First things first – your startup needs a name! This may seem a silly and frivolous task, but it may be the most important decision you make. The name of your business has a tremendous impact on how customers and investors view you, and in today's small world, it's a world-wide decision.
Whenever you're starting a business, whether you'll be working from home or setting up a store on Main Street, there are a number of legal considerations to explore. The specific licensing requirements vary state by state, as well as by business type.
When choosing an operating entity for a company, it is very important that we thoroughly research the options available. Your business can be a sole proprietorship, a partnership with someone else, a single member LLC, a pass-through entity like an S Corporation or it can be a C corporation.
Considered the simplest business structure, the sole proprietorship is owned and operated by one person, and there's no legal distinction between the owner and the business. It's 100% legal for an entrepreneur to operate as a sole proprietor, but that doesn't necessarily mean you should.
You may not think your company needs extra oversight, but even a small business can benefit from the guidance and structure a board can provide. As long as your board is made up of the right people, the same will hold true for you.
Creating a fresh and friendly work environment not only makes the work day more enjoyable, but it can also stimulate productivity. Adding a little personality to any office space can make a world of difference on how your business appears to both employees and customers.
If you've created a formal business structure for your business, then you know you've taken a big step toward protecting your personal assets and setting the foundation for your business. But you might be wondering what's next.
While many startups consider themselves too small for incorporation, this couldn't be further from the truth. Here are three methods to consider when incorporating your business:
For the small business owner, there's typically little separation between business and personal. You bring your work home (or you may even work from home). You've probably invested your own money in the business, or skipped a pay check or two to keep the business going.
Starting a business involves a great deal of filling out and filing the appropriate paperwork to get up and running. A lot of it is fun to work on—picking a business name, logo, color scheme and location—but there's also plenty of legal work that new small business owners need to think about.