Launching a New Business – Avoiding Regulatory Pitfalls
In times of economic uncertainty, industry shifts and changes pave the way for new business ventures and start-ups. Many entrepreneurial-minded individuals are capitalizing on such uncertainty, choosing now as the time to launch their new business. According to the Boston Business Journal, “new ventures are incorporating, as the reality created by the pandemic not only shapes new needs, but provides a distraction-free environment to work on key aspects of launching a business."1
LicenseLogix (LLX) is uniquely positioned to assist founders and start up teams with new business formations and registrations across all industries. We understand and guide our clients from incorporation to business license application prep, filing, and coordination with government authorities to ensure your business launches with full compliance. LLX also offers rapid research tools to help those unsure of their license obligations to identify and fulfill their license compliance requirements.
Entrepreneur.com forewarns new start-ups can expect to suffer consequences from poor license compliance stating a failure to comply from the outset of business formation is one of the most common mistakes new entrepreneurs make.2 LLX often sees such consequences as: fines, back taxes, and loss of public reputation. Some businesses have trouble navigating these consequences and may even risk operational shutdown. One way to mitigate the risks associated with non-compliance is through LLX’s outsourced business licensing solutions. These solutions allow entrepreneurs to focus on growing their new enterprises while LLX handles all of the business’s license compliance needs.
While license compliance is a key requirement for any new business, LLX also understands there are additional services outside the licensing realm that can greatly benefit new business owners. Our robust strategic relationship channel enhances LLX experience with other critical business startup necessities.
LLX’s partnership with CCH Services, a division of Wolters Kluwer, allows our clients to outsource tax compliance and reporting obligations, enabling founders to leverage the extensive state and local tax knowledge and processes of CCH Services. CCH Services also offers specific solutions to address all your Sales and Use Tax needs:
- Know where to collect – Sales Tax Nexus
- Accurate Calculation
- Reporting – Interactive Data Tools
- Prep/File/Remit Taxes – In-house or Managed Service offerings
We have also aligned with Chase Merchant Services -serving thousands of small business customers in all major industry categories by assisting with payment processing solutions. While LLX concentrates on our core licensing strengths, Chase Merchant Services and its payment platforms support businesses of all sizes to process payments, including credit, debit, and digital, alternative, mobile payment options.
Whether you need license compliance guidance, sales tax registration and sales tax return support, payment processing services, or are simply an entrepreneurial-minded individual hoping to launch a new business in these uncertain times, contact us to learn how we can help navigate the startup landscape!