Staying compliant isn’t optional, it’s not like you can opt out of getting properly licensed, staying on top of tax obligations, or ensuring you have the right paperwork through every year you’re in business. The question for most entrepreneurs is what service provider to work with if they can’t afford a lawyer/accountant.
Below we briefly dive into the four main pillars of compliance – licensing, online legal services, business insurance and registered agent services. Enjoy!
This part often requires little explaining, right, because you understand the basic needs to get licensed, get the right permits and get compliant with the so-called, “Tax man.” The question for most is whether to try and take care of these issues themselves, work with a service like CorpNet, or hire a tax attorney.
Under some simple circumstances the DIY approach is viable, but often there are layers of local, state, and federal red tape to deal with. It’s highly recommended that you get help here, especially in the beginning so there aren’t any costly mistakes being made.
We’ve reviewed the best options below to make the decision easier, or go ahead and see what CorpNet offers so you get up and running the right way.
In our ultra-litigious society, the costs of conventional legal advice is extremely high. That’s a fact. Online legal service providers have streamlined the process of getting and filing documents and some, like Rocket Lawyer, provide access to legal professionals at much more affordable rates.
Are they as good as having a legal team? No. But as time goes by the services they provide keep growing and growing, so from basic filing and formation to a huge array of solutions geared towards helping you manage compliance matters.
Please, it’s definitely worth looking into if you can’t afford a lawyer. Dig into our reviews of the best providers or hop on over to Rocket Lawyer and learn how much more affordable specific legal advice is getting in the online space.
A registered agent or service of process provider, acts on behalf of your company to receive notifications from the state and court documents that involve legal matters.
At the end of the day it’s so as a business you can’t ever say, “Wait, I didn’t receive that!” When you work with an independent professional, the costs can be substantial, but these days providers like Incorp can handle it on an annual basis for a small fee.
Each state has its own requirements, many of which are the same, but there are a handful of states that allow you or someone within your company to be the registered agent. Most require a third party though.
As always, the links below lead to further information or you can see the benefits of working with Incorp.
Business insurance is all about risk management. Is it applicable to all businesses of every type? No, not really but it works the same as most other kinds of insurance – pay a small fee to receive substantial help should there be a huge financial loss or your business gets dragged into court.
Small business owners and solopreneurs have the most to gain when it comes to protecting assets and personal money that’s wrapped up in their venture as well.
Whether we’re talking property, legal liability, workers’ comp, key person loss, or life & health insurance for employees, it’s all about adding layers of protection. Our free guide linked below can help you discern if your business is a good candidate, or you can discover the benefits of working with a platform like Insureon.
Will these resources be enough?
They’ll sure be enough to get you started, but ongoing compliance takes a bit more elbow grease to be thorough. They’ll also be able to take tons off your plate so you can focus on bringing your business idea to life rather than red tape and regulations.
What if I have questions?
With Rocket Lawyer you can talk with a business attorney in your area and ask them any questions. Or, you can chat with more general customer services reps with whichever provider you choose. There are also tons of state-based and general services for entrepreneurs around common issues.
Should I work with a lawyer instead?
Yes, if you can afford it. A business attorney is the ideal, but in our ultra-litigious society the costs get extreme quick. This is what’s fueling the online legal services industry because they’ve found ways to streamline the process and cut the prices, however, it’s still ideal to have a lawyer in your corner.
How much can I really DIY?
It depends on the complexity and the amount of time you have. There’s a big difference in the demand for a 100% digital business and a restaurant for example. Compliance managers are awesome, as are email alerts. There’s a fair amount of perks to letting professional services handle this stuff.