You may be in for a real challenge when you decide to take the plunge and become a business owner. The stage is often set in the beginning, so making sure you follow all of the necessary steps when starting your business can set the foundation for success.
There are several different business structures that you can choose when you’re forming your company which are described in the Incorporation of Company.
- Do Your Research & Refine your idea
- Build a Business plan
- Assess your finances
- Determine your Legal Business structure
- Register with the Government
- Purchase an insurance policy
- Build your team
- Choose your Customers and Vendors
- Brand yourself and advertise
- Grow your business
Protecting Your Personal Assets
No matter what specific structure turns out to be the best choice for your business, it’s essential that you structure it in a way that limits your personal liability and protects your non-business assets.
If your business has any outside investors, it could impact the type of corporate entity you’re able to establish for your business. Specifically, you need to be sure that the structure provides a corporate shield for your investors as well as yourself.
Speak with an attorney who can explain each option for you and then listen to your vision for your company so they can guide you in the right direction for your specific situation.