9. Know the legal requirements for starting a small business
Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.
From forming a legal structure to setting up an accounting system, you must follow laws. You need to register the business with your state. You must also take care of business-specific tax liabilities. And as you hire workers, you need to follow employer laws.
The rules that apply to you depend on your state, business structure, and industry. Consider talking to a small business accountant as you set up your company.