If you want to start your own business, then it does take more than just having an idea about the kind of business that you want to have. You need to make sure that when you get things up and running, that you are doing so in a way that is legal and that is going to best help your business to thrive. Here are some of the things that you need to think about.
- Deciding on the kind of business that you want to have is one of the first things to consider. It will depend on the kind of business that you plan to have, but there are some options. Think about the liability that you want the business to have, as well as you as an individual. Then you can register the business under the right category, which for many entrepreneurs will be an LLC (limited liability corporation).
- Registering your business is a process that is fairly straightforward, but it is important to think about where you are going to register the company. It makes sense to register it in the state that you live in or will operate the business out of, but if you are a non-US resident, for example, you need to look at the states that are going to have the most foreigner-friendly laws, as well as taking details about corporation tax into account.
- If you are setting up your company in a different country than the one that you live in, then it could be wise to look into legal translation services. You will want to make sure that you are setting things up in the right way, and are doing so with a firm understanding of the laws and regulations, even if you don’t live there and don’t speak the language.
- Getting an EIN or an employer identification number is the next step. This will mean that you can get a business bank account, and can hire and fire employees. It is basically like a social security number but for your business.
- Setting up a business mailing address, as well as website and domain name is an important part of the process, especially if you are going to run your business online. Of course, the mailing address could be where you live or where your office is. However, there are options now to have other addresses that you can pay to use, where your mail gets forwarded. It can help your business look more professional, especially if someone was to look it up on Google Maps.
- Getting a business bank account is what will help you to get the business up and running. It will be used for all of your invoices, as well as be the place where you will pay employees. As a result, you need to have your business and company name registered, in order to get a business bank account. The requirements of the account will vary for each business, but it could be a good idea to look for one with an interest-free overdraft, especially as you get started.
- DISCLOSURE – This post has been written by an outside source
