How to Incorporate a Business
There are many steps you should consider prior to starting your own business and key among them is to form the appropriate legal entity that best matches your current needs as well as allows for eventual expansion should you wish to do so.
If you are working with an existing attorney who has expertise in this area by all means continue this relationship, but many have found it is both appropriate and cost effective to deal with attorneys who specialize in working with small start-ups.
Make sure to check out our list of franchise businesses appropriate for boomers, seniors and retirees by going to our start your own business franchise list.
If you are working with an existing attorney who has expertise in this area by all means continue this relationship, but many have found it is both appropriate and cost effective to deal with attorneys who specialize in working with small start-ups.
Make sure to check out our list of franchise businesses appropriate for boomers, seniors and retirees by going to our start your own business franchise list.
Forming Your Legal Entity
Once you have decided on a name, you should determine the best form of legal entity for your business. There are many choices, including forming a C or S corporation, forming a partnership of limited liability company, or operating as a sole proprietorship.
We have several tools to assist you in making that decision and once you decide, we can help you form your entity with minimal investment of time and money. If you have a complex or unusual business, you will be best served by retaining a good attorney and tax accountant at the outset.
If you are a sole proprietor or general partnership conducting business using a special name that is different from your own name, then you must file a DBA. The same is true if you have incorporated or formed a limited liability company (LLC) and are operating the business under a name that is different from the name of the company or LLC. DBAs are filed at the state or county level.
There is no real difference between them and they all serve the same purpose: to provide notice to the public of the true owner of a business when the identity would not otherwise be known from the name of the business itself. To accomplish this, many jurisdictions require that the FBN be published in the legal notices section of a newspaper meeting specific requirements over a specified time period.
We have several tools to assist you in making that decision and once you decide, we can help you form your entity with minimal investment of time and money. If you have a complex or unusual business, you will be best served by retaining a good attorney and tax accountant at the outset.
If you are a sole proprietor or general partnership conducting business using a special name that is different from your own name, then you must file a DBA. The same is true if you have incorporated or formed a limited liability company (LLC) and are operating the business under a name that is different from the name of the company or LLC. DBAs are filed at the state or county level.
There is no real difference between them and they all serve the same purpose: to provide notice to the public of the true owner of a business when the identity would not otherwise be known from the name of the business itself. To accomplish this, many jurisdictions require that the FBN be published in the legal notices section of a newspaper meeting specific requirements over a specified time period.
Developing a Written Business Plan and Setting Your Price
While you probably have an idea of the business you want to operate, committing to putting it in writing by creating a formal, written business plan will almost certainly be an exercise that yields rewards far in excess of the time you spend in doing it. Understanding and analyzing the market need for your product or service and tailoring your offering to meet that need is crucial to building a financially successful business.
An important part of your business plan is deciding what price to charge for your product or service. Carefully study the prices charged by competitors and understand what additional value customers would be willing to pay. You must also, plan for the cash needs of your business now and at intervals in the future to avoid surprises that are costly or even fatal for your business down the road.
An important part of your business plan is deciding what price to charge for your product or service. Carefully study the prices charged by competitors and understand what additional value customers would be willing to pay. You must also, plan for the cash needs of your business now and at intervals in the future to avoid surprises that are costly or even fatal for your business down the road.
Naming Your Business
Once you have decided to start a new business, you will need to select a name. Before you invest too much in name, you should do a search to make sure it is not already in use in a way that could create a conflict between another business and your own.
If you are forming a corporation or limited liability company, your legal entity may be the same name as the business name. If it is a different name, or if you are a sole proprietor and using a fictitious name for your business (that is, a name other than your own), you will need to register a Doing Business As name with the state or county in which you intend to operate.
It is also a good time to obtain a URL for your web site with your name (or something close that customers can use to find you). You should also take additional steps to protect your name, including possibly filing for trademark protection.
If you are forming a corporation or limited liability company, your legal entity may be the same name as the business name. If it is a different name, or if you are a sole proprietor and using a fictitious name for your business (that is, a name other than your own), you will need to register a Doing Business As name with the state or county in which you intend to operate.
It is also a good time to obtain a URL for your web site with your name (or something close that customers can use to find you). You should also take additional steps to protect your name, including possibly filing for trademark protection.