Starting a Business-Things to Consider
Below is a non-exhaustive list of things to consider when starting a business.
1. Before starting a business, do you have a business plan which encompasses both short and long term goals and objectives?
2. Where to conduct business activity (what state and community) and what type of business structure should you utilize (e.g. corporation, LLC, etc.).
3. Will you need financing to start up the business and what are the projected start-up costs?
4. What type of insurance coverage will the company need?
5. What type of licenses or permits will the company need?
6. Federal, state or local registration requirements for business taxes?
7. If hiring employees, information on payroll taxes and labor and employment law compliance.
If you plan on starting a business it is highly recommended that you seek out a business attorney, CPA and/or accountant, banker and insurance broker who can assist you in the process and answer questions. Seth T. Seidell, Attorney is an experienced business attorney in Michigan.