What's Needed to Set Up A Marketing Agency Legally

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Are you ready to officially set up your marketing agency? There are a few key elements you will need to get started. Today, I have laid out a step-by-step guide on what is exactly needed to start your marketing business.

1.Form a legal entity
This is needed to cover your business in case of being sued. If you lose a lawsuit you might have to:
Take money out of your business
Lose personal assets: car or house
There are different types of legal entities:
S Corporations
C Corporations
Partnerships
LLC
Sole Proprietorship

2. Setting up taxes
It’s important for your business to comply with federal, state, and local tax laws. What you’ll need is:
Tax Identification Number
Employee Payroll Tax & Filing Requirements

3. Hire an accountant
You’ll want an accountant to take care of time consuming tasks like taxes and to help manage payroll and other small business accounting.

4. Open Business Bank Account
If your a smaller business a local community bank might be a good fit for your business. Make sure to check out all of your options.

5. Obtain Necessary Permits and Licenses
Business licenses and permits can range from general to more specific depending on your business. Business-related licenses and permits are issued at all levels of government -- federal, state, and local.

6. Get Business Insurance
Ensures coverage for a major and costly event like an accident or a conflict with a client.

Are you ready to get started in setting up your business?
Sources:
https://www.xero.com/us/resources/small-business-guides/accounting/when-to-hire-accountant/
https://www.entrepreneur.com/article/58326

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