Step by step to your business: The path to professional self-employment does not always seem easy. Formal, legal and personal questions are often unanswered.

Are you not sure which legal form suits your business? Or which official procedures are necessary?

Here comes Part III of our series. You can find Part I here and Part II here.

After Founding Your Business

In order for your business to be successful in the long run, there are a few steps you should take after you have set up your business. You should also think about risk provision for yourself and your employees.

Risk Provisioning in the Company: Insurance

There are a number of insurances you can take out to protect yourself and your employees as well as possible. Below you will find a list of the most important insurances:

1. Business insurances (business and/or professional liability, business contents insurances)

2. Health and long-term care insurance (statutory or private)

3. Pension insurance (statutory or private)

4. Social insurance funds (e.g. construction, painters and varnishers, artists' social insurance fund, etc.)

5. Statutory accident insurance in the employers' liability insurance association

6. Unemployment insurance

7. Occupational disability insurance

8. Financial loss insurance (D&O insurance)

Hiring Employees and Further Training

If you hire employees, the company must apply for a company number from the Federal Employment Agency. In addition, the company must be registered with the health insurance fund and the employers' liability insurance association. It also makes sense to attend and offer further training in accounting, controlling and business administration

Final Check

Here you will find an overview of all the steps you need to take to set up your business successfully and legally:

1. Your business idea and planning

2. Your business plan and financing

3. Full-time or part-time start-up

4. Application to the IHK

5. Approval or other bureaucratic requirements

6. Registration with the tax office

7. Finding a name for your business

8. The legal form

9. The visit to the notary

10. Drawing up the articles of association and list of shareholders

11. Appointing the managing director

12. Paying in the share capital

13. Risk provision in the company: Insurance

14. Recruitment of employees and further training