When you are considering opening a business and striking out on your own, it is vitally important that you take the steps necessary to help ensure it is formed correctly and that the business plan is sound. As you are most likely aware, many new businesses fail, and you want to make certain that you have planned carefully enough to avoid that scenario.
Most businesses such as yours will need to obtain funding in order to begin. Banks and other lenders will normally require that you submit a business plan before they will agree to provide the financing that you will require. Your plan must thus be thorough and based on solid research about not only the product or service you will be offering, but also on matters like the intended location, traffic patterns and the available demand. You will need to include projections that are based on sound analysis and research.
You will need to make certain that your intended location is zoned appropriately for your business prior to signing a lease. At the outset, a vital matter will be the choice of the correct entity type best suited for your particular business and your needs. Different structures have different reporting requirements, personal liability and tax consequences, so thoroughly considering the different forms is highly important.
Our attorneys have extensive experience advising clients on the formation of a new business enterprise. We help to ensure their business plans are thoroughly researched, supported and written in a manner that is most likely to secure needed capital. We help our clients in investigating the various available structures to help them choose the one that is most advantageous for their business. We understand that starting a business involves many complex decisions, and so we have gathered additional information that you might find helpful on our entrepreneurial law page.