Incorporate your business:starting up

2007-03-08 10:33:40

( Business )



So you’ve decided you ‘d like to have your own business? Whether or [how to incorporate] can be confusing at first: but it can be helpful to understand the basic steps you should take to start up any kind of business first.

Before you decide whether to incorporate your business or [how to incorporate] - to [incorporate in Nevada] or to [incorporate Delaware] for example, you should realize that deciding to incorporate your business is just one option when you decide to start up a business.

Other options include sole proprietorship and partnerships. However the advantage you have when you incorporate your business is the protection of your personal assets. You are not responsible for the liabilities and there are any tax advantages if you domicile in certain states – for example if you [incorporate in Nevada]

Business Plan

Outlines:
- Who is in your business
- What your business does
- Where your business is
- How your business will be conducted

Defines:
- Goals of your business
- Operating procedures
- Competition
- Present and future financing (normal loan or venture capitalist funding)

An Accountant and Attorney

When you decide how to incorporate or even just to be sole proprietor or to form a partnership, you will need their advice when you first start. Get a referral from someone you know or someone else who owns a small business. Find professionals who have already worked in your industry.

Federal Tax Identification Number

This is needed if you intend to employ other people

State Identification Number

This is required in some states

Bank Account

When you decide to incorporate your business, your business finances should be kept separate from your personal finances

Business Loans

If you don’t have enough start-up capital get a loan from a bank or another institution.

Business licenses and permits

Find out what licensing requirements you need.

Business insurance

Not only do you need personal insurance but your business also needs to be insured. You need the right type and enough insurance.

Other Insurance/ Government Requirements

What other insurances does your business need – especially if you employ other people?

Zoning requirements

This is especially important in the case of a home-based business.

Office Space

If you don’t start up at home, you need to rent an office as well as buying or hiring office furniture and other office accessories.

Business Accounting

If you don’t want an accountant, you could do the accounting yourself with one of the many software accounting packages available.

Credit

Obtaining ca line of credit helps in many ways:
- Not paying in advance for products and services
- Create a good credit history
- Forming vendor and supply relationships.

Business materials

Identify your business and make it easier for customers to contact you with:
- A logo
- Business cards
- Stationary

Marketing Plan

So that people know what you sell and how to contact you.


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