Setting Up Your Small Business
by
Mark E. Godbey on Mar. 31, 2014
Business Business Organization
Summary: Starting a new business is exciting, but a lot of work. There are several important steps to take before you cut that ribbon.
Opening
a new business is exciting! But, before you cut that ribbon, there are several
important steps you should consider:
1.
Have
a written business plan
2.
Know
your goals
3.
Consult
with a lawyer
o
An
lawyer can make the process easier and will help prevent problems down the road
4.
Determine
Your Legal Structure
o
You
can have a sole proprietorship, general proprietorship, limited partnership,
limited liability partnership, limited liability company, corporation, S
corporation, or nonprofit corporation
5.
Create
a name for your business
o
You
must register this name with your state government. In Ohio, it is the
Secretary of State. Be sure the name is not already in use by another business.
6.
Get
a Tax Identification Number from the IRS by completing Form SS-4
7.
Pick
a location for your business
8.
Consider
hiring an accountant
o
Having
and keeping your finances in order is very important.
9.
Make
a plan to market Your Business
10. Obtain an necessary state and
local business licenses and permits
