The Legal Cafe (TM): "Two Coffees And A Consult, Please!"
Topic: Business Start-Up
Let's do some housekeeping first!
Disclaimer: This post and future posts are not considered legal advice; therefore, is not protected under the attorney-client privilege. This post and all future posts on this subject matter are intended to provide information.
Ok, let’s chat a bit. So you want to start a business. That is darn right awesome! You say I have someone I trust coming along with me, we have some start-up cash.... now what? What’s next? There are 5 key steps that every entrepreneur should consider and do.
1. Educate yourself on the various business entities. Examples are: a. The sole proprietorship, b. Limited Liability Corporation (LLC), c. The Limited Partnership (LLP). These are on the short list of business entities.
2. Decide on the type of business you are interested in now that you have educated yourself. 3. Explore the tax consequences with a tax attorney.
4. Do a business name search and secure your name through the State business website.
5. Obtain an Employer Identification Number (EIN) through the Internal Revenue Service (IRS).
Once these steps are completed, you are ready for the next phase! Your entity is now a “legal person” under State and Federal law.
Our next blog will explore the business plan and other important documents that are needed to secure funding and it’s image to the public. I hope you’ve enjoyed learning some key parts to unlocking the entrepreneur within you!