QUESTION: I am thinking about starting a business. However, I am not sure what steps I should take. Can you offer some direction in this regard?
ANSWER: Your question is timely, as several state and local websites have been recently updated. The first thing you should do is construct a written business plan.
I see too many entrepreneurs who invest a lot of money with start-up expenses, before doing the necessary due diligence.
A well-constructed business plan will address all of the necessary steps you must take in the formation of a new business including:
- Select a legal structure: Consider an S corporation or a limited liability company if yours is a sole proprietorship or one with just a few partners.
- Register a fictitious name: A fictitious name is the legal term for an assumed name that a business uses instead of the name of the owner. This is also …