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Wednesday, April 1, 2015

Do It Right! How to Start a Company While Reducing Your Risks

In the middle of the night you shot upright in your bed, the light bulb over your head fully illuminated the room as you suddenly had the idea for the perfect business. Having an idea for a business is not rare. In fact, people have great business ideas all the time; the real question is will they act on it? Many people allow their fear and lack of understanding to prevent them from realizing their dream of owning their own company, but starting a business doesn’t have to be a pipe dream. With a lot of planning, a lot of effort, and the right kind of help your brilliant business idea may be your dream come true.

Cards & CalculatorSetting up Shop

It’s true, you may have a great idea for a business, but it’s important to understand that a great idea is no guarantee. Starting your own company can be challenging and is not without some level of risk and a lot of unanswered questions. It is risky to leave a job to start a business. It is risky to back a new company financially. These and many other risks must be faced, but ensuring that your business is set up properly can reduce those risks and protect you and your assets.

There are many decisions that must be made from the type of business entity including sole proprietorship, Limited Liability Company, Corporation, cooperative, and others. You must properly secure a name with your state, register the company with your state, pay any fees, obtain a tax identification number, and complete a host of formation documents. Business permits and licenses must be applied for if necessary. And you must think about your method of accounting and all tax implications. If you are hiring employees, you will need to know the laws involved in that process. Finally, you must familiarize yourself with state and federal laws that regulate your business and the products or services you provide to make sure you are in full compliance. Furthermore, once all of this is tackled you have to consider ongoing compliance requirements as well.

Don’t Be Discouraged

Looking at that list can be disheartening, especially when you consider all the other things you need to think about such as marketing, accounting, sales, and all the other areas that many individuals starting a small business must tackle on their own. The key is that taking your time to research and plan can make the process much easier, and much safer. There are some excellent resources to help you including the Small Business Administration, your local Chamber of Commerce, even friends and other business owners. One of the best investments you can make is to partner with a business formation and compliance expert that can help you to skillfully navigate the process.

SafeShield: Protecting Your Business, Protecting You

SafeShield is dedicated to protecting new and existing small businesses by ensuring they are following the law,  adhering to corporate formalities, and meeting all compliance requirements. They work hard to ensuring you are not one of the more than 85% of U.S. businesses that fail to meet the most basic compliance standards. Visit our services page for more information, or contact us with any questions. Allow us to help you protect your business, and protect yourself.

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