You’ve decided to start a business – congratulations! As you bring your ideas to life, take steps to lay a strong foundation for your company. Intentionally tending to key tasks will set your business on a firm path as you prepare your business for growth.
YOUR BUSINESS NAME
As you consider various names for your company, invest research into whether other companies share the same or similar names. A strong, unique business name sets your business apart, and creates a commercial impression in the minds of the customers you are trying to reach. Even if you are not prepared to trademark your name at this time, research your local and community business names for similarities, and conduct a preliminary search on your Secretary of State website to find out whether the name you wish to use is available. Once you have committed to your business name, begin using it on your advertising, signage, printed materials, products, and online marketing. Begin building a strong reputation behind your business name, and hire a business law firm to file your trademark name registration as soon as possible.
MAKE IT OFFICIAL
After selecting a business name, make your business formation official by electing your business tax structure and entity type. Some of the most significant steps to take at this stage include requesting an EIN, registration with the Secretary of State, and selecting the business entity type under which you will operate.
The entity structure you select depends on a number of factors including how many managers/owners there will be, decision-making procedures, and taxation preferences. Understanding the implications of the entity structure you select is vital as you establish your business, and can have significant consequences if the requirements of the structure you chose are not followed. The most common entity structures include Limited Liability Company, Sole Proprietor, Partnership, and Professional Corporation. Speaking with a small business lawyer can help you determine the best structure choice for your company.
SET THE WHEELS OF YOUR BUSINESS IN MOTION
Once you officially have your business structure in place, and have claimed your business name, create a plan that moves you towards opening day. Anticipate the initial expenses you will face and determine whether you can fund the initial costs, or will need financing. One of the most significant costs to new business owners is the investment in location. Your business space may include an office, warehouse, or storage. Do you need to rent space, obtain company transportation, hire staff, order inventory, or buy equipment? Identifying the tools you need for the day-to-day function of your business is essential to maintaining a realistic grasp of how quickly you can open, and whether you are more likely to need funding upfront, or need to consider financing before your business begins to produce profitable income.
At Behrends Legal, we look forward to learning more about your business goals, and helping you create a plan to achieve them! Reach out today for your legal support needs. 970-578-9455.
This article is for the purpose of information only, and does not represent or create a client-attorney relationship. Please call Behrends Legal if you need legal advice for your business.