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Setting Up Your Small Business

by Mark 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

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