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// PREDICTIVE INTELLIGENCE //
Starting a business :
LEGALITIES AND TECHNOLOGICAL ADVANCES
Freddie-Nicolle Brace , Head of Legal at QCF , considers the important legal factors to take into account when launching a company and the technological systems to take into account in your entrepreneurship and business journey .
TARTING A BUSINESS can
S be an exciting but challenging endeavour that requires careful consideration of several legal issues to ensure compliance and success . Addressing the legalities in entrepreneurship has become a focal point in recent years , with targeted systems and technological intelligence being developed to empower and aid small- and medium-sized enterprises ( SMEs ), which is crucial for fostering a more innovative business environment .
Comprehending the legal framework to launch a business
When setting up a business , you have to first understand the legal structure that governs its foundation . This involves deciding on the best type of business structure – whether it is a corporation , limited liability company ( LLC ), partnership or sole proprietorship . For instance , a sole proprietorship is owned and operated by one person , while a corporation offers limited liability protection to its owners . Different structures have different legal ramifications that impact regulatory requirements , taxation and responsibility .
Let ’ s take a more detailed look at the three key steps you need to undertake when launching a business .
1 . Licences and registration for businesses
An essential first step is registering the company with the appropriate government agencies . Although this procedure varies by country , it usually entails :
• Choosing a distinctive business name
• Submitting the required formation paperwork , such as a corporation ’ s articles of incorporation
• Getting a tax authority Employer Identification Number ( EIN )
• Obtaining any licences or permissions that are necessary given the sector and the area
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WHEN SETTING UP A BUSINESS , YOU HAVE TO FIRST UNDERSTAND THE LEGAL STRUCTURE THAT GOVERNS ITS FOUNDATION .
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