Like many in Ohio, you may have reached the point in your career where you are tired of working for someone else, and may be thinking of venturing off on your own. If you are thinking about starting a new business, it's important to understand that doing so involves more than just launching a website and selling your product or service. There are legal issues to address, including taxes and liability.
Ohio's economy suffered through the last decade, as the period known as the Great Recession took hold of the assets and investments of working-class Americans. The rate of foreclosures on homes and layoffs in different industries left many Buckeyes less able to maintain their independence.
When starting a business, it's important to carefully consider exactly what type of business you want to run. One of the more popular options these days is the limited liability company (LLC).
You run a small business in Ohio, and things are going well. You can make payroll for your few employees, keep the inventory stocked and pay yourself too. Friends have recommended you should incorporate your business, but why? Things are good.
Starting a new business sometimes makes you feel like you need to run forward with the idea as fast as possible, using your momentum to take the company off the ground. This enthusiasm is good, but it is wise to slow things down a bit and make sure you do it the right way. Plan for long-term success. Here are a few tips that can help.
If you're thinking about starting a new business with a partner, you need to make sure you do not move too quickly. This isn't something that you want to rush into.
Everyone knows that a limited liability company, or LLC, offers benefits to the owners that protect them from personal liability, in the event the business incurs more debt than it can afford to pay.
You're ready to achieve your dream and start your own business. There's so much to do and so many plans to make.
When you start a new company, it is very important to make sure that all of your legal paperwork is in order. This includes things like nondisclosure agreements, articles of incorporation, shareholder agreements, employee contracts and much more. Obviously, the specifics differ from one business to the next; for instance, a business without shareholders or investors needs less paperwork than one that has both.
When starting a new business with someone else, much of your potential for success hinges on whether or not you can find the right business partner. Trust your gut.