
A golden rule would be to start small. Keep it simple.
The business structure role is not to impress anybody or make you shine. Some positions like a (CEO or Chairman) look or sound tempting. Don’t fall into this ego trap. Just stick to what reduces your risks and makes your life easier on a day to day basis.
This is a list of questions and steps, that will give you more clarity on what’s legally required and what you need to think about when you start your own business (which may vary from one country to another). You definitely need to talk to a corporate lawyer and a legal auditor who is licensed in the jurisdiction where you want to start up your new business.