Trying to navigate the massive amounts of information available can be extremely overwhelming.  Here are a few things you may want to contemplate when considering starting a business.

To start, creating a business plan and selecting the location in which you plan to run your business are helpful. Different jurisdictions have different laws that regulate your new business. It is most common to choose the state in which you will be primarily conducting business.

Next, creating a mission statement and goals as to what the business wishes to accomplish are important in creating your personal “brand”. It also allows for you to share your vision for the business, your purpose in creating the business, and lastly the core values that your business holds and that guide the decision-making.

One of the most important steps is to decide on the type of business structure you wish to create. Depending on which entity selection you choose, can have an effect on liability and taxation. It is very common for small business owners to form entities such as a Limited Liability Company, for example.  An LLC, may protect personal assets against business liabilities and are taxed as a passthrough entity.  Note, It is important to keep your business and your personal funds separate when choosing an LLC. LLC’s, along with other types of entity structures, are filed with the secretary of state. This ensures that no other business registered with the state can be formed with the same name. Giving your business exclusivity in your jurisdiction.

Next, you may want to consider market research and any potential intellectual property rights.  Tools such as Trademark’s help protect concepts such as business name’s and allow for exclusivity rights nationwide that come when registered.  Use of website domain names and social media may also be something to consider.  Do a lot of other people have accounts with a similar name?  How do you plan to stand out to competitors?

Depending on the type and idea of the business, your needs may differ.  These are just a few things out of a daunting list that you may want to begin thinking about when you are considering forming a new venture. You should always consult with an attorney for specific answers to your specific circumstance.

It is helpful to check your local communities for legal clinics such as Elon Law’s Small Business and Entrepreneurship Clinic (businessclinic@elon.edu)to assist you.

 

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