legalI’m planning on starting a business soon. I’ve been developing the product for some months now, and am now getting to a place where it’s hard to proceed without getting the legal stuff squared away. I’m very new to it; this is pretty much my first experience with it.
For legal purposes, I will be conducting business in Kane County, IL. My business will be operating Bitcoin ATMs I will have built.
How do I register as a business? I’ve heard I have to register a Doing Business As (DBA) thing. But is there more to registering as a business?
The nature of my business also designates that I will be described under the law as a Money Services Business, as a Money Transmitter. I know I have to register something for that, but is it in addition to the stuff in the earlier paragraph?
And what order do I do this all in?
And if you have any general advice, that would be much appreciated as well.
Thank you so much, it would be such a help if I could get some answers, as I can’t seem to find any straightforward government websites that tell me how to do it.
I’m normally tolerant of people asking legal questions in forums like this, but you REALLY need to hire an attorney to help you with this startup. Don’t even think of taking any actions based on something you read online.
If you are just building a game or something like that then you don’t have any special legal considerations, but if you are doing financial transactions there is a whole world of hurt there if you do something wrong and you have a ton of laws and regulations you will need to comply with.
For what it’s worth, you’ll need to start a company, such as a C corp or an LLC. A DBA is not enough for you.
Yes, a DBA is definitely not for you. The legal ramifications with dealing with financial transactions can end you in a whole bunch of legal trouble. Definitely get the advice of a good business / tax lawyer. You will also most likely have to register within your state as some sort of banking / financial institution. These laws are state specific and probably require a lawyer from your state to understand all the details required.
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