How do I decide which business entity is right for me?

Starting a new business is an exciting challenge. In order to get off to a good start, you will need to think about the following issues:

  • A business plan – A business plan is a road map that explains how your business will operate and how it will be funded.
  • A bank account – Before you officially open for business, you will need a bank account.
  • A location – Consider the pros and cons of various locations for your business. If you are considering an Internet or home-based business, you may be able to reduce your overhead by working at home.
  • A name – Make sure you research the pros and cons of the proposed business name. Research local businesses to ensure there is no conflict. For some businesses, it may be advantageous to file for federal trademark registration. You can search for potential conflicts and register online.
  • Licenses and permits – Review the requirements of local, state, and federal government, and make sure you comply with the law.
  • Insurance – Speak with your local insurance agent to figure out what kind of policy will protect the business.

Once you have gone through this checklist, it will be easier for you to determine which business entity is the right one for your new business.

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