50 Tips for Starting Your Own Company

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Today we will continue with the next 10 tips of starting a business

 

11. Determine the legal structure.

Settle on which form of ownership is best for you: a sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a nonprofit or a cooperative. Find out more at SBA.gov

12. Select a business name.

Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country.

13. Register your business name.

If your proposed business name is available, register it with the county clerk, have it trademarked at the state and federal levels and secure a domain name.

14. Take advantage of free resources.

Numerous free resources can offer advice, training and assistance.SBA.gov is a great place to look at to find local resources.

15. Determine tax obligations.

Now it’s time to wrestle with the tax obligations. In the United States, four basic types of business taxes arise: income, self-employment, taxes for employees and excise taxes.

16. Secure permits and licenses.

According to NOLO, you’ll have to pick up a federal employment identification number (unless the company is a sole proprietorship or a limited liability company without employees.) Apply for state licenses. Pick up a local tax registration certificate. File for local permits, if required, such as a conditional use permit or zoning variance.

17. Buy insurance.

Make sure that you arrange for the proper insurance for your business. This will vary according to the type of business. If you’re working from home be sure that your homeowner’s insurance covers theft or damage to business assets, as well as liability for any business-related injuries.

18. Set up the books.

Figure out if you’re using a cash or accrual system, determine the fiscal year for the business and set up a recordkeeping system.

19. Choose a business location.

Select a location that best fits the needs of your business, one that offers an opportunity for growth, the right level of competition and proximity to suppliers. It should also be accessible to customers.

20. Don’t worry about an office.

If you’re not making any revenue, then don’t concern yourself with an office or warehouse ust yet.

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