Legal Aspects Of Setting Up A Business
The great challenge in
setting up a business is taking that great idea and making it a
reality. All too often an idea never gets going because you get
stuck on how to get to the get step. Creating a business is
easy, working at it and making it a success is far more
difficult.
How do I start my
business?
You must decide on what you want to do and
see what competition is in you business area. Sit down with a
lawyer and/or an accountant to determine how much money you will
need to get your new business of the ground and running. Most
likely they will work with you on a business plan that maps out
the different aspects of your business and financial needs.
What kind of business
entity should I form?
There are numerous type of business
entities, from an LLC, Close Corporation, Partnership, Sole
Proprietorship to name a few. Each has their own advantages and
disadvantages. Your attorney and accountant will look at your
business and propose the best business type for you.
How to select a name?
You can do a national check on registered
names and trademarks. You can also call your local state
corporations office and check name availability. Many states are
now on the internet and you see if your business name is
available.
Do I need insurance?
The safest thing anyone can do is have
business insurance. It can provide you with a wide variety of
coverage that can protect you and your personal assets from
possible attachment in case you suffer and injury or sued for
damages.
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