Start your own business? Consult with these professionals first

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

Once you start your business registration process, you might be surprised how many other professionals will want to sit down and have a consultation before delving too deep. The fact is, unless you have experience starting your own business, there will be many complex and technical issues that you need answers to and simply don’t have the time to research. That’s where these professionals come into play.

First things first, you’ll want to speak with a corporate attorney once you get rolling. Because? Because these lawyers have very specialized skills in areas like copyright 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 will also be able to work with you to help you file your taxes, or they can do the taxes for your business. And, since the vast majority of businesses pay estimated taxes on a quarterly basis, those tax bills will be due much sooner than you might think.

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

For example, if your firm is involved in the purchase, sale, or remodeling of any type of property, you may want to have a real estate attorney available to you. In fact, if you’re even considering buying property on which to develop an office for your company, having a real estate lawyer 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 there are no 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.