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How to legally start a business?

If you are considering starting your business, you may be confused and stressed with the prospect of having to make a lot of decisions. Remember that planning a business also requires you to set up your business, so that follows legal government guidelines. Here are a few tips on how to start a legal business.

Prepare a business plan – A clear well thought through business plan will help to serve as a blueprint for your company’s future operations. It will also serve as a document for obtaining capital and financing your operations.

Choose a location to set up your business – Although you may think that starting your business in your home state is best, there can be legal advantages if your business is opened in other jurisdictions.

Obtain financing or other forms of startup capital – Look at speaking to a few financial institutions that will offer you capital to start-up your business. This entire process can take Therefore, it is best to apply to at least three institutions at one given time.

Determine a legal structure for your business – There are many business entities, and they offer different advantages and disadvantages regarding tax implications, governance and legal and procedural requirements.

Register your business – Register your business in the jurisdiction you choose and renew your registration annually to ensure that your company remains legally in existence.

Obtain a Tax ID, licenses and permits – You will have to obtain a tax ID from the IRS, so you establish separate taxation as a business entity. Licences and permits will have to be obtained to operate within certain areas legally.

Entertainment Law: Breaking Down the Billing Aspect of Secondary Markets

Article submitted by Barry K. Rothman.

Early on in one’s career, an entertainment attorney must establish proper guidelines of conduct within early in their careers. Many contend that there is something special and unique about having an artist-lawyer relationship within the entertainment industry. However, those that have practiced in the entertainment industry for a long period of time know that this relationship cannot stem past a client-attorney relationship. Failure to follow this can lead to fiduciary responsibilities that the artist owes to the client.

Billing Concerns

All attorneys that are starting in the entertainment industry are going to be faced with the issue of how to bill their clients that cannot afford to pay your current ongoing rate. Now, unlike most traditional lawyers, attorneys that work in the entertainment industry can create varying fee arrangements with their clients – this can actually work to your benefit. However, in certain instances, nontraditional arrangements can also lead to a breach in both professionalism and ethics if not handled carefully. Be sure that you and the client both agree to a contract that he or she must legally be bound to prior to signing the contract.

Percentage Fee Arrangement

One of the most current forms of billing is to take a percentage fee arrangement from their clients. Now, these structuring fee arrangements require you to be extremely attentive throughout the process. Attorneys that are starting out in the entertainment field must develop acceptable fee and billing practices from a professional and ethical perspective. Remember, your career is on the line when you break tradition so be sure that you understand what structure you are going with and whether or not it’ll be beneficial for you in the long run.

Article submitted by Barry K. Rothman. Just by looking at a few Barry K. Rothman reviews online, you’ll notice how much of an impact Barry K. Rothman has on his clientele and past cases. Contact his firm today to see how he can help you.