During the pandemic there were over 400,000 new businesses formed, the most since 2007. This outpaced the number of businesses which closed during the pandemic.
We have seen a number of businesses which were formed over the past year by well-meaning and cost-conscious entrepreneurs. These new ventures – both corporations and limited liability companies – frequently overlook some critical elements of a new business. In fact, the first question to ask is whether you should organize as a small corporation or a limited liability company. There are tax consequences and managment questions that should be considered in making the choice.
Starting a new business is more than just getting a website and registering your corporation or LLC with the Secretary of State.
There are lots of questions to ask when starting a new business and a number of other essential elements that must be followed to properly protect your personal assets and your relationships:
- Choosing a name.
- Tax registrations, both federal and state.
- Corporation or Limited Liability Company.
- Organizational minutes of meetings of shareholders and directors.
- Establishing bylaws.
- Trade Marks.
- Web Page.
- Capitalizing the business.
- Do you need an assumed name.
- Business Insurance concerns.
- Contracts with vendors or customers.
- Employment contracts and payroll.
- Bookkeeping requirements.
- Trademark protection.
- Agreements with investors or partners/shareholders.
- Maximizing tax benefits and tax credits.
There is also the question of whether you should form an LLC or a Corporation or other form of business. And there are different types of corporations.
Our law firm – Bellas & Wachowski – has been helping thousands of new businesses get started over the years. We understand the unique needs of business owners and strive to help entrepreneurs get off on the right foot. As part of our services, we offer a comprehensive Checklist of Things To Do when you start a new corporation or LLC. The Checklist is designed to give start-ups a head start on doing it right and avoiding many pitfalls we have seen new business ventures encounter – many of which could have been avoided by merely taking the time to organize properly.
And we offer a low flat fee to help you get started on the right foot. We have learned that one of the secrets to a successful business is a strong relationship with professionals. Under our Corporate Maintenance Plan we provide continued support for entrepreneurs which includes asset protection and unlimited telephone support for questions that frequently present themselves as the business moves forward.
January is a good time to start a new business or at least to formally incorporate your venture. Contact George Bellas or Misty Cygan for more information.