Accounting and Legal Considerations in Business Ownership

If you’ve just purchased or launched or are about to launch your business, congratulations! With your launch, you’ll need to get on top of the accounting and legal considerations that come along with owning a business.

Learning about and dealing with the accounting and legal issues that come with starting or buying your venture before you make the buying decision can help you go through these processes correctly and efficiently. You will also reduce the likelihood of making costly and time-consuming mistakes that can delay or negatively affect your plans of opening your business.

As an EIM member you will be provided with information on legal considerations by our affiliated sponsors through our content library and can contact them for help when needed.

Some Legal Considerations

  • Choosing the legal structure of your business
  • Trademarking and Licenses
  • Zoning laws
  • Health and safety laws
  • Insurance
  • Confidentiality and non-disclosure

Some Accounting Considerations

  • Open a business checking account
  • Track your revenue and expenses
  • Develop a bookkeeping and payroll system
  • Investigate tax considerations
  • Determine how you will get paid
  • Consider retirement plan alternatives
  • Establish sales tax procedures

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