The 5 Key Steps to Starting a Small Business
- LLC vs Incorporate? Choose your business structure. We put together steps to starting a small business and tips to help decide how to choose your business structure. There are many options to consider when beginning your small business and getting this step right in the beginning saves a lot of headaches down the road. You may have heard of an LLC or Sole Proprietor before or even have experience with incorporating but we suggest you first start by comparing some basics between the different structures. We have created a table to help get you started here:
- Form your company. This part can be very easy or unimaginably confusing and frustrating! In most cases, going at it alone involves navigating an administrative nightmare and sifting through piles of paperwork. In addition, the confusing terminology can send you down some long rabbit holes. Our recommendation: talk to an expert that has experience helping businesses through the process. We have found incorporate.com to be one of the best services to help. Use This Coupon For $30 Off Your Formation Order!
- Pick the state you want to register your business in! Believe it or not, you may want to consider a state other than yours. Why? Some states have strict rules with incorporation and you may not be able to get the name you want in your home state. An expert can help with this process
- Complete Articles of Incorporation or Articles of Organization (for an LLC). These documents and detailed instructions can be found on your secretary of state website or through a service provider like incorporate.com
- Apply for your Employer Identification Number (EIN), local business licenses (check your county/town magistrate court), and permits. Be sure to search for local and state compliance requirements for your industry.